Bloomberg Businessweek

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The Federal Reserve’s two vice chairs, Michelle Bowman and Philip Jefferson, and Dallas Fed President Lorie Logan are under consideration to serve as chair of the central bank when the position opens next year, according to two administration officials.

Treasury Secretary Scott Bessent, who is running the search, will interview additional candidates in the coming weeks, said the officials, who were granted anonymity to speak candidly about the process. The president is expected to make his final announcement this fall, they said.
Others who remain under consideration include Kevin Hassett, a close economic adviser to Trump, Fed Governor Christopher Waller, economist Marc Sumerlin and former Fed officials Kevin Warsh and James Bullard, the people said.

Last week, Trump nominated Stephen Miran, chair of the White House’s Council of Economic Advisers, to fill a seat on the Fed’s Board of Governors that expires at the end of January. The post opened when Adriana Kugler announced her early departure.

With Miran’s nomination headed to the Senate for confirmation, the Trump team doesn’t feel the need to rush the search for a chair, the officials said. Bessent will interview all the candidates for chair, and then make a recommendation to the president on a short-list to meet with, the officials said.

Today's show features:

• Bloomberg Economics Editor Molly Smith on the week ahead in economic data
• Ed Price, Senior Non-Resident Fellow at New York University and Former British Trade Official on the upcoming meeting between President Donald Trump and Russia’s Valdimir Putin in Alaska
• Jordan Klein, Managing Director at Mizuho Securities USA, on the news that Nvidia and Advanced Micro Devices will pay 15% of their revenues from Chinese AI chip sales to the US government in order to secure export licenses.
• Drive to the Close with Lauren Sanfilippo, Director, Senior Investment Strategist at Merrill and Bank of America Private Bank on the market and economic outlook

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Upwork Inc., the world’s largest human and AI-powered work marketplace, has facilitated more than $25 billion in economic opportunity for talent around the world. The online recruitment company this week reported second-quarter results that beat expectations and also raised its full-year forecast.
Erica Gessert, Upwork's Chief Financial, breaks down the latest numbers and discusses the recent acquisition of Bubty, as well as its agreement to acquire Ascen through Upwork’s new wholly-owned Enterprise subsidiary. The company sees the deals enhancing its offerings of full-stack, digitally native, end-to-end contingent work solutions for large enterprises. Erica speaks with Carol Massar, Jess Menton and Nina Trentmann on Bloomberg Businessweek Daily.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

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The Trump administration is considering selling shares of Fannie Mae and Freddie Mac in an offering that could start as early as this year, according to senior administration officials.
The plan could value the government-controlled mortgage giants at some $500 billion or more and would involve selling between 5% and 15% of their stock with an offering expected to raise about $30 billion.
No final decision has been made and President Donald Trump is still weighing his options, one official said. The Wall Street Journal earlier reported the news.

Shares of both Fannie Mae and Freddie Mac surged as much as 22% in Friday trading, the most in more than two months.

The federal government bailed out the companies in September 2008 to stave off catastrophic losses during the financial crisis. Policymakers in Washington have struggled for years with what to do with the so-called government-sponsored enterprises. Congressional efforts to free the companies have repeatedly failed on concerns about the impact on mortgage costs and the firms’ commitment to affordable housing. One official said that Fannie and Freddie may stay in the conservatorship while being taken public.

Today's show features:

• Bloomberg TV & Radio International Economics & Policy Correspondent Mike McKee on reports of the Trump Administration planning IPOs for Fannie Mae and Freddie Mac
• Wendy Culter, Vice President at the Asia Society Policy Institute, on US trade policy news concerning India and China
• Bloomberg News Jerusalem journalist Dan Williams on Israel's security cabinet approving an operation to take control of Gaza City
• Mark Mahaney Senior Managing Director and Head of Internet Research at Evercore I-S-I ... On the Trump White House's impact on American tech companies

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On Thursday, Elanco Animal Health shares climbed by the most intraday since May, after the animal health firm boosted its adjusted profit and revenue guidance for the full year, following better-than-expected second-quarter results. Bloomberg Intelligence sees the launches of dog medications Credelio Quattro and Zenrelia bolstering Elanco's broader portfolio, with a big portion of new customers buying multiple products.

Jeff Simmons, Elanco's President and CEO, breaks down the firm's strategic framework and explains why he sees sustainable value creation continuing for years to come. Jeff speaks with Carol Massar and Norah Mulinda on Bloomberg Businessweek Daily. 

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President Donald Trump said he had chosen Council of Economic Advisers Chairman Stephen Miran to serve as a Federal Reserve governor.

“He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job,” Trump said in a social media post.
Trump said that Miran, who will need to be confirmed by the US Senate, would only serve the expiring term of Fed Governor Adriana Kugler, which ends in January. 
“In the meantime, we will continue to search for a permanent replacement,” Trump said. The Federal Reserve did not immediately respond to a request for comment.

Miran has been critical of the Fed’s track record in recent years. In a March 2024 paper, Miran and Dan Katz, now chief of staff at the Treasury Department, laid out a 24-page plan for reforming the Fed that blames policy errors at the central bank on “groupthink.” It also takes the Fed to task for having expanded into political areas that they argue are beyond its remit.

Today's show features:

• Bloomberg TV and Radio International Economics & Policy Correspondent Mike McKee on Federal Reserve
• Bloomberg News US Semiconductor & Networking Reporter Ian King on President Donald Trump’s criticism of Intel CEO Lip-Bu Tan
• Governor Christopher Waller emerging as a top candidate to serve as the central bank's next chair
• Dr. Gracelin Baskaran, Director of the Critical Minerals Security Program at the Center for Strategic and International Studies, and Bloomberg News Economic Statecraft Reporter Joe Deaux on the rare earth materials market
• Dr. Angela Stent, Senior Fellow at the Brookings Institution, on the latest developments between the US and Russia surrounding the War in Ukraine

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MNTN is redefining how brands use television by making TV advertising as measurable, precise, and performance-driven as Internet searches and social media. MNTN’s software is helping a new generation of marketers turn Connected TV into a core part of their growth strategy.

Mark Douglas, the company's founder, chairman and CEO, says he's bullish about the future of TV ads with MNTN developing new technologies and bringing on content creators to help small businesses build ads on streaming platforms. Mark speaks with Carol Massar and Matt Miller on Bloomberg Businessweek Daily

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President Donald Trump announced that Apple Inc. will commit to spending another $100 billion on domestic manufacturing, the latest pledge by the tech giant to increase US production of its products as it seeks to avoid punishing tariffs on its flagship iPhones.

The announcement at the White House on Wednesday included a new manufacturing program designed to bring more of Apple’s supply chain to the US, with an eye toward assembling additional critical components domestically, according to a White House official who detailed the announcement on the condition of anonymity. Apple Chief Executive Officer Tim Cook attended the event. 

The company had previously announced it plans to spend $500 billion in the US over the next four years, which will include work on a new server manufacturing facility in Houston, a supplier academy in Michigan and additional spending with its existing suppliers in the country. Wednesday’s announcement brings Apple’s cumulative commitment to $600 billion, the White House said.

Today's show features:

• Bloomberg News Managing Editor for Global Consumer Tech Mark Gurman on Apple’s $100 billion US investment and Tim Cook’s visit to the White House
• Bloomberg Intelligence Global Equity Strategist Associate Gillian Wolff on her latest market research
• Bloomberg Intelligence Senior Media Analyst Geetha Ranganathan on Disney’s quarterly earnings report
• Amy Rubenstein, CEO of Clear Investment Group, on the distressed real estate market

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MercadoLibre Inc. investors brushed off a second-quarter report that missed estimates for profit, betting on the Latin American e-commerce giant’s long-term strategy.

The company’s earnings, released Monday evening, fell short of analyst estimates for net income, pressured by rising costs tied to an expansion of free-shipping policy in Brazil. Still, revenue growth remained strong and executives doubled down on their plans to keep expanding across the region.

Martin de los Santos, MercadoLibre's CFO, breaks down the quarter and the outlook for the $120 billion powerhouse. Martin speaks with Carol Massar, Matt Miller and Nina Trentmann on Bloomberg Businessweek Daily. 

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Stocks wiped out gains after data showed weakening US services amid sticky price pressures, raising concern about the Federal Reserve’s policy challenges. Short-dated Treasuries underperformed. Oil sank as Russia was said to mull an air-truce with Ukraine.

Following a rally that put S&P 500 on the brink of all-time highs, the benchmark lost steam. A gauge of chipmakers slid over 1% ahead of Advanced Micro Devices Inc.’s results. Two Chinese nationals were arrested this week on charges they sent tens of millions of dollars worth of advanced AI chips made by Nvidia Corp. to China in violation of US export restrictions, according to authorities.
A soft $58 billion sale of three-year notes kicked off a trio of US auctions this week. The yield on 10-year Treasuries was little changed at 4.20%, while those on two-year notes rose four basis points to 3.72%.

The US services sector stagnated as firms — faced with tepid demand and rising costs — reduced headcount. Data out last week showed weaker-than-expected jobs data while inflation-adjusted consumer spending barely rose.

President Donald Trump told CNBC that Treasury Secretary Scott Bessent said he did not want to be nominated to replace Jerome Powell as the next Fed chair. Trump also said that US tariffs on semiconductor and pharmaceutical imports would be announced “within the next week or so.”

Today's show features:

• Joyce Huang, Senior Client Portfolio Manager for American Century Investments on the fixed income market
• Bloomberg Senior Editor for Technology & Strategic Industries Michael Shepard on new tariff concerns on pharmaceuticals and semiconductors
• Rick Smith, Founder and CEO of Axon, on earnings and the market for physical security tools and equipment
• Bloomberg News Tech and Venture Capital Reporter Kate Clark on her Businessweek story: AI Founders Jump Ship for Big Tech, Leaving Colleagues Stranded

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