Bloomberg Businessweek

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 people, companies and trends shaping the global economy.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Kevin Warsh waited almost a decade before finally clinching President Donald Trump’s nomination to be chair of the Federal Reserve. He won’t need to wait as long before his first big test in the job.

Having won the race with a promise of “regime change” at the Fed, suggesting he would make significant changes, Warsh has pledged to shrink the Fed’s balance sheet and argued that a productivity boom driven by artificial intelligence will keep inflation low.

While that prognosis was enough to convince Trump, his Fed pick will now need to convince fellow policymakers and investors. After cutting rates three times late last year the Fed hit pause in January amid persistent inflation, signs of a stabilizing labor market and expectations for stronger growth in 2026. Traders aren’t pricing another rate cut until June, at the earliest.

The tension in Trump’s demand for cheaper borrowing costs may ultimately be resolved by a weakening labor market or lower inflation. Such a backdrop would greenlight Warsh to push for more rate cuts, and possibly win support from other policymakers.

Today's show features:
Bloomberg TV and Radio International Economics & Policy Correspondent Michael McKee on President Donald Trump’s intent to nominate Kevin Warsh to be the next chair of the Federal Reserve
Katy Kaminski, Chief Research Strategist and Portfolio Manager at AlphaSimplex Group, on the bond market and expectations for the Federal Reserve’s next leader
Jan van Eck, Chief Executive Officer of VanEck Funds, on the stock and commodities market outlook and investing through ETFs
Ellen Wald, President of Transversal Consulting and Senior Fellow at the Atlantic Council, on earnings from Exxon and Chevron, and the energy market amid unrest related to events in Iran and Venezuela
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The Trump administration has pushed a sweeping policy agenda intended to hinder immigration. This has included a move in September to increase the fees on H-1B visa applications to $100,000 apiece, a staggering tenfold hike, along with other changes that have made the program less desirable to employers. Foreign-born residents are facing increasing hostility from Washington, regardless of their legal status. For many, the long-term viability of a career in Silicon Valley seems less certain than ever.
India is trying to attract skilled professionals to return home with policies like Bharat-Talent and Bharat-Return, and some foreign-born tech workers are already pivoting to the world's most populous country, where the tech industry is maturing and offering new opportunities. Saritha Rai details these developments in a Bloomberg Businessweek magazine, and speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.
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Breaking news from the White House.

President Donald Trump said he intends to nominate Kevin Warsh to be the next chair of the Federal Reserve, according to a post on his Truth Social platform.

“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump wrote. “On top of everything else, he is ‘central casting,’ and he will never let you down.”

Warsh, who served on the US central bank’s Board of Governors from 2006 to 2011 and has previously advised Trump on economic policy, would succeed Jerome Powell when his term at the helm ends in May. It marks a comeback for Warsh, 55, whom the president passed over for the top job in 2017 when he selected Powell.

If confirmed by the Senate, the former Fed governor will take charge of US monetary policy at a time when many economists and investors see its traditional insulation from elected officials as being under threat from the White House. Warsh aligned himself with the president in 2025 by arguing publicly for lower interest rates, going against his longstanding reputation as an inflation hawk.
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The people, companies and trends shaping the global economy.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Apple Inc.’s revenue in the holiday quarter trounced Wall Street estimates, driven by strong demand for the new iPhone 17, growth in services and a rebound in China.

Revenue jumped 16% to $143.8 billion in the period that ended Dec. 27, setting a record, the company said in a statement Thursday. Analysts had estimated $138.4 billion on average, according to data compiled by Bloomberg. Apple’s own projections were for an increase 10% to 12%.

“IPhone had its best-ever quarter driven by unprecedented demand, with all-time records across every geographic segment,” Chief Executive Officer Tim Cook said in the statement.

The results reflect the success of Apple’s latest iPhone, a product line that accounts for roughly half its revenue. Higher-end versions of the device have been especially popular, helping further fuel sales and profit for the company.

Apple’s renewed growth should help ease concerns about its artificial intelligence push, which is getting an overhaul this year after recent stumbles. The performance also suggests that the company is coping with tariffs, which Apple previously said would create a $1.4 billion headwind in the quarter.

Today's show features:
Bloomberg News Managing Editor for Global Consumer Tech Mark Gurman on Apple’s last financial numbers
Bloomberg Tech Co-Host Ed Ludlow dissects Apple’s earnings report
Tom Narayan, Lead Equity Analyst, Global Autos at RBC Capital Markets, on Tesla earnings and the broader car market
Lauren Goodwin, Economist and Chief Market Strategist at New York Life Investments on geopolitical risks in markets and the weakening US dollar
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