Bloomberg Businessweek

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Mehmet Oz has been loyal to Health and Human Services Secretary Robert F. Kennedy Jr. while cultivating a close relationship with President Donald Trump and a reputation as a serious operator in the administration. Oz has been playing a significant role in the administration, with access to the president and involvement in various policy discussions, leading to speculation that he could be the heir apparent to lead the health department if Kennedy departs. Despite potential challenges and criticisms, Oz has earned respect from some outside the administration, including major healthcare companies and industry groups, and has been working to implement the administration's health policies and reduce healthcare costs.

For more on their partnership, Carol Massar and Tim Stenovec spoke with Rachel Cohrs Zhang, Bloomberg News Health Policy Reporter
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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.

Meta Platforms gave a disappointing current-quarter revenue forecast, intensifying investor concerns about the company’s unprecedented spending on artificial intelligence.
The social media giant said third-quarter revenue will be $61 billion to $64 billion, with the midline of that range below the average analyst estimate of $63.2 billion, according to data compiled by Bloomberg. Meta relies on its advertising business to finance its expensive bets on AI products and infrastructure, including data centers and AI-powered glasses.

Investors have questioned how Meta will ultimately recoup its AI investments, and balked earlier this year when Chief Executive Officer Mark Zuckerberg increased projected spending to as much as $145 billion. Meta on Wednesday narrowed its full-year capital expenditure forecast to $130 billion to $145 billion, slightly lifting the bottom end from a previous projection of $125 billion to $145 billion.

On this episode, Carol Massar and Tim Stenovec speak with:
Ed Ludlow, Bloomberg Tech Host
Mandeep Singh, Bloomberg Intelligence Global Head of Technology Research
Kurt Wagner, Bloomberg News Senior Technology Reporter
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Bloomberg’s Tom Keene, Jon Ferro and Lisa Abramowicz discuss remarks from Fed Chair Kevin Warsh following the Federal Reserve’s latest policy decision on a special edition of Bloomberg Surveillance. Warsh insisted policymakers’ decision to leave interest rates unchanged wasn’t a sign of inertia at the central bank, which he reiterated is committed to tackling inflation. The Federal Open Market Committee voted 9-3 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. Dallas Fed President Lorie Logan, Cleveland’s Beth Hammack and Minneapolis Fed chief Neel Kashkari dissented in favor of raising rates by a quarter percentage point. The fractured vote signaled growing conviction among some policymakers that higher rates are needed to curb resurgent price pressures. The committee’s post-meeting statement was otherwise identical to the one issued following their June meeting, with officials repeating their pledge to “deliver price stability.”
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Bloomberg's Tom Keene, Jon Ferro and Lisa Abramowicz break down the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance. Federal Reserve officials left interest rates unchanged, but a fractured vote signaled growing conviction among some policymakers that higher rates are needed to curb resurgent inflation. The Federal Open Market Committee voted 9-3 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. Dallas Fed President Lorie Logan, Cleveland’s Beth Hammack and Minneapolis Fed chief Neel Kashkari dissented in favor of raising rates by a quarter percentage point. The committee’s post-meeting statement was otherwise identical to the one issued following their June meeting. Officials repeated their pledge to “deliver price stability.”
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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.

Deputy Defense Secretary Stephen Feinberg wants America’s war machine to get cozier with companies. The private equity firm he co-founded, Cerberus Capital Management, is building a constellation of next-generation businesses to answer the call.

For more, Carol Massar and Tim Stenovec speak with Caleb Melby, Bloomberg News Investigative Reporter
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