Episode summary
Bloomberg Businessweek Weekend: June 26th 2026 | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 39 min · Hosts: Carol Massar, Tim Stenovec
Summary
The weekend show centers on two big macro themes: the legacy of Alan Greenspan and what a possible Kevin Worsh-led Fed could mean for markets. Jim Karen of Morgan Stanley Investment Management argues that Greenspan’s real breakthrough was making the Fed far more transparent, while also warning that the central bank has since drifted into mission creep. He says Worsh would be trying to narrow the Fed’s focus again, with less emphasis on telegraphing every move and more attention to price stability, employment, growth, and productivity.
Karen also makes a contrarian case that markets may be misreading Worsh as more hawkish than he really is. In his view, a supply-side framework could make lower unemployment less inflationary if productivity is rising, and the Fed’s preferred inflation inputs may become less predictable during a policy reset. He says the biggest challenge is that investors have relied for decades on rules that may no longer fit the economy.
The second half turns to the boom in black-market peptides. Bloomberg reporters Amanda Mull and Madison Muller explain that peptides span legitimate drugs like insulin and GLP-1s, but the underground market is built on unapproved products sold outside normal medical oversight. They argue demand is being fueled by social media, self-optimization, and the hope that these compounds can improve weight loss, recovery, sleep, and more, even though the evidence base remains thin.
Key takeaways
- Jim Karen says Greenspan’s lasting impact was making Fed policy far more transparent, a shift he views as monumental.
- Karen argues Kevin Worsh would be less hawkish than the market thinks and would push the Fed back toward a narrower mandate.
- Karen says a productivity boom could keep lower unemployment from being inflationary, especially if AI boosts efficiency.
- Amanda Mull and Madison Muller say black-market peptides are widely used despite limited safety and efficacy data.
- The reporters say the peptide trade is being pulled by consumer demand, social media, and the appeal of bypassing traditional medical authority.
Notable quotes
“he changed things at the Fed in the sense that he made it a lot more transparent, if I could say those words”
“people are looking for um a magic pill like as always as the from the beginning of humanity, people have been looking for substances that can solve various problems”
How the episode opens
This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. Bloomberg Business Week Daily with Carol Masser and Tim Stenc on Bloomberg Radio.
Hi everyone, welcome to the weekend edition of Bloomberg Business Week. This past week, the financial world marked the loss of Federal Reserve Chairman Ellen Greenspan, who passed away at the age of 100, prompting a deep reflection on his immense economic legacy and decades of market influence.
His passing happened at the start of what turned out to be a volatile week for global markets. Meanwhile, geopolitical tension still top of mind as fastmoving, everchanging US Iran negotiations aimed at cementing a final peace deal to end the war take shape. For all the important details on these developing stories, head on over to bloomberg.com and always check out the Bloomberg terminal.
With that in mind, this hour we bring a deep look at the macro market backdrop, AI, monetary policy via the Fed and also the legacy of the late former Fed chair Alan Greenspan. — Plus, the latest global phenomenon that's driving billions of dollars into unregulated markets. From Silicon Valley and online fitness communities, the obsession with peptides has triggered a black market boon. More on that a little later.
It's a great Business Week story. All of that to come. We do begin with a comprehensive market and macroeconomic check-in. For that, we leaned on Jim Karen, who is chief investment officer of portfolio solutions at Morgan Stanley Investment Management.
We covered a lot with Jim, but of course, Carol, we had to start on the life and legacy of Alan Greenspan.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- global technology
- business news
- politics
- economics
- finance
Watch the episode
Watch “Bloomberg Businessweek Weekend: June 26th 2026 | Bloomberg Businessweek” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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