Episode summary
Kevin Warsh Considers Fewer Fed Meetings; Anthropic AI Models Hack Three Organizations |...
Bloomberg Businessweek Daily
· · 40 min · Hosts: Carol Massar, Tim Stenovec · Guests: Kate Davidson, Ed Ludlow, Ed Zitron, Hema Parmar
Summary
The show centered on a possible change to the Federal Reserve’s operating rhythm: the New York Times reported that Kevin Warsh is considering cutting the number of regularly scheduled policy meetings. A guest said that would be a “seismic change” that could rattle markets by leaving investors guessing more about the Fed’s next move, though emergency meetings would still remain available if the economy turned quickly.
The second major theme was the latest Mag 7 earnings reaction, where Amazon and Microsoft were rewarded for stronger cloud growth and larger AI spending plans, while Apple fell sharply after a disappointing sales outlook tied to component shortages and supply-chain mistakes. The discussion framed the market’s response as less about a single AI story than about company-specific execution, especially around cloud demand, capex, and supply constraints.
The episode also dug into the economics of generative AI. A guest argued that Microsoft, Google, and Amazon are building expensive infrastructure around a narrow set of customers, especially OpenAI and Anthropic, and warned that the current AI boom rests on circular financing and overstated claims about future returns. The final segment covered Citadel’s move into the distressed book of Situational Awareness, presented as a classic opportunistic hedge fund trade to buy assets and talent at a discount.
Key takeaways
- The host said Warsh’s idea to reduce Fed meetings would be a major precedent break that could unsettle markets.
- A guest said Amazon, Microsoft and Alphabet are being rewarded for cloud growth and rising AI capex, but the narrative is still company-specific.
- The host said Apple’s 9.5% drop was driven by a supply-chain miss and weaker September-quarter guidance.
- Ed Zitron argued that OpenAI and Anthropic are concentrated customers propping up cloud revenue at Microsoft, Google and Amazon.
- Hemma Parmar said Citadel’s move into Situational Awareness fits a long-running playbook of buying distressed assets and talent at a discount.
Notable quotes
“reducing the number of regularly scheduled meetings at which the Fed sets interest rates”
“this would be uh as the time says a seismic change”
“it just wasn't enough. But in general, all three of them showed increased commit commitment to spending”
“They buy TPUs from well sorry Broadcom sells TPUs to Google”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. 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. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio.
Coming from the New York Times, the Federal Reserve uh or rather Kevin Worsh is considering reducing the number of regularly scheduled meetings at which the Fed sets interest rates. This from the New York Times, I want to bring in Kate Davidson, managing editor of US Economic Policy. She joins us from Washington DC.
Kate, this would be a very significant shift for the Federal Reserve. Yeah, this would be uh as the time says a seismic change. It would certainly be the biggest change that uh Kevin Worsh has has contemplated or undertaken.
We've seen some what seemed at the time big changes uh shortening quite a bit the Fed's postmeating policy statement and he has suggested that he could reduce the number of press conferences that he delivers after Fed decisions. But reducing the number of meetings would be a very large break with precedent. Um and and I think certainly would would uh rattle could you know potentially rattle markets and leave them I suppose guessing more about what the Fed is uh is going to do next which you know we saw this week um they don't really like not knowing where the Fed is heading.
Yeah. I mean um is this a result of the meeting not going so well or at least the interpretation? I mean the timing is kind of interesting here Kate. — I mean I really couldn't speculate. We obviously are asking all of our sources um uh to you know to help us confirm this.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- fed meeting frequency
- federal reserve policy
- ai security breaches
- anthropic models
- hedge fund tech bets
Companies and tickers mentioned
- NYT
- Anthropic
- EZPR
- The New York Times
- Bloomberg News
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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