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Bloomberg


Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.


Odd Lots

We're interested in trucking here at Odd Lots. It's one of those industries that can tell us a lot about the economy, both in terms of the short-term cycle, and also long-term structural trends. Of course, we know that the industry is prone to big boom and bust cycles. And Alaska itself -- driven so much by oil and natural resource extraction -- is also known for its boom and bust cycles. So on our trip there, we spoke with Josh Norum, the CEO of Sourdough Express, an Alaska based trucking company that's been around for over a century. We talked about how the business works, the history of the company, the current economic environment, tariffs, and the unique challenge (and opportunity) of moving freight in America's northernmost state.
 
Read more:
Uber Freight Founder Joins Autonomous Big Rig Startup Waabi
Driverless Trucks Lumber Along With Safety-First Approach
 
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How to Move Freight Across the Icy Roads of Alaska

Alaska is no stranger to supply chain issues and a higher cost of living. Almost everything has to be imported into the state, incurring longer lead times and extra transportation costs — and that’s even before adding in the new tariffs from the Trump administration. In this episode, we speak with Dave Cavitt, the founder and CEO of Furniture Enterprises of Alaska, which owns furniture stores for brands including La-Z-Boy, Mattress Firm, Ashley’s Furniture, and many more. We talk to him about the logistical challenges of selling furniture in Alaska, consumer demand right now, the impact of the tariffs, and much more.
 
Read more:
Who Loses the Most From Trump’s Tariffs? Who Wins?
US, Japan Working to Announce Reciprocal Tariffs Won’t Stack
 
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What an Alaskan Furniture Company Tells Us About Tariffs

Alaska is one of the states in the Federal Reserve's 12th District, which is headquartered in San Francisco. For Mary Daly, the head of the SF Fed, the state right now is a leading indicator for the US economy overall. In an interview recorded on a trip to Anchorage, Daly tells us what she's learning from businesses in the state, how it relates to the rest of the US economy, and how she uses what she's learning on the ground in order to best guide monetary policy. We also get her big picture views on structural trends such as AI and an aging workforce, and why she's growing increasingly confident that the tariffs will not contribute to sustained upward pressure on inflation.

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Mary Daly on Why Alaska Is a Leading Indicator for the US Economy

The Chinese Communist Party is probably one of the most difficult entities in the world to grasp due to its opacity of its inner workings. A new book from Joseph Torigian, a research fellow at Stanford's Hoover History Lab and an associate professor at American University, sheds light on the entity by examining the life of Xi Zhongxun, the father of Xi Jinping. The elder Xi was one of the earliest and important players in the revolution, and his life trajectory -- having spent 16 years out of power during the Cultural Revolution -- offers a lens into how the party operates. On this episode, we discuss Xi Zhongxun's life, the constant pressure to stay on the correct line, and what his struggles might tell us about how his son rules China today.
 
Read more:
China Draws Red Lines on US Chip Tracking With Nvidia Meeting
The AI Showdown: How the US and China Stack Up
 
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Joseph Torigian on Xi Zhongxun and Elite Chinese Communist Party Politics

Late last week, Donald Trump shocked Wall Street by firing Erika McEntarfer, the head of the Bureau of Labor Statistics, the agency responsible for publishing some of America's most important economic data. The firing came after the BLS released a weaker than expected jobs report for July, with just 73,000 new jobs added for the month (compared to forecasts for 103,000). The bureau also revised jobs numbers for the prior two months down by nearly 260,000 jobs. Trump called the data "rigged." But why does the BLS make these revisions, and what does the firing of the BLS chief mean for anyone trying to gauge the direction of the US economy? In this episode, we speak to Bill Beach, a former BLS chief, about the latest drama in US economic statistics.
 
Read more:
Trump to Name New Fed Governor, BLS Head in Coming Days
S&P 500 Bounces 1% After Weak Jobs Data Stokes Rate-Cut Optimism
 
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Bill Beach on How Trump Just Politicized US Economic Data

When it comes to tech startups, you often hear about VCs making a ton of money, or founders experiencing life-changing exits. But something is changing in the world of AI. Now it's the engineers themselves getting pay packages that can be in the 9-figure range. Why is this? Why is it happening? How is it changing the culture of Silicon Valley and business more generally? On this episode, we speak with John Coogan and Jordi Hays, the co-hosts of TBPN, a daily show about technology, which covers the industry in a sports-like manner. We talk about the economics of these transactions, why they make sense, and who are the industry's top superstars.
 
Read more:
Meta Seizes Its Moment to Spend Aggressively in the AI Race
Apple Rebound Looks Elusive as AI Woes Draw Investor Scrutiny
 
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The AI Industry Is Becoming Like Professional Sports

Everybody knows that New York City has a ton of pizzerias. And yet, new ones are opening up all the time. Why do we need more? And how is there still money to be made? On this episode, we speak with Alex Xenopolous, Evan Xenopolous, and James Shields, three restaurant entrepreneurs that recently opened up Xeno's Pizza, a shop close to the Bloomberg offices in Manhattan. We talked about everything from location scouting, to the cost of ingredients, to oven technology, the state of New York City, and how any given establishment differentiates their brand in the hopes of making money by selling what on the surface looks like an abundant, commoditized market.
 
Read more:
 
https://www.bloomberg.com/news/articles/2025-08-01/5-top-new-york-city-restaurants-to-try-right-now-summer-2025
 
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How to Make Money Selling Pizza in New York City

Bakeries are great microcosms of the economy. There's lots of labor involved. You need commodities like flours and eggs, plus energy for your ovens. You need capital investment to get the ovens in the first place, and you need sustained consumer demand to keep you in business. Put it all together and you have a business that tells you a lot about what's going on right now. In this episode, we speak with Andy Kadin, who is the owner of the Los Angeles-based bakery Bub & Grandma's, as well as a sandwich shop and a soon-to-open pizzeria. We talk about what the bread business entails, how much money people are spending right now, and the impact of Trump's tariffs on food costs.
 
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What an LA Bakery Says About the Economy Right Now

Stablecoins are emerging as one of the most active areas of cryptocurrencies. The idea of using blockchain rails to transmit money has captured the attention of legacy financial institutions as well as policymakers, as evidenced by the recent passage of the GENIUS Act, which builds out a regulatory framework for that business. But what are the opportunities. And how do stablecoin providers actually make money? On this episode, we speak with Jeremy Allaire, the co-founder and CEO of Circle, which is the company that backs USDC, the second biggest stablecoin on the market. We discuss the company's business model, concerns about financial stability, and the prospects for stablecoins to open up entirely new avenues of payments and commerce.
 
Read more:
Trump Crypto Group Offers Proposals to Boost Digital Finance
FIS Partners With Circle to Offer Bank Stablecoin Payments
 
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Circle's CEO on the Booming Business of Stablecoins

President Trump has announced tariffs on basically every trading partner. However there is a real sense that the ultimate goal is to hamper the growing perceived economic threat from China. One vision, for how the trade war could be "won" in some sense is by isolating China from the rest of the world. But that's not happening. And in fact, if anything, China is deepening its relationship with other trading nations, particularly in Asia right now. On this episode we speak with Cameron Johnson, a partner at the consulting firm Tidalwave Solutions. Cameron is based in Shanghai, and has an on-the-ground perspective on the state of Chinese manufacturing, having worked alongside producers and end buyers. He talks about the scale of Chinese manufacturing dominance, what Chinese firms are doing to counteract the tariffs, and he argues that in artificial intelligence, China is already way ahead in many respects.
 
Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots

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This Is How Chinese Manufacturers Are Countering Trump's Trade War

The Pay Check is collecting stories for our upcoming season, and we want to hear from you! Did having a kid change your career trajectory or the way you work? If you have anything you want to share, call and leave us a voicemail at (212) 617-0166. Stay tuned for more very soon!

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