Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1)  Federal Reserve Governor Christopher Waller said there is no rush to lower interest rates, emphasizing that recent economic data warrants delaying or reducing the number of cuts seen this year.

(2)  JP Morgan's chief global equity strategist warned clients on Wednesday that they could be “stuck on the wrong side” of the momentum trade when it eventually falters, and he encouraged them to consider diversifying their holdings and thinking about risk management in their portfolios.

(3) Ozempic could be profitably produced for less than $5 a month even as maker Novo Nordisk charges almost $1,000 in the US, according to a study that revives questions about prices for top-selling treatments for diabetes and obesity.

(4) Treasury Secretary Janet Yellen said she expects insurers’ payouts to help cover some of the costs of rebuilding the Baltimore bridge that collapsed earlier this week.

(5) The huge scale of the spending demands facing the next UK government is laid bare in a new report by the head of an influential parliamentary committee.