2025 was an extraordinary year, with the real economy defying recession worries and equity markets putting up monster returns. So can this be repeated again in 2026? On this episode, we speak with two of the top minds at Goldman Sachs. Jan Hatzius is the bank's chief economist and head of research and Ben Snider is its chief US equity strategist. We review what really happened in 2025, talking about the impact of both AI and the tariffs, as well as how these factors will impact the real economy and stocks next year.

Read more:
Larry Ellison, Not Elon Musk, Was The Tech Titan Who Defined 2025
Why 2026 Is Poised to Be Another Rocky Year for Global Trade

Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Join the conversation:discord.gg/oddlots

2025 was an extraordinary year, with the real economy defying recession worries and equity markets putting up monster returns. So can this be repeated again in 2026? On this episode, we speak with two of the top minds at Goldman Sachs. Jan Hatzius is the bank's chief economist and head of research and Ben Snider is its chief US equity strategist. We review what really happened in 2025, talking about the impact of both AI and the tariffs, as well as how these factors will impact the real economy and stocks next year.
Read more: <a href="https://www.bloomberg.com/news/articles/2025-12-26/larry-ellison-net-worth-swing-echos-ai-s-wild-2025?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Larry Ellison, Not Elon Musk, Was The Tech Titan Who Defined 2025</a> <a href="https://www.bloomberg.com/news/articles/2025-12-24/trump-tariffs-usmca-global-trade-poised-for-rocky-2026?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Why 2026 Is Poised to Be Another Rocky Year for Global Trade</a>
Only <a href="http://bloomberg.com/" data-testid="inline-card-resolved-view">Bloomberg - Business News, Stock Markets, Finance, Breaking &amp; World News</a> subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at&nbsp; <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">bloomberg.com/subscriptions/oddlots</a>
Join the conversation: <a href="https://discord.gg/oddlots" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">discord.gg/oddlots</a>

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

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

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday. 

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday.

Goldman's Hatzius and Snider on the Outlook for 2026

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/09cecb82-e7e2-4090-81a1-b3bf00e926bb/transcript

Hello Odd Lots listeners! As we take a break for the holidays we'd like to take a moment and bring you an episode by one of our sister shows here at Bloomberg Podcasts, Merryn Talks Money. 

In this special two-part series, John Stepek and Merryn Somerset Webb tell the extraordinary story of John Law: a fugitive Scots gambler who became the most powerful financier in France and helped invent the modern monetary system. From murder and exile to paper money, banking revolutions and spectacular collapse, Law’s life reveals why today’s financial system works the way it does—and why it sometimes blows up. It’s history, scandal and monetary theory rolled into one irresistible tale.

We used a range of sources for this podcast but two key books to read if you'd like to find out more are:
John Law: A Scottish Adventurer of the Eighteenth Century (2018), by James Buchan
John Law: Economic Theorist and Policy-Maker (1997), by Antoin Murphy

Like this episode? Listen and Subscribe to the Merryn Talks Money podcast on Apple, Spotify, iHeart or wherever you get your podcasts

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots

Hello Odd Lots listeners! As we take a break for the holidays we'd like to take a moment and bring you an episode by one of our sister shows here at Bloomberg Podcasts, Merryn Talks Money.&nbsp;
In this special two-part series, John Stepek and Merryn Somerset Webb tell the extraordinary story of John Law: a fugitive Scots gambler who became the most powerful financier in France and helped invent the modern monetary system. From murder and exile to paper money, banking revolutions and spectacular collapse, Law&rsquo;s life reveals why today&rsquo;s financial system works the way it does&mdash;and why it sometimes blows up. It&rsquo;s history, scandal and monetary theory rolled into one irresistible tale.
We used a range of sources for this podcast but two key books to read if you'd like to find out more are: John Law: A Scottish Adventurer of the Eighteenth Century (2018), by James Buchan John Law: Economic Theorist and Policy-Maker (1997), by Antoin Murphy Like this episode? Listen and Subscribe to the <a href="https://podcasts.apple.com/us/podcast/john-law-the-gambler-who-invented-modern-money-part-1/id1654809850?i=1000742294822">Merryn Talks Money&nbsp;</a>podcast on Apple, Spotify, iHeart or wherever you get your podcasts Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox &mdash; now delivered every weekday &mdash; plus unlimited access to the site and app. Subscribe at <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-destination="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast">bloomberg.com/subscriptions/oddlots</a>

Merryn Talks Money: John Law, The Gambler Who Invented Modern Money (Part 1)

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/03274542-dce2-4a8b-ada2-b3bc01259877/transcript

If you're a high-skilled tech worker, then potentially huge fortunes await you working for a startup or one of our booming AI giants. But the government needs these types of workers too. And the government is not set up to pay commensurate salaries with the private sector -- particularly for these types of roles. This challenge has long been understood, and there have been numerous efforts over the years to infuse the government with high-tech talent. Scott Kupor is the director of the US Office of Personnel Management, which manages and coordinates recruiting of new government employees across the federal workforce. Scott was also previously one of the top partners at the famed VC firm Andreessen Horowitz. So he has a mind for bringing the recruiting practices of the tech world into DC. But of course, that's easier said than done. On this episode, we talk about how federal hiring works and doesn't work, and also his new endeavor called the US Tech Force, which aims to bring in top talent for a two-year stint of solving problems across the bureaus. We also talk about the DOGE initiative, and how he thinks about recruiting top talent at a time when the administration has been aggressive about shrinking the size of the overall federal workforce.

Read More: Federal Workforce’s Toll After a Year of DOGE and Trump: 317,000
USDA Lost a Third of DC Staff Even Before Relocation Effort 

Join the conversation: discord.gg/oddlots

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. bloomberg.com/subscriptions/oddlots

If you're a high-skilled tech worker, then potentially huge fortunes await you working for a startup or one of our booming AI giants. But the government needs these types of workers too. And the government is not set up to pay commensurate salaries with the private sector -- particularly for these types of roles. This challenge has long been understood, and there have been numerous efforts over the years to infuse the government with high-tech talent. Scott Kupor is the director of the US Office of Personnel Management, which manages and coordinates recruiting of new government employees across the federal workforce. Scott was also previously one of the top partners at the famed VC firm Andreessen Horowitz. So he has a mind for bringing the recruiting practices of the tech world into DC. But of course, that's easier said than done. On this episode, we talk about how federal hiring works and doesn't work, and also his new endeavor called the US Tech Force, which aims to bring in top talent for a two-year stint of solving problems across the bureaus. We also talk about the DOGE initiative, and how he thinks about recruiting top talent at a time when the administration has been aggressive about shrinking the size of the overall federal workforce. Read More:<a href="https://www.bloomberg.com/news/articles/2025-12-10/federal-workforce-s-toll-after-a-year-of-doge-and-trump-317-000?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article"> Federal Workforce&rsquo;s Toll After a Year of DOGE and Trump: 317,000</a> <a href="https://www.bloomberg.com/news/articles/2025-12-22/usda-lost-a-third-of-its-dc-staff-even-before-relocation-effort?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article">USDA Lost a Third of DC Staff Even Before Relocation Effort&nbsp;</a> Join the conversation: <a href="https://www.discord.gg/oddlots">discord.gg/oddlots</a> Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox &mdash; now delivered every weekday &mdash; plus unlimited access to the site and app. <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast">bloomberg.com/subscriptions/oddlots</a>

Scott Kupor's New Plan to Bring Tech Workers Into the Federal Government

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/83124b04-2756-4247-91d6-b3bc0128754d/transcript

By and large, American households are in a healthy economic position. Yes, unemployment has been rising, but it's still at fairly low levels. Consumer spending has held up well despite terrible sentiment. And many households are sitting on huge stock market gains and have a big home equity cushion. And yet, there are signs of trouble. Most notably, auto loan delinquencies have been surging to their highest level in history. It's the same with student loans, where delinquencies are far higher than normal. So what's going on? On this episode, we speak with Rikard Bandebo, the chief economist at VantageScore, which offers a consumer credit score that's different from the traditional FICO measures. He explains how surging prices, rising interests, and -- crucially -- rising insurance costs have created an auto squeeze. We also discuss what this means for broader consumer health and whether this auto delinquency phenomenon signals something broader about consumer stress.

Read more:
Rise of the ‘Zombie’ Loans
First Brands Asks Lenders for Fresh Cash of Up to $800 Million

Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Join the conversation:discord.gg/oddlots

By and large, American households are in a healthy economic position. Yes, unemployment has been rising, but it's still at fairly low levels. Consumer spending has held up well despite terrible sentiment. And many households are sitting on huge stock market gains and have a big home equity cushion. And yet, there are signs of trouble. Most notably, auto loan delinquencies have been surging to their highest level in history. It's the same with student loans, where delinquencies are far higher than normal. So what's going on? On this episode, we speak with Rikard Bandebo, the chief economist at VantageScore, which offers a consumer credit score that's different from the traditional FICO measures. He explains how surging prices, rising interests, and -- crucially -- rising insurance costs have created an auto squeeze. We also discuss what this means for broader consumer health and whether this auto delinquency phenomenon signals something broader about consumer stress.
Read more: <a href="https://www.bloomberg.com/graphics/2025-zombie-debt-great-recession-crisis/?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Rise of the &lsquo;Zombie&rsquo; Loans</a> <a href="https://www.bloomberg.com/news/articles/2025-12-17/first-brands-asks-lenders-for-fresh-cash-of-up-to-800-million?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">First Brands Asks Lenders for Fresh Cash of Up to $800 Million</a>
Only <a href="http://bloomberg.com/" data-testid="inline-card-resolved-view">Bloomberg - Business News, Stock Markets, Finance, Breaking &amp; World News</a> subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at&nbsp; <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">bloomberg.com/subscriptions/oddlots</a>
Join the conversation: <a href="https://discord.gg/oddlots" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">discord.gg/oddlots</a>

Why Americans Are Falling Behind on Auto Loans At Their Highest Level Ever

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/cdc54494-8944-4f01-b906-b3b801102be8/transcript

Goldman's Hatzius and Snider on the Outlook for 2026

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