In this live episode, recorded at the Future Proof Festival in Huntington Beach, California, we speak with Rob Kaplan, the former president of the Dallas Federal Reserve Bank and the current vice chairman of Goldman Sachs. We discuss his views on the rate path, and why he does not see the Fed cutting by 50 bps at the next meeting. We also discuss the general macroeconomic environment, the US vs. China AI race, and why he sees globalization on the march — except it's happening without the US.

Odd Lots is coming to Chicago for a live episode! Get your tickets here

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

In this live episode, recorded at the Future Proof Festival in Huntington Beach, California, we speak with Rob Kaplan, the former president of the Dallas Federal Reserve Bank and the current vice chairman of Goldman Sachs. We discuss his views on the rate path, and why he does not see the Fed cutting by 50 bps at the next meeting. We also discuss the general macroeconomic environment, the US vs. China AI race, and why he sees globalization on the march &mdash; except it's happening without the US. Odd Lots is coming to Chicago for a live episode! <a href="https://events.bloomberglive.com/event/oddlotslivechicago">Get your tickets here</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. 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>

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

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

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation 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, Thursday, and Friday.

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

Rob Kaplan on the Fed, AI, and How Globalization Is Happening Without the US

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/4e4c0fee-9935-4837-a904-b355015fe14a/transcript

Just a decade ago, tinned fish was hardly a premium product. Most Americans likely associated cans of tuna with thrift. But that has changed a lot in recent years. The category took off during Covid and now shoppers are shelling out for high end brands like Fishwife. Today's guest Becca Millstein started the company in 2020, positioning it as a distinct, artisanal product, more akin to one might find in European grocery stores. In addition to the sheer challenges of scaling, the nature of the business itself has changed, influenced by climate change and geopolitics (shortages have led Morocco to suspend frozen sardine exports for instance). We discuss the tinned fish supply chain and how a new brand positions itself in today's media market.

Read more: What the American Tin Can Reveals About Trump’s Volatile Tariff Policy

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

Just a decade ago, tinned fish was hardly a premium product. Most Americans likely associated cans of tuna with thrift. But that has changed a lot in recent years. The category took off during Covid and now shoppers are shelling out for high end brands like Fishwife. Today's guest Becca Millstein started the company in 2020, positioning it as a distinct, artisanal product, more akin to one might find in European grocery stores. In addition to the sheer challenges of scaling, the nature of the business itself has changed, influenced by climate change and geopolitics (shortages have led Morocco to suspend frozen sardine exports for instance). We discuss the tinned fish supply chain and how a new brand positions itself in today's media market. Read more: <a href="https://www.bloomberg.com/news/features/2026-07-26/how-trump-s-steel-tariffs-impact-america-s-tin-can-industry?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article">What the American Tin Can Reveals About Trump&rsquo;s Volatile Tariff Policy</a> Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-link-cookie="1" data-destination="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast">bloomberg.com/subscriptions/oddlots</a>

How a Sardine Gets From the Ocean to a Can

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/253af1b0-6485-46c3-b506-b49e01625633/transcript

Last week, the US joined forces with Japan to try to stop the yen’s slide. It’s the first time the two sides have intervened in the Japanese currency in 15 years, and in many ways it was an unprecedented and unusual move, with Treasury Secretary Scott Bessent choosing to sell euros (as opposed to dollars) and the use of a little-known Federal Reserve repo facility. So why did the yen’s value drop so precipitously in the first place? And will this intervention be enough to stop it? Brad Setser, senior fellow at the Council on Foreign Relations, explains why the Bank of Japan initially refrained from raising rates, why East Asian currencies (not just the yen) have been so weak lately, the improving fiscal outlook for Japan, and what to look out for next.

Last week, the US joined forces with Japan to try to stop the yen&rsquo;s slide. It&rsquo;s the first time the two sides have intervened in the Japanese currency in 15 years, and in many ways it was an unprecedented and unusual move, with Treasury Secretary Scott Bessent choosing to sell euros (as opposed to dollars) and the use of a little-known Federal Reserve repo facility. So why did the yen&rsquo;s value drop so precipitously in the first place? And will this intervention be enough to stop it? Brad Setser, senior fellow at the Council on Foreign Relations, explains why the Bank of Japan initially refrained from raising rates, why East Asian currencies (not just the yen) have been so weak lately, the improving fiscal outlook for Japan, and what to look out for next.

Brad Setser on the US's Unusual Japanese Yen Intervention

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/09ad45b2-ee9c-4482-8700-b49d0161d97f/transcript

Bloomberg Opinion columnist David Fickling tells us you can think of tungsten mining as “a century old prediction market for war.” As he writes in a recent piece, tungsten is “a super-element that can determine the fate of nations.” While the commercial market for tungsten is fairly small, it can be crucial in war manufacturing, due to its high density and melting point. He learned more about tungsten mining, and its increasing geopolitical necessity, during a visit to Australia's Dolphin Mine, which has a history of opening up during times of war, and then closing again during times of peace. He explains to us why investors are once again interested in tungsten mining and why it's been so hard (over the last century) to sustain production outside of China.

Bloomberg Opinion columnist David Fickling tells us you can think of tungsten mining as &ldquo;a century old prediction market for war.&rdquo; As he writes <a href="https://bit.ly/4ySeGpo">in a recent piece</a>, tungsten is &ldquo;a super-element that can determine the fate of nations.&rdquo; While the commercial market for tungsten is fairly small, it can be crucial in war manufacturing, due to its high density and melting point. He learned more about tungsten mining, and its increasing geopolitical necessity, during a visit to Australia's Dolphin Mine, which has a history of opening up during times of war, and then closing again during times of peace. He explains to us why investors are once again interested in tungsten mining and why it's been so hard (over the last century) to sustain production outside of China.

The Tungsten Market Is Warning of an Upcoming War

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/6ea24954-06b5-4daa-a250-b4980120947f/transcript

Rob Kaplan on the Fed, AI, and How Globalization Is Happening Without the US

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