President Donald Trump shared a letter on social media Monday night, addressed to Federal Reserve Board Governor Lisa Cook stating he had made the decision to remove her from her position.

It immediately launched a legal fight over the validity of Trump’s move and raised concerns about the future of Fed independence.

On today’s Big Take podcast, Bloomberg international economics and policy correspondent Michael McKee joins host Sarah Holder to discuss the immediate fallout — and the potential long term ramifications.

Read more: Trump Moves to Fire Fed’s Cook, Setting Up Historic Fight

President Donald Trump shared a letter on social media Monday night, addressed to Federal Reserve Board Governor Lisa Cook stating he had made the decision to remove her from her position.
It immediately launched a legal fight over the validity of Trump&rsquo;s move and raised concerns about the future of Fed independence.
On today&rsquo;s Big Take podcast, Bloomberg international economics and policy correspondent Michael McKee joins host Sarah Holder to discuss the immediate fallout &mdash; and the potential long term ramifications.
Read more: <a href="https://www.bloomberg.com/news/articles/2025-08-26/trump-removes-fed-governor-lisa-cook-effective-immediately?srnd=homepage-americas">Trump Moves to Fire Fed&rsquo;s Cook, Setting Up Historic Fight</a>

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

Why Trump Is Trying to Fire Lisa Cook

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/238757cf-954c-4d98-88ee-b345015e22b5/transcript

President Trump’s One Big Beautiful Bill Act brought about a host of changes to US tax policy, from tax breaks on tips and overtime to an increased cap on state and local tax deductions, also known as SALT. But are Americans feeling the shifts on tax day?

On today’s Big Take podcast, host David Gura and Bloomberg reporter Ben Steverman dig into how the president’s second-term tax provisions are playing out, and what a lower-than-expected increase on the average return could mean for the Republican Party heading into midterms later this year.

Read more: 
The Salary Penalty: Why Trump’s Tax Bill Hits a Banker Harder Than a Plumber
Tax Refunds Are Up, But Many Americans Aren’t Feeling It
People Are Using Claude to Do Their Taxes (But Maybe They Shouldn’t)

Further listening: Taxes Are Due Soon. Should the Rich Pay More?

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Ben Steverman; Edited by Aaron Edwards.

Fact-checking by Laura Newcombe; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

President Trump&rsquo;s One Big Beautiful Bill Act brought about a host of changes to US tax policy, from tax breaks on tips and overtime to an increased cap on state and local tax deductions, also known as SALT. But are Americans feeling the shifts on tax day?
On today&rsquo;s Big Take podcast, host David Gura and Bloomberg reporter Ben Steverman dig into how the president&rsquo;s second-term tax provisions are playing out, and what a lower-than-expected increase on the average return could mean for the Republican Party heading into midterms later this year.
Read more:&nbsp;
<ul>
<li><a href="https://www.bloomberg.com/news/features/2026-04-14/trump-tax-breaks-favor-business-owners-investors-over-salaried-workers">The Salary Penalty: Why Trump&rsquo;s Tax Bill Hits a Banker Harder Than a Plumber</a></li>
<li><a href="https://www.bloomberg.com/news/articles/2026-04-15/april-15-tax-day-refunds-are-bigger-but-less-than-trump-s-promise">Tax Refunds Are Up, But Many Americans Aren&rsquo;t Feeling It</a></li>
<li><a href="https://www.bloomberg.com/news/articles/2026-03-18/claude-and-chatgpt-tax-prep-is-here-use-caution">People Are Using Claude to Do Their Taxes (But Maybe They Shouldn&rsquo;t)</a></li>
</ul>
Further listening:&nbsp;<a href="https://podcasts.apple.com/us/podcast/big-take/id1578096201?i=1000760117634">Taxes Are Due Soon. Should the Rich Pay More?</a>
We have a special Bloomberg subscription offer for podcast listeners at&nbsp;<a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Ben Steverman; Edited by Aaron Edwards.
Fact-checking by Laura Newcombe; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Winners and Losers of Trump’s Tax Policy

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/087dbf7b-69bd-4995-bf93-b42d015892a5/transcript

The ceasefire between the US and Iran is set to expire next week and the US is trying a different tactic to pressure Iran into a deal: a naval blockade.

On today’s Big Take podcast, Bloomberg Economics defense lead Becca Wasser and Bloomberg Middle East Breaking News editor Patrick Sykes join Sarah Holder to break down how the US’s naval blockade of the Strait of Hormuz works, what could happen if it’s tested and how this latest pressure move could influence another round of Iran-US peace talks.

Hosted by Sarah Holder; Produced by David Fox; Reported by Becca Wasser and Patrick Sykes; Edited by Paddy Hirsch.

Fact-checking by Rachael Lewis-Krisky and Laura Newcombe; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The ceasefire between the US and Iran is set to expire next week and the US is trying a different tactic to pressure Iran into a deal: a naval blockade.
On today&rsquo;s Big Take podcast, Bloomberg Economics defense lead Becca Wasser and Bloomberg Middle East Breaking News editor Patrick Sykes join Sarah Holder to break down how the US&rsquo;s naval blockade of the Strait of Hormuz works, what could happen if it&rsquo;s tested and how this latest pressure move could influence another round of Iran-US peace talks.
Hosted by Sarah Holder; Produced by David Fox; Reported by Becca Wasser and Patrick Sykes; Edited by Paddy Hirsch.
Fact-checking by Rachael Lewis-Krisky and Laura Newcombe; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Trump’s Plan to Open the Strait of Hormuz? Close It

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/d8f5cb10-142b-471a-a39a-b42c015d7e95/transcript

Hungarians handed Prime Minister Viktor Orbán a resounding defeat in Sunday’s parliamentary elections. Peter Magyar and his upstart Tisza won the election by a landslide on the promise of ending years of corruption and the ‘illiberal democracy’ that became synonymous with Orbán’s tenure.

On today’s Big Take podcast, former US Ambassador David Pressman sits down with Sarah Holder to discuss what Orbán’s loss means for Hungary’s economy and political institutions, how a new leader could reshape its relationships with the EU and Russia and why President Trump and the MAGA movement are paying close attention.

Read more: Hungarian Stocks and Forint Jump as Orban Loss Starts New Era

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by Sarah Holder; Produced by Eleanor Harrison-Dengate and Rachael Lewis-Krisky; Reported by Andras Gergely; Edited by Jeffrey Grocott.

Fact-checking by David Fox and Laura Newcombe; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Hungarians handed Prime Minister Viktor Orb&aacute;n a resounding defeat in Sunday&rsquo;s parliamentary elections. Peter Magyar and his upstart Tisza won the election by a landslide on the promise of ending years of corruption and the &lsquo;illiberal democracy&rsquo; that became synonymous with Orb&aacute;n&rsquo;s tenure.
On today&rsquo;s Big Take podcast, former US Ambassador David Pressman sits down with Sarah Holder to discuss what Orb&aacute;n&rsquo;s loss means for Hungary&rsquo;s economy and political institutions, how a new leader could reshape its relationships with the EU and Russia and why President Trump and the MAGA movement are paying close attention.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-04-12/forint-jumps-to-three-year-high-as-hungary-s-orban-is-voted-out">Hungarian Stocks and Forint Jump as Orban Loss Starts New Era</a>
We have a special Bloomberg subscription offer for podcast listeners at&nbsp;<a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by Sarah Holder; Produced by Eleanor Harrison-Dengate and Rachael Lewis-Krisky; Reported by Andras Gergely; Edited by Jeffrey Grocott.
Fact-checking by David Fox and Laura Newcombe; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

What Orbán’s Loss Means for Hungary, Russia and Trump

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/0995e488-3b71-4ad6-8cda-b42b016417e5/transcript

Why Trump Is Trying to Fire Lisa Cook

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