Hello and welcome to the first episode of Odd Lots. I'm Joe Weisenthal, co-host of What'd You Miss. and editor at Bloomberg Markets, Noam Tracy Alloway, executive editor of Bloomberg Markets here at Odd Lots.We want to have a discussion every week about economics, finance, markets, market structure, which Tracy loves, maybe some politics and culture thrown in stuff that doesn't necessarily fit into the normal day to day conversation. And we couldn't think of any guest better to have than Tom Keene Am I kidd ...

Centennial Celebration & Government Shutdown Impact - Delta celebrated its 100th centennial, marking it as the first U S airline to reach this milestone [1][2] - The government shutdown caused some reduction in bookings, approximately 5% to 10% less than normal [6] - The shutdown led to over 2,000 flight cancellations, impacting the fourth-quarter earnings [8] - Delta anticipates a quick return to normal operations following the end of the shutdown, with expectations of normal Thanksgiving and Christmas travel [3][4][5] Revenue & Premium Travel - Premium and loyalty accounted for approximately 60% of Delta's revenues this year, compared to 57% last year, indicating a growing trend [14] - Delta is focused on providing a premium experience, as customers are willing to pay more for enhanced travel experiences [12][13] International Expansion & Future Outlook - Currently, about two-thirds of Delta's revenues are from U S domestic travel, while one-third is international [17] - Delta anticipates international revenues will approach 50% of total revenues and eventually overtake domestic revenues [17] - Delta is exploring new technologies and partnerships, including electric vehicles for airport transportation, to enhance accessibility and sustainability [23][24] - Only one in five people in the world have ever been on an airplane, representing a significant growth opportunity for the airline industry [17]

President Donald Trump is hosting Wall Street's top leaders for dinner at the White House. Sources tell Alexandra Bloomberg that JPMorgan's Jamie Dimon and Goldman's David Solomon are expected to attend. Bloomberg's Jack Fitzpatrick is tracking the story. Jack, what's the objective of tonight's dinner.So there's no listed objective, but there's a broader context to consider here that the president hinted at in those remarks. This is a president who put a huge amount of political capital into getting his sig ...

So you will be always remembered for among other things the decision you wrote to legalize uh gay marriage. >> For me the important and perhaps deciding factor was the children. We were amazed to find that at first it looked like 75,000 children were adopted by gay parents and then it turned out they were in the hundreds of thousands.And these children uh were in states that did not allow gay marriage. If the child was sick, only the adopting parent, not the not the spouse, could come to see the child in th ...

Investment & Expansion - Anthropic plans to invest $50 billion in US data centers in partnership with Fluid Stack, focusing on owning, building, and operating the facilities [1][2] - OpenAI's Stargate project is projected to cost $500 billion, with plans for overseas expansion [3] - A lab within Matter will spend $600 billion on domestic data centers [4] Revenue & Profitability - Anthropic projects revenues of $70 million by fiscal year 2028 [5] - OpenAI's annual revenue run rate is approximately $13 billion for 2023 and projected to be $20 billion for 2025 [5][6] - There is a growing consensus that Anthropic may achieve profitability faster than OpenAI due to its capital-light model relying on partners like Amazon, AWS, and Google [4][6] Competitive Landscape - Anthropic's $50 billion investment is smaller compared to OpenAI's $500 billion Stargate project and Matter's $600 billion domestic data center spending [3][4] - Anthropic relies more on hyperscale partners like Amazon, AWS, and Google for data center resources compared to OpenAI [4]

Breaking news this time on the Fed. Atlanta Fed President Raphael Bostik is planning to retire from the US Central Bank when his term ends on February 28th. Let's go now to Bloomberg's international economics and cor and policy correspondent um Michael McKe.So Mike uh what do we know about, you know, what this does in terms of leaving openings for uh President Trump to to put in place. It really doesn't affect President Trump at all because the Atlanta Fed board of directors made up of business leaders and ...

The beauty business used to be just about the stuff you put on your face or in your hair. Today, it's everywhere. A $450 billion juggernaut that involves celebrities, cutting edge science, gadget companies, and pretty much every retailer on the planet.In the December issue of Bloomberg Business Week, we chronicle the contours of this changing industry. Vacuum maker Dyson is now a giant in hair care with iconic products like air wrap and air straight. A company called OneSkin is marrying Silicon Valley's lon ...

China's economy is facing a new threat. While most of the world battles inflation, China is grappling with consumer prices that are just too low. And it could be worse than the official numbers tell us.China's official consumer inflation data offers limited detail, and it's not entirely clear how it's tracked. Bloomberg tracked 67 everyday items and found that prices are falling in 51 of them. And the pain of spreading.A brutal price war is breaking out across China's entire economy. If one company starts c ...

Monetary Policy & Economic Outlook - Bank of Korea believes monetary policy alone cannot control the housing crisis, but is mindful that ample liquidity wouldn't slow the fire [1] - Rate cuts are still on the table due to GDP performing higher than expected and resilient trade [3] - The forecast for this year's growth is 4.9%, well below potential GDP, and 1.6% for next year [4] - The official position is to maintain the easing monetary cycle given the negative output gap, but the magnitude and timing depend on new data [5] - Korea's potential GDP growth rate is probably between 1.8% and 2% due to rapid aging [6] Bond Market & Yields - Bond market yields are reacting not only to domestic factors but also global factors such as the possibility of the US Fed decision and the dollar's movements [7][8] - There is concern that surging yields will affect the monetary transmission mechanism [9] - The Bank of Korea has cut interest rates by 300 basis points since last October and anticipates an easing cycle [9] Trade & Investment - The trade deal between the US and Korea is considered a good development that helps reduce uncertainties regarding tariffs [11] - Implementing the trade deal requires parliamentary approval and enactment of new laws [12] - A commercially viable and win-win program for both the US and Korea is desired, potentially through joint ventures combining US science strengths with Korean application and manufacturing technology [13] - One key focus has been the $350 billion investment fund in the U S [13] Currency & Financial Stability - The Korean market is excessively sensitive to uncertainties affecting the exchange rate, including US stock prices, US economic shutdowns, US Fed policy, and US-China trade relationships [14][15][16] - Depreciation in the Korean Won is hard to judge due to numerous fundamentals [16] - The current level of the Korean Won exchange is mostly dominated by domestic investment abroad, and foreign currency debt level is stable, suggesting no immediate financial stability concerns [18] - The Bank of Korea is willing to intervene if there is excessive movement in the exchange rate [19] Stock Market - Korean stock prices, particularly in the semiconductor industry, are influenced by US technology stock prices, leading to potential volatility [21] - There are concerns about the potential unraveling of high-tech stock prices, especially for domestic retail investors [22] - The price-to-book ratio (PBR) is 1.1%, which is considered below other countries' levels, suggesting the stock market is not significantly overvalued [20]

Have we got a labor market problem. I do, I do. And by the way, I don't think it's a cyclical phenomenon.I think there is, or at least I think we have a productivity revolution that is pretty extraordinary and people point to is an exclusive driver of that. If you look across what companies are doing, including second quarter earnings, their quarter earnings give you a dynamic around around how you think about logistics, freight management, predictive maintenance, customer procurement. Companies are doing m ...