Bloomberg Businessweek

Featuring some of our favorite conversations of the week from our daily radio show “Bloomberg Businessweek Daily.”

Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

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The people, companies and trends shaping the global economy.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF
The Justice Department is ending a controversial investigation into building-renovation cost overruns at the Federal Reserve, potentially clearing a path to confirmation for Kevin Warsh, President Donald Trump’s pick to be the next chair of the central bank.
Jeanine Pirro, US Attorney for the District of Columbia, said in a social media post Friday the Fed’s Office of Inspector General had been asked to scrutinize the cost overruns. She said she expects a report soon on the findings.
“I have directed my office to close our investigation as the IG undertakes this inquiry,” Pirro said in the post. “Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so.”
The Fed’s OIG is already conducting a review of the renovation of the central bank’s headquarters, which it opened last year at the request of Fed Chair Jerome Powell. US Treasuries edged slightly higher following the announcement, with shorter-dated notes leading gains as some traders bet a Warsh-led Fed would be more inclined to cut interest rates. The two-year yield fell five basis points to 3.78%.
The White House said in a statement “American taxpayers deserve answers about the Federal Reserve’s fiscal mismanagement, and the Office of the Inspector General’s more powerful authorities best position it to get to the bottom of the matter.”
Today’s show features:
Michael McKee, Bloomberg News International Economics & Policy Correspondent
Grindr CEO George Arison on earnings and the company sponsoring the White House Correspondent Dinner Event
Joshua Green, Bloomberg Businessweek National Correspondent, on Thomas Massie Gaining Ground with MAGA Base
Ian King, Bloomberg News US Semiconductor Reporter on Intel and Texas Instruments
Barbara Humpton, CEO at USA Rare Earth
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Doug Lucas, is a double board-certified physician in Orthopedic Surgery and in Anti-Aging & Regenerative Medicine, specializing in Osteoporosis Reversal, Hormone Replacement, and HealthSpan optimization. After completing his training at Stanford University and practicing nearly a decade as an orthopedic surgeon, Dr. Doug left surgery to pursue an additional fellowship and board certification in Anti-Aging and Regenerative Medicine.
Dr. Doug shares his passion for education and disease prevention. While he champions health and hormone optimization for all, his mission is especially focused on educating the world that osteoporosis is both preventable. He speak with Bloomberg's Carol Massar and Tim Stenovec.
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Intel gave a strong sales forecast for the current period, signaling that the struggling chipmaker is finally beginning to benefit from the giant build-out of artificial intelligence infrastructure.

Revenue will be $13.8 billion to $14.8 billion in the quarter ending in June, the company said Thursday in a statement. Analysts, on average, estimated $13 billion, according to data compiled by Bloomberg. Earnings, excluding some items, will be about 20 cents a share, compared with a Wall Street prediction of 9 cents.

The upbeat outlook suggests that Chief Executive Officer Lip-Bu Tan is making progress on a challenging comeback plan. After lining up major investments in Intel last year — helping to strengthen the company’s balance sheet — Thursday’s results suggest he’s now delivering on a promise to improve its operations.

Intel shares rose 14% in extended trading. The stock had gained 81% this year before the results were released, closing at $66.78.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with:
Bloomberg Intelligence Senior Semiconductor Analyst Kunjan Sobhani
Bloomberg Tech co-host Ed Ludlow
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The people, companies and trends shaping the global economy.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
The US Justice Department reclassified state-regulated marijuana as a less dangerous drug, a major shift that could increase legal cannabis sales and help a struggling industry.
The directive signed by acting Attorney General Todd Blanche moved licensed marijuana products from Schedule I — the same federal category as heroin and LSD — to the less strictly controlled Schedule III. The action stops short of fully legalizing the drug for recreational use nationwide, but it meets the demands of many advocates who have long argued for looser restrictions.
The move is likely to make operations easier for cannabis companies, including potentially gaining greater access to the banking system and reducing taxes, and bolster medical research with the drug. The US industry, which includes public firms, has been trying to revive growth in recent years after an initial surge last decade.
Shares of firms that sell marijuana products initially gained after the announcement, but then reversed course. The AdvisorShares Pure US Cannabis ETF declined as much as 15%. The drop for Curaleaf Holdings Inc., one of the largest US cannabis companies, hit 24%.
The order narrowly applied to medical use of cannabis only, rather than broadly addressing adult recreational usage, which “might also be causing some confusion,” Aaron Grey, an analyst with Alliance Global Partners, said in an interview.
Today's show features:
Curaleaf CEO Boris Jordan
Bloomberg Tech co-host Ed Ludlow on tech news roundup
Florian Ielpo, Head of Macro at Lombard Odier Investment on market reaction to Iran/geopolitics and inflation outlook latest
George Ferguson, Bloomberg Intelligence Senior Defense and Airlines Analyst on Airlines
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