The Close brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today’s guests are Morgan Stanley Investment Management Senior Portfolio Manager Andrew Slimmon, Kansas City Fed Former President & CEO Thomas Hoenig, Maxim Group Senior Consumer Internet Analyst Tom Forte, Arizona Land Consulting Founder & CEO Anita Verma-Lallian, JPMorgan Asset Management Global Market Strategist Jordan Jackson, TGI Fridays CEO Ray Blanchette, Graza CEO Andrew Benin, Sensor Tower VP of Insights Seema Shah, & Carlyle Group Co-Founder & Co-Chairman David Rubenstein.

Chapters:
00:00:00 Bloomberg The Close
00:02:45 Morgan Stanley on the AI Trade & Market Volatility
00:08:05 AI Chip Demand, Hyperscalers & the Capex Cycle
00:12:03 Former KC Fed President on Kevin Warsh & Inflation
00:18:23 Apple’s $2,000 Foldable iPhone & Consumer Demand
00:23:09 AI Data Centers, Power Demand & Land Constraints
00:28:50 Data Center Risks, AI Efficiency & Hollywood
00:32:06 Netflix Shakeup, Layoffs & the Search for New Hits
00:36:58 JPMorgan on Earnings, Oil & Market Volatility
00:42:25 Credit Markets, Treasury Yields & AI Debt
00:45:17 Closing Bell
00:50:28 Tesla’s Flying Car, Bond Volatility & AI Concerns
00:55:01 Weekly Market Recap: Tech Slumps as Restaurants Rally
00:58:05 TGI Fridays CEO on the Casual Dining Comeback
01:03:04 TGI Fridays Turnaround, Ownership & Brand Revival
01:04:32 Graza on Reinventing Olive Oil & Expanding the Brand
01:09:22 AI Earnings Preview & the CoreWeave Selloff
01:14:09 Meta, Hyperscalers & the Next Phase of AI Spending
01:18:09 David Rubenstein on Washington & Bipartisanship
01:23:08 The American Dream, Immigration & the Kennedy Center
01:28:43 What to Watch
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Federal Reserve Chairman Kevin Warsh did nothing to dispel market expectations that the US central bank will hold interest rates steady when it meets at the end of the month. In a discussion in Bangkok at the International Monetary Fund’s annual meetings, Warsh made no remarks on monetary policy or his outlook for the US economy, apart from reiterating that the Fed will deliver price stability.

President Donald Trump declined to rule out using a weapon known as the “Mother of all Bombs” on Iran after the US midterms. Trump has previously ruled out striking Iran before the elections on November 3, which will decide control of Congress. Yet in an interview on Newsmax, he mused about possible attacks after the vote.

Taiwan is preparing to tighten export controls on AI chips to further align with US restrictions, according to a senior official in Taipei, joining a Trump administration clampdown on the smuggling of cutting-edge semiconductors to China.

Today’s guests: Ludovic Subran, Allianz Chief Investment Officer & Chief Economist; Elisabeth Braw, The Atlantic Council Senior Fellow; Dambisa Moyo, Versaca Investments Principal; Gustavo Pimenta​, Vale CEO
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“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.

Chapters:
00:00:00 – The Pulse with Francine Lacqua
00:00:24 – Warsh boosts market December Fed rates hold
00:02:55 – Ludovic Subran, Allianz Chief Investment Officer & Chief Economist
00:13:40 – Latvian PM: Europe is Zelenskyy’s only ally now
00:16:53 – Elisabeth Braw, The Atlantic Council Senior Fellow
00:23:48 – Friday headlines
00:24:23 – AI industry spends big ahead of midterm elections
00:26:19 – UK Chancellor Healey said to plan bank tax raid
00:29:59 – Dambisa Moyo, Versaca Investments Principal
00:40:16 – Gustavo Pimenta​, Vale CEO
——–
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Bloomberg News National Security Team Leader Wendy Benjaminson tells Bloomberg This Weekend that Ukraine uses SpaceX’s Starshield and Starlink systems for critical military operations, as questions remain over what caused recent restrictions and whether they were deliberate. Speaking with hosts David Gura and Christina Ruffini, Benjamin says the dispute comes as Republican criticism grows over President Donald Trump’s approach to Russia and Ukraine ahead of the midterm elections.
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US equity futures slide as a recovery rally in AI fades. Meta boosts its capital spending plans for the year. Oil rises as the US pulls some diplomats from Saudi Arabia amid worsening tensions between Houthis and Iran. George Goncalves of MUFG joins “Bloomberg Brief” to discuss opportunities in bonds amid market volatility.

Chapters:
00:00:00 – Bloomberg Brief Begins: Markets Turn Risk-Off
00:00:48 – Global Market Check: Asia Selloff Deepens as China Enters Bear Market
00:02:09 – European Stocks Fall as Oil and Yields Rise
00:04:23 – First Look Movers: Meta, IBM, Tesla and CSX
00:06:12 – Investors Retreat to Traditional Safe Havens
00:09:41 – Meta Earnings and AI Investment Outlook
00:11:24 – Tesla Earnings, CapEx and Autonomy
00:12:43 – Oil Surges as Middle East Tensions Escalate
00:16:07 – Trending on the Terminal
00:17:19 – Barclays to Cut 5,000 Jobs Amid AI Push
00:20:19 – Global Markets Face Broad Risk-Off Selloff
00:20:54 – Bloomberg Brief: Market Check
00:22:54 – First Look Movers: Meta and Tesla Slide in Pre-Market Trading
00:24:54 – MUFG’s George Goncalves on Treasuries Regain Safe-Haven Status, What Risk-Off Trading Could Mean for the Fed
00:30:31 – Trending on the Terminal
00:32:06 – US Pulls Diplomats as Middle East Tensions Rise
00:33:34 – Midterms, War and Voter Affordability Concerns
00:35:50 – Meta and Tesla Earnings in Focus
00:38:48 – Airline Earnings Hit by Surging Fuel Costs, Airlines Face Higher Fares and Hedging Challenges
00:42:25 – What to Watch
——–
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Rebecca Rettig, COO and chief legal officer of Jito Labs, joins Scarlet Fu and James Seyffart on “Bloomberg Crypto.” They discuss crypto’s role 2026 US midterm elections and how recent regulatory innovation exemptions have lessoned the impact of the Clarity Act failing.
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