Boston Fed President Collins on FOMC Dissent and Kevin Warsh’s Nomination

Summary

Big Take Podcast Episode Summary
Episode: Boston Fed President Collins on FOMC Dissent and Kevin Warsh’s Nomination
Date: May 7, 2026
Host: David Gura, Bloomberg and iHeartPodcasts
Guest: Susan Collins (President, Federal Reserve Bank of Boston), with reporting by Maria Eloisa Caporo

---

Overview

This episode centers on a pivotal moment for the Federal Reserve: the fallout of a war in Iran, stubborn inflation above target, record dissent at the latest FOMC meeting, and the imminent leadership change as Kevin Warsh is expected to become the next Fed Chair. Susan Collins, President of the Boston Fed (currently a non-voting member), discusses her views on monetary policy, internal Fed debates, economic risks from global conflicts, and her perspective on incoming leadership.

---

Main Theme

A rare display of division within the Federal Reserve, intensifying economic headwinds, and the anticipated impact of both global shocks and new leadership on U.S. monetary policy.

---

Key Discussion Points & Insights

1. Record FOMC Dissent and Statement Controversy ([01:45] - [03:43])

• The latest FOMC meeting resulted in the most dissents since 1992, with four members voting against the statement’s language rather than the policy action.
• Collins’ Position: Supported holding rates steady but wanted statement language changed to avoid suggesting a likely rate cut.
  • “My preference also would have been to adjust the statement to, you know, not be as closely aligned with language that has been associated with the presumption that the next move will be a cut.” — Susan Collins ([03:16])

2. State of the U.S. Economy ([05:23] - [06:39])

• Resilience Noted: Collins observes surprising strength in U.S. consumption, investment, and a labor market she deems “in balance,” despite ongoing shocks.
  • “The economy still looks resilient, perhaps surprisingly so, given yet another shock... The labor market in my view, does seem to be in balance, even though it's an unusual balance.” — Susan Collins ([05:32])
• Labor Market Nuances: Unemployment consistent around 4.3%, but specific cohorts like youth and recent graduates see higher unemployment durations.

3. Inflation Outlook and Global Shock Dynamics ([06:39] - [10:53])

• Disinflation Delayed: The war in Iran and related shocks have undermined hopes for inflation to return to 2% in the second half of the year.
  • “We have seen certainly already a surge in energy prices... and so my expectation is that we are likely to see inflation rise a bit further, even if the conflict is resolved relatively soon before starting to come back down.” — Susan Collins ([07:01])
• Supply Chain Sensitivity: Collins notes the “new normal” may involve chronic supply chain disruptions, not just negative but some positive shocks as well.

4. Oil Shocks—Then and Now ([09:10] - [10:53])

• Today’s energy shock rivals the 1973 oil crisis in size but is partially offset by the U.S. now being a net oil exporter. This complicates analysis, as impacts are not uniform.
  • “It's a large oil shock... The US is less dependent on imported oil... So, it shifts who gains and who is impacted ... and makes it more complicated to analyze the net effects.” — Susan Collins ([09:10])

5. Concern Over the Credibility of the 2% Inflation Target ([11:45] - [12:57])

• Collins expresses worry about the Fed’s credibility after five years of missing its target.
  • “One of them is very much the credibility of having a 2% target that we have missed now for over five years.” — Susan Collins ([11:45])
• Anchoring of long-term inflation expectations remains central; losing control here would “complicate the task” set by Congress.

6. Interpreting FOMC Dissent: Consensus ≠ Unanimity ([12:57] - [14:12], [23:19] - [24:23])

• Collins stresses the importance of open debate—dissent is a sign of “widespread understanding” of differing views, not disarray.
  • “...there's actually more common understanding, even if people reached somewhat different conclusions... I see the broader discussion as really important. I think we learned a lot from each other.” — Susan Collins ([13:14])
• Internal consensus is about inclusive consideration of diverse perspectives, not about everyone agreeing.

7. The Coming Transition: Jerome Powell to Kevin Warsh ([17:20] - [22:21])

• Powell’s rare decision to remain on the Board post-chair draws political criticism.
• Collins keeps an open mind about Warsh, valuing his expertise but withholding judgment until his priorities as chair become clear.
  • “I look forward to working with him if he is confirmed as the next chair ... I think that we should recognize that transition and be supportive of it.” — Susan Collins ([20:04])
  • On regime change calls: “A new chair needs to come in and be able to speak for themselves in terms of their priorities... I don't want to get out ahead of that.” ([21:08])

8. Uncertainty About Warsh’s Policy Direction ([22:21] - [23:34])

• Warsh’s agenda includes possible changes to Fed communication, forward guidance, and inflation models, but specifics are unknown.
• The Fed community (including Collins) exercises caution, waiting for his concrete direction before forming public opinions.

---

Notable Quotes & Memorable Moments

• On Board Division:
  “That lack of unanimity among policymakers highlights the difficult situation the Fed is in right now as its leadership is about to change.” — David Gura ([02:34])
• On Ongoing Shocks:
  “We certainly have seen a series of supply changes, supply shocks from the pandemic to Russia's invasion of the Ukraine to tariffs, but also positive ones ...” — Susan Collins ([09:10])
• On Fed’s Credibility:
  “I don't think you can take inflation expectations for granted...” — Susan Collins ([11:45])
• On Leadership Transition:
  “There has been quite a bit of change over time, and, you know, I think that we should recognize that transition and be supportive of it.” — Susan Collins ([20:04])
• On Open Discussion:
  “Consensus, for them, it's important, but they don't mean unanimity ... They really drill into the importance for them to have a range of different views and opinions within the committee.” — Maria Eloisa Caporo ([23:34])

---

Important Timestamps

• [01:45] – Context: Inflation, rates, political criticism, and FOMC’s recent dissents
• [03:16] – Collins explains her view on FOMC statement and dissent
• [05:32] – State of the U.S. economy and labor market
• [07:01] – Collins details the inflation outlook after the Iran war shock
• [09:10] – Discussion on supply chain disruptions and the nature of energy shocks
• [11:45] – Collins worries about the Fed maintaining credibility on the 2% inflation target
• [13:14] – Interpretation of dissents and importance of debate within the Fed
• [17:20] – Powell’s last meeting, Warsh’s upcoming confirmation
• [20:04] – Collins reflects on working under a new chair and openness to change
• [21:08] – Collins comments on Warsh’s calls for Fed reform
• [23:34] – Reflections on consensus versus unanimity at the Fed

---

Tone & Language

The episode is marked by cautious, measured optimism from Fed officials, a spirit of transparency and open debate, and an understanding of the gravity of the current economic and institutional challenges. Collins in particular emphasizes analytical nuance, institutional continuity, and the benefits of internal diversity of opinion within the Federal Reserve system.

---

Takeaway

This episode offers critical insight into real-time policy debates within the Federal Reserve, the complexity of maintaining stability during geopolitical shocks, and the significance of leadership transitions at a moment of heightened economic and political uncertainty. It’s an essential listen for anyone tracking the future direction of U.S. monetary policy.

Transcript

[Advertising Voice]

If you follow markets, you know the value of long term thinking. You plan, you diversify, you prepare for volatility. But even the best strategies can't prevent every bad day. For more than 75 years, Cincinnati Insurance has helped individuals and businesses navigate tough moments. With expertise, personal attention and independent agents who focus on relationships, not transactions. The Cincinnati Insurance companies Let them make your bad day better. Find an [e-mail] the thing about AI

[David Gura]

for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand. But by embedding AI across hr, IT and procurement processes, we've reduced costs by millions, slash repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business.

[Advertising Voice]

IBM as industries evolve faster than ever, companies need an environment that accelerates strategic growth. And Michigan delivers on that promise. From emerging startups to global enterprises, Michigan offers what executives value most. A resilient, innovative ecosystem, diverse communities that attract top talent, and a quality of life that supports work life balance with our unified team Michigan approach, businesses scale faster and compete at the highest level. Michigan Pure Opportunity Seize your [e-mail]

[Maria Eloisa Caporo]

Bloomberg

[Advertising Voice]

Audio Studios podcasts Radio News

[David Gura]

this is a difficult moment for central bankers trying to figure out how much lasting damage the war in Iran is likely to have on the global economy. In the United States, the Fed Reserve has been struggling to get inflation back to its 2% target as it's weathered criticism from President Trump and scrutiny from the Department of justice. Fed policymakers voted 8 to 4 at their most recent meeting not to adjust interest rates. They held them steady. And that is the most dissent we've seen among members of the Federal Open market committee since 1992.

[Narrator/Announcer]

No change in rates, but we have 44 dissents. Lori Logan, Beth Hammock, Neel Kashkari agreed rates should stay on hold, but they did not support including an easing bias in the statement at this time, Stephen Myron wanted a quarter point cut.

[David Gura]

That lack of unanimity among policymakers highlights the difficult situation the Fed is in right now as its leadership is about to change.

[Susan Collins]

So let me back up for a little bit and tell you how I think about things.

[David Gura]

Susan Collins is the president of the Federal Reserve bank of Boston. That's one of 12 regional reserve banks.

[Susan Collins]

First of all, I was strongly supportive of leaving the rate unchanged. I think that that is very appropriate and I can say more about why.

[David Gura]

And while she doesn't have a vote on the Fed committee that sets rates this year. Collins told my colleague Maria Eloisa Caporo she agreed with those three Fed colleagues who did vote against the decision because of what was in the statement that accompanied it.

[Susan Collins]

My preference also would have been to adjust the statement to, you know, not be as closely aligned with language that has been associated with the presumption that the next move will be a cut.

[David Gura]

This week, Susan Collins sat down with Maria Eloisa in Boston for a wide ranging conversation about the economy and the Fed's future.

[Maria Eloisa Caporo]

Well, the main takeaway was that she agrees with the three people that dissented over the language of the statement. There's a lot of debate within the committee about what the next step for rates is going to be.

[David Gura]

They're going to go up or down,

[Maria Eloisa Caporo]

how much of that they should signal at this point.

[David Gura]

I'm David Gura and this is the big take from Bloomberg News today on the show, a conversation with Susan Collins, the president of the Boston Fed, about inflation, the economic fallout from the war in Iran and how the US Central bank could change under a Fed chair. Kevin Warsh, Maria Eloise's Susan Collins, as I mentioned, president of the Boston Fed, is not a voting member of the Federal Open Market Committee this year. She doesn't vote on interest rates in 2026. Given that, why is she somebody that you wanted? So she doesn't have that amount of power this year. Why is hearing from her interesting?

[Maria Eloisa Caporo]

Well, first of all, we're always interested in what Fed officials say here at Bloomberg. But second of all, in her case in particular, Collins is one of these members of the Federal Reserve who's considered like centrist. And we heard from Powell last week that there were a number of non voting members at the FOMC who also disagreed with the isn't bias. And we really wanted to know who these people were and whether Collins was one of them. And we felt that, you know, talking to Collins would give us also a good sense of view of what is the center thinking right now.

[David Gura]

The Fed has this dual mandate. It's focused on maximum employment and stable prices. And you asked her how she thinks the US Economy is doing.

[Susan Collins]

So from my perspective, the economy still looks resilient, perhaps surprisingly so, given yet another shock. Consumption's rebounded a bit from January. The investment continues to be strong. The labor market in my view, does seem to be in balance, even though it's an unusual balance. And what I mean by that is the unemployment rate has been at around 4.3% now for a number of months. And so that is evidence of a labor market that is imbalanced, that's relatively stable. The labor force participation rates for prime age are consistent, so there are some signs of fragility. Unemployment durations are high. College age unemployment and younger unemployment is high, which is unusual, is higher. But at the same time, initial claims are relatively low. So there's signs of stability which have grown since the prior meeting. At the same time, I see the inflation rate as something to really focus

[Maria Eloisa Caporo]

on, and I was wanting to ask you about that on the other side of the Monday as well. How do you see inflation outlook? I remember one of your latest speeches, you were still somewhat confident to return relatively quickly to the 2% target at some point in the second half of this year, if I remember correctly. I'm just wondering what's your best case scenario in light of the worry?

[Susan Collins]

So from my perspective, so before the conflict, my baseline would be that we would have been likely to see the disinflationary process start to resume during the second half of this year. And that has really been moved further out because of the energy shock. We have seen certainly already a surge in energy prices. There is an expectation that higher food prices are likely to follow. There are other disruptions that we are seeing in a variety of different markets. And so some of those global spillovers might start to impact other prices as well. Contacts I talk to talk about shipping costs going up, about a range of different things that they see in Trane. And so my expectation is that we are likely to see inflation rise a bit further, even if the conflict is resolved relatively soon before starting to come back down. And the impact on both the inflation side and the real side of the economy will certainly depend on how long it lasts and what the nature of the conflict develops to be. So I think that other scenarios that are somewhat less benign than my baseline scenario, their probability has increased as the conflict has continued. And I do think that that has increased the inflationary risks by more than it has increased the downside risks to the employment side of our mandate.

[Maria Eloisa Caporo]

President Collins, I'd like to return briefly to the war on Iran. One of the things that you mentioned that concerns you is possible consequences of a more lasting supply chain disruption. And I wanted to ask you if the Fed is seeing this outlook in which supply chain disruptions are the new normal.

[Susan Collins]

We certainly have seen a series of supply changes, supply shocks from the pandemic to Russia's invasion of the Ukraine to tariffs, but also positive ones. The productivity of gains that have been ongoing is a different type of supply shock that has actually been helpful to bring down inflation and support growth resilience. So we have seen a number of supply shocks and I think that that is a notable part of the past few years and something that the Fed needs to be increasing, you know, very continued attentive to. And supply shocks are complicated. I would say that the energy shock, how long it lasts, will again be very important in terms of how extensive the impacts are both on inflation and on the real side of the economy tending to push up inflation, increasing the risks of higher inflation and to weigh on activity at the same time. The U.S. even though it's a very, it's a large oil shock, it is a similar magnitude to the 1973 oil shock. It's quite large. The US is less dependent on energy, on imported oil in particular than it was and is now an oil net oil exporter. And so that offsets the impact on the real economy in some ways. It certainly shifts who gains and who is impacted more negatively. But it makes it also somewhat more complicated to analyze the net effects because there are a variety of offsetting factors that relate.

[David Gura]

During your conversation, Susan Collins kind of gamed out where she thinks inflation is heading. She sees it rising over the next few months before it starts to come down. And she estimates we'll see core inflation at around 3% by the end of the year. Putting the war with Iran aside, what else does Susan Collins see as kind of the biggest drivers of inflation right now?

[Maria Eloisa Caporo]

I think she's still worried about tariffs and where we're at the peak of that effect. And then on the war, she's still concerned about spillovers beyond energy prices and what the situation like, the global impact from the war, how is that going to look like for the US and then as a backdrop to all of that, she's still really concerned about the fact, and I feel like many other favor officials are about the fact that there's it's been over five years since they last hit 2%.

[Susan Collins]

There are a couple of things that I am concerned about. One of them is very much the credibility of having a 2% target that we have missed now for over five years. But importantly, longer term expectations are being anchored is really central to the Federal Reserve being able to achieve both sides of its mandate over time. If inflation expectations were to become unmoored, that would complicate the task that Congress has set for us and make it more challenging for us to restore price stability. And I don't think you can take inflation expectations for granted, the data are not showing longer term inflation expectations that are currently consistent with the range of 2%. But but energy prices and food prices are top of mind for consumers. And so there are reasons to be very attentive and to really continue to demonstrate the Federal Reserve's commitment to its 2% target, especially after five years of having missed that target.

[David Gura]

I want to come back to the sympathy Susan Collins has with those three members of the FOMC who did dissent. You asked her about what those dissents indicate about the committee as a whole. Let's play a bit of that exchange for our listeners.

[Maria Eloisa Caporo]

How are you seeing the three dissents that we had last week in terms of language?

[Susan Collins]

So in the press conference, Chair Powell noted that there were good reasons for those who chose to dissent who have similar views to mine in terms of the reason for preferring to shift away from language that had been associated with an easing bias. And I think that speaks to the kind of widespread understanding of the range of views here. And so I think it's a context in which there's actually more common understanding, even if people reached somewhat different conclusions than might be understood from just looking at counting how many people did or didn't dissent. So I see the broader discussion as really important. I think we learned a lot from each other.

[David Gura]

Collins interview comes at a pivotal moment for the economy and for the Federal Reserve. Coming up, what Boston Fed President Susan Collins had to say about Warsh's push for rate cuts this past year and what she thinks the Fed internal dynamics could look like under his leadership.

[Narrator/Announcer]

Support for the show comes from Public Lately it feels like there are two types of investing platforms. Some are traditional brokerages that haven't changed much in decades, and others feel less like investing and more like a game. Public is positioned differently. It's an investing platform for people who are serious about building their wealth on public you can build a portfolio of stocks, options, bonds, crypto without all the bugs or the confetti. Retirement accounts. Yep, High yield cash. Yes again, they even have direct indexing. Public has modern design, powerful tools and customer support that actually helps go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market ad paid for by Public Holdings Brokerage Services by Public Investing member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor crypto services by ZeroHash all investing involves risk of loss. See complete [e-mail] disclosures.

[Advertising Voice]

Being a small business owner isn't just a career It's a calling. Chase for Business knows how much heart and effort go into building something of your own. That's why they make business growth their priority. The Chase team takes the time to understand your mission, where you are now and where you want to go. Their broad range of solutions is designed with you in mind so you can bring your ideas to life. From banking to payment acceptance to credit cards, you can conveniently manage all your business finances all in one place with their digital tools. Looking for tips and advice, their online resources are always available to give you the solutions you need to help your business thrive. See how your business can get stronger and go farther with Chase for Business. Learn [e-mail] business chase for business Make More of what's yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply JP Morgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co. Sonesta TravelPass makes

[David Gura]

traveling more rewarding Designed to help you get more out of every stay, sign [e-mail] to enjoy instant savings, bonus points and valuable perks like early check in, late checkout, room upgrades and free stays over time. With Sonesta TravelPass, every stay brings you closer to your next reward. Choose from more than 1100 hotels across 13 distinctive brands and unlock the best available rates when you book direct with Sonesta TravelPass here today, Rome tomorrow. Join [e-mail] terms and conditions apply. The Federal Reserve's most recent two day meeting, which took place late last month, was Jerome Powell's last one as chair. I have served at the Federal Reserve

[Narrator/Announcer]

under four administrations, Republicans and Democrats alike.

[David Gura]

In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. And only a week before, on April 21, former Fed governor Kevin Warsh had his confirmation hearing with the Senate Banking Committee.

[Narrator/Announcer]

I believe a reform oriented Fed can make a real difference to the American people and if confirmed, I will seek to create an environment which the best people do their best work.

[David Gura]

The Senate is expected to confirm Warsh in time for the Fed's next meeting, which starts on June 16. For his part, Powell has promised to stay on the Federal Reserve's Board of Governors after his term as chair ends, a move that's drawn criticism from President Trump and many of his allies. Can you speak broadly to the perception surrounding Jerome Powell's decision to stay on the Board of Governors for a time to be determined after his term as chair ends? How standard is it for someone like Jay Powell to do that, and what kind of support or pushback are we seeing to his decision to do that?

[Maria Eloisa Caporo]

It is very rare for a Fed chair to remain on the board as governor. It is also a very particular set of conditions. Right. Like, I don't think the Fed has been under these political fire for a very long time, if at all. So it's an unusual set of conditions. We didn't hear from Collins much on that. I feel she's trying to, you know, give the benefit of the doubt to the new chair, Kevin Warsh, coming in. Her and many others have said that their preference would be to take what Kevin Wash has said regarding the Fed's independence at face value. So I feel like there's still an open mind at this stage with the new chair coming in.

[David Gura]

Speaking of this moment we're in, you asked Susan Collins about what she thinks of some of the proposals that Kevin Warsh has made, and I want to play a bit of that exchange for listeners.

[Maria Eloisa Caporo]

President Collins, I wanted to ask you a little bit about the transition that the Fed is facing as we await for the confirmation of Kevin Warsh. He has often touted rate cuts, at least last year. Let's say that the chair dissents from the majority's view on a right decision, which would be very unusual judging by the Fed's history. How would you navigate the situation and would you feel comfortable with the chair speaking for the committee after a right decision if that were the case?

[Susan Collins]

So, you know, I think that every member of the committee assesses conditions in the way that they see appropriate based on the data. I would certainly continue to do that. And, you know, I do think that a range of views is very important and valuable as we all understand the economy better when there are different perspectives that are raised. You know, Kevin Warsh has lots of expertise in this space. As a former governor, I look to forward. Forward to working with him if he is confirmed as the next chair, and he would be the 17th chair. So there has been quite a bit of change over time, and, you know, I think that we should recognize that transition and be supportive of it.

[Maria Eloisa Caporo]

Have you talked to him recently?

[Susan Collins]

I have not spoken with him recently, no.

[Maria Eloisa Caporo]

I just wanted to ask you as well, because Wash has touted the need for big reforms at the Fed, and I'm just wondering, what do you make of these calls for regime change at the Fed?

[Susan Collins]

So, again, I think that a new chair needs to come in and be able to speak for themselves in terms of their priorities. And we certainly have seen in the history of the Federal Reserve, that chairs do have different priorities, and those transitions unfold based on, on what those priorities are when they come. And so I don't want to get out ahead of that.

[David Gura]

Is that surprising to you, that she would hold back, that she wouldn't have an opinion, that she wanted to share on that right now?

[Maria Eloisa Caporo]

No. I think as we were discussing their preference at this moment, given that, you know, a new chair is likely to come in relatively soon, I think the preference for most Fed officials, it is to remain publicly speaking with an open mind. It's new leadership that you will have to face and work with for a number of years. And there's also still a lot of uncertainty as to what are the changes really that Warsh wants to do across the Fed. So I think it makes sense for them to be cautious.

[David Gura]

So they're trying to figure out what a Kevin Warsh Fed might look like. I imagine you and your colleagues who cover the Fed are doing that as well. How much of a contrast is there, do you think, between what Kevin Warsh would prioritize and what Jay Powell has, or how they might, how he might run the committee?

[Maria Eloisa Caporo]

We don't really know out of all the changes that Wash has touted what his priorities will be, and we don't really know what the details of those changes mean. He has been saying that he wants this regime change, Altafet. He has touted possible changes to the way the Fed communicates with households, with markets, possible changes to the way the Fed thinks about forward guidance. He has touted changes to the way the Fed thinks about inflation and its models. But we don't really know the details behind all of that. So we'll just have to wait and see what his priorities are.

[David Gura]

One last question. So I want to go back to your interview. You talked with Susan Collins about consensus among Fed policymakers, and I'm curious what she had to say about that and sort of what consensus among Fed officials looks like right now.

[Maria Eloisa Caporo]

I think that was very interesting because it appears that her views, and this goes also in line with what we've heard from other Fed officials, are very similar or their views are very similar. It really seems that consensus, for them, it's important, but they don't mean unanimity when they mean consensus. They really drill into the importance for them to have a range of different views and opinions within the committee and having those opinions being represented and being heard and debated. So I thought that was a very insightful answer. Actually,

[David Gura]

This is the big take from Bloomberg News. I'm David Gura. To get more from the Big Take and unlimited access to all of bloomberg.com, subscribe [e-mail] podcastoffer if you like this episode, make sure to follow and review the Big Take. Wherever you listen to podcasts, it helps people find the show. Thanks for listening. We'll be back tomorrow.

[Narrator/Announcer]

When you're running a business, the best days are the ones where priorities stay on track. For midsize and large companies, risk can affect multiple parts of the organization at once, from property and liability to cyber and regulatory challenges. At that level, managing risk becomes an ongoing discipline. At the Hartford, the focus is on helping businesses manage risk before it turns into something more disruptive. And when losses do happen, that work is paired with insurance coverage shaped by years of underwriting, risk engineering and claims experience. Learn [e-mail] riskmitigation policies provided by Hartford Fire Insurance Company and its property and casualty affiliates Hartford, Connecticut Imagine an Olympics where doping is not only legal but encouraged. It's the Enhanced Games. Some call it grotesque, others say it's unleashing human potential. Either way, the podcast Superhuman documented it

[David Gura]

all, embedded in the Games and with

[Narrator/Announcer]

the athletes for a full year. Within probably 10 days, I'd put on £10. I was having trouble stopping the muscle growth. Listen to Superhuman on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

[Susan Collins]

Get the news you need in just 15 minutes.

[David Gura]

Start your day with Bloomberg Daybreak, the podcast with a global view on the stories that matter. I'm Nathan Hager.

[Susan Collins]

And I'm Karen Moscow. Join us on each morning for curated stories on current events, politics, business and

[David Gura]

foreign relations, plus one conversation on the day's biggest developments, all in just 15 minutes.

[Susan Collins]

Subscribe to Bloomberg Daybreak for a precise, thoughtful take on the stories that matter.

[David Gura]

Listen to Bloomberg Daybreak each morning on Apple, Spotify, or anywhere you listen.