Here’s Why answers the questions behind today’s biggest news stories in just a few minutes. Each episode starts with a simple question and gets straight to the point. Why do nuclear arms treaties still matter. What is behind the recent weakness in the US dollar. How are artificial intelligence and global politics reshaping power and markets. Using expert reporting and clear analysis, Here’s Why explains what is happening, why it matters and what to watch next. Episodes unpack nuclear security, shifts in global markets, the race to build AI infrastructure, political change in Europe and China’s thinking on Ukraine and Taiwan. The focus is always on clarity, not complexity. Insight without overload. If you want to understand the world without getting lost in it, this podcast is for you. If you want to understand the world without getting lost in it, this podcast is for you. You have questions. We have answers.
10 min
European governments say Russia is stepping up a campaign of sabotage, cyberattacks and drone incursions against countries that support Ukraine. As the incidents become more brazen, how far can Moscow push without provoking a stronger NATO response? Bloomberg’s Caroline Hepker speaks to Nordic Managing Editor Kati Pohjanpalo to discuss. See omnystudio.com/listener for privacy information.
8 min
Republicans and Democrats moved the boundaries of Congressional districts in an effort to bolster support ahead of the US midterms. But the blue wave of Democrat gains saw the partisan manipulation of maps largely fail to deliver. Our Opinion columnist Mary Ellen Klas joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
8 min
The 60/40 investment strategy relies on balancing risks: when equities drop, bonds tend to gain. The approach has long been a staple for investors, but persistent inflation is damaging its appeal. Our Macro Strategist Simon White joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
10 min
European governments say Russia is stepping up a campaign of sabotage, cyberattacks and drone incursions against countries that support Ukraine. As the incidents become more brazen, how far can Moscow push without provoking a stronger NATO response? Bloomberg’s Caroline Hepker speaks to Nordic Managing Editor Kati Pohjanpalo to discuss. See omnystudio.com/listener for privacy information.
8 min
Republicans and Democrats moved the boundaries of Congressional districts in an effort to bolster support ahead of the US midterms. But the blue wave of Democrat gains saw the partisan manipulation of maps largely fail to deliver. Our Opinion columnist Mary Ellen Klas joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
8 min
The 60/40 investment strategy relies on balancing risks: when equities drop, bonds tend to gain. The approach has long been a staple for investors, but persistent inflation is damaging its appeal. Our Macro Strategist Simon White joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
9 min
More than half a million people joined protests in France over the cost of living, with some demonstrations descending into rioting and looting. President Macron has promised a hard line, but his government is squeezed between the markets and the barricades ahead of a presidential election. Italy, Belgium and Portugal have also seen protests as weak growth and living standards fuel anger across Europe. Our Opinion Columnist Lionel Laurent joins Caroline Hepker to discuss. See omnystudio.com/listener for privacy information.
8 min
The outcome of the US midterm elections will have major policy implications across the board. But a Democratic sweep of Congress could also slow the data-center build-out and dampen the AI rally that has driven stock markets to repeated record highs in recent months. Markets Live strategist Tatiana Darie joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
11 min
Diesel prices have jumped much more than crude oil since the start of the Iran war, hitting all-time highs in the US and in Europe. A key fuel for industries, diesel powers agricultural harvests and ground transport for goods globally. Our oil strategist Julian Lee joins Stephen Carroll to explain how high prices at the pump are a major political and economic issue. See omnystudio.com/listener for privacy information.
11 min
China is building a major manufacturing advantage in higher-value industries, from electric cars and batteries to robotics and renewable energy. This year Chinese exports are on course to be about 80% higher than in 2019, putting manufacturers across the world under growing strain. Governments are responding with tariffs and trade barriers, but pushing back against China isn’t straightforward. Our senior economy and government reporter James Mayger joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
10 min
Stock markets in the US, Europe and Asia are moving toward nearly round-the-clock trading, responding to growing overseas demand and competition from always-on crypto and prediction markets. But longer trading hours don’t necessarily mean better markets. Thin overnight liquidity could bring wider spreads, sharper price swings and new operational risks. Bloomberg TV Markets Managing Editor Dan Curtis joins Stephen Carroll to discuss the race toward 24-hour trading, and why more time to trade could come at a cost. See omnystudio.com/listener for privacy information.
11 min
As artificial intelligence has evolved from the stuff of sci-fi movies to an app ordinary people have installed on their phones, tech leaders and some AI insiders have talked about the potential for it to escape human control and wreak havoc on society. In recent weeks, those fears have become impossible to ignore. Our Bloomberg Tech Europe Anchor Tom Mackenzie joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
10 min
Russians will go to the polls on 18-20 September to elect members of the State Duma, the lower chamber of parliament. It's a tightly managed institution under President Putin, and his party's control of it is unlikely to be threatened. The vote will function, however, as a litmus test for a war-fatigued authoritarian system. Tony Halpin, who leads Bloomberg's team covering Russia, joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
9 min
Mounting anxiety over the US deficit has spurred demand for alternatives to the dollar, such as gold and Bitcoin. A movement away from dollar assets has been driven by fear the greenback will lose its purchasing power, but will those concerns last? Our Markets Live Managing Editor Kristine Aquino joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
8 min
The first rung of the career ladder is getting harder to reach. Entry-level openings are shrinking, competition is fierce, and AI is taking over junior tasks. At the same time, remote work and AI-powered applications are changing how companies hire and train workers. If entry-level jobs no longer provide an entry point, how are young people supposed to get the experience employers now expect? Our UK economy reporter Irina Anghel joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
8 min
European capitals are on alert for hybrid warfare attacks from Russia. One European intelligence official recently told Bloomberg that such moves could include infrastructure sabotage or false-flag attacks. What sort of threat does this pose to NATO countries, and how is Europe responding? Our Europe Executive Editor Chad Thomas joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
8 min
A UN index of food-commodity prices has hit its highest level in more than three years, as extreme weather, wildfires and conflicts disrupt crop growing and transport. Wheat, corn and sugar are among the key foodstuffs that have seen sharp prices rises. So how significant is the damage to supplies, and how long could a recovery take? Our agriculture reporter Eleanor Thornber joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
9 min
Japan and the United States carried out their first joint currency intervention in 15 years to prop up the yen. It's the latest in a series of moves by Tokyo to boost its currency, which recently hit its weakest level in 40 years against the dollar. So why is the US getting involved, and will more action be necessary? Our Executive Editor for Asia Markets Paul Dobson joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
7 min
China's Coast Guard has become one of the world's largest maritime law-enforcement agencies. Its fleet of more than 600 vessels is a key part of Beijing's maritime strategy, routinely patrolling disputed waters and clashing with ships from neighboring countries. So why is China using the Coast Guard, rather than the navy, for these missions? Our China defense reporter Josh Xiao joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
8 min
Kevin Warsh wants to be a quieter kind of Federal Reserve Chair. His first statement leading the rate-setting committee was half the length of the previous one from his Jerome Powell. He's no longer placing a dot on the chart of interest rate projections, and wants a task force to overhaul the central bank's communication. What does the Fed saying less mean for markets and monetary policy? Our Federal Reserve reporter Enda Curran joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
11 min
In 2025, Australia introduced a world-first ban on under-16s accessing social media. At least a dozen other countries are planning similar measures, backed by parents worried about the harmful effects platforms can have on their children. While the effectiveness of age-related bans is still unclear, policymakers are stepping up pressure on tech companies. Bloomberg Opinion columnist Parmy Olson joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
10 min
Around the world, governments are pouring more than two trillion dollars into defense. The money is flowing, but the results are mixed. Bloomberg Economics's Defense Lead Becca Wasser joins Stephen Carroll to explain why. See omnystudio.com/listener for privacy information.
8 min
Countries from New Zealand to Portugal have revamped their golden visa offerings, in an effort to continue to attract wealthy investors to move there. While securing these visas is getting more difficult in some places, governments continue to use them as a tool to boost their economies. Our reporter Charlie Wells joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
6 min
Record temperatures in Europe have pushed demand for electricity higher, but heatwaves also threaten the generation and distribution of power. Despite rising production from renewable sources, there are risks to the stability of Europe's networks. Our power and renewables reporter Eamon Farhat joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
9 min
Silicon Valley spent much of the past few years feverishly pushing consumers and businesses to inject artificial intelligence into every corner of their lives. Now AI developers want their customers to pay more for the technology they actually use. Bloomberg's Markets Reporter Anthony Stephens joins Stephen Carroll to discuss what AI tokens are and how the price of them is reshaping the thinking around the future technology. See omnystudio.com/listener for privacy information.
8 min
Recent outbreaks of Ebola and Hantavirus are reminders that when such rare diseases flare up, they have the potential, in our interconnected world, to spread beyond their points of origin. Bloomberg's Health Reporter Jessica Nix joins Caroline Hepker to explain why while neither of these deadly menaces is thought likely to provoke a global epidemic they’ve stoked anxiety about the ability to respond to such a threat. See omnystudio.com/listener for privacy information.
9 min
The 2026 World Cup is just days away, but the tournament is already being overshadowed by political tensions, security concerns and questions about whether the US can deliver a smooth global event. Bloomberg's Randall Williams joins Caroline Hepker to explain how geopolitics are becoming one of the biggest storylines heading into kickoff. See omnystudio.com/listener for privacy information.
8 min
A prolonged period of elevated long-term bond yields is ramping up borrowing costs around the world. That in turn affects the cost of mortgages, credit card debt, car loans and other borrowing, squeezing households and companies and weakening economic activity. Bloomberg's Head of Economics and Government Stephanie Flanders joins Caroline Hepker to discuss what's behind the rise, how it changes the global economy and if some countries are at risk a bond doom loop. See omnystudio.com/listener for privacy information.
8 min
For years, the world’s biggest alcohol companies were raising a glass to steady growth. But now, consumers are pulling back. What does this mean for the industry and are habits changing forever? Bloomberg's Global Business Reporter Jennifer Creery joins Caroline Hepker to discuss. See omnystudio.com/listener for privacy information.
9 min
The Iran war is causing unprecedented disruption to global energy supplies, but continuing enthusiasm for artificial intelligence has helped to propel stock markets to repeated record highs. Are investors ignoring the risks from the conflict in the Middle East, or are tech stocks insulated from them? Bloomberg Tech Europe Anchor Tom Mackenzie joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
10 min
The US and China's relationship has been characterized for years by rivalry and deep economic ties. They compete on trade, on technology, and for global influence, and still they need each other. Now the war in Iran is pulling Beijing and Washington into a new standoff. As Donald Trump prepares to meet Xi Jinping, the question is whether the world’s two largest economies can steady the relationship, or see tensions deepen further. Our co-head for Asia John Liu joins Caroline Hepker to discuss. See omnystudio.com/listener for privacy information.
7 min
Currency swap lines have long been a key tool for moving dollars around the global financial system in times of stress. Now US officials are considering expanding their use beyond crises, as more countries in regions like the Gulf and Asia seek access. Our Senior Editor Alister Bull joins Caroline Hepker to discuss. See omnystudio.com/listener for privacy information.
8 min
Hundreds of ships have been trapped in the Persian Gulf by the Iran war, with transit through the Strait of Hormuz reduced to a trickle. Even when the war ends, recovering from the disruption will take some time. Our oil and shipping reporter Weilun Soon joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
9 min
A new AI model from Anthropic has sparked cyber security fears from Washington to Wall Street. The company has limited the release of Mythos because of concerns that in the wrong hands, it could provide hackers with new tools. Is this a new phase of AI development? Bloomberg Opinion columnist Parmy Olson joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
8 min
Investors tried to pull around $13 billion out of private credit funds in the first three months of 2026, forcing many big firms to enforce limits on withdrawals. Private credit firms have spent years courting retail investors, as the industry has grown into a $1.8 trillion market. So what's changed? Our Managing Editor for private companies' coverage Neil Callanan joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
8 min
After a blistering rally in 2025, the price of silver has seen major volatility so far in 2026. While investors are questioning the value of buying gold as a haven trade, silver's strengths and weaknesses are more complex. Our reporter Charlie Wells joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
9 min
The war in the Middle East has roiled oil and gas markets. The unrest and price spikes are another argument for why renewable energy like solar and wind — produced at home and insulated from external tensions — is a more secure bet. But experts warn that the picture is more complicated. Our senior climate reporter and host of the 'Zero' podcast, Akshat Rathi, joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
12 min
In times of geopolitical turmoil, investors look for somewhere safe to put their money. US President Donald Trump's trade war helped to fuel a record rally for gold in 2025, but the Iran war is pushing investors to shelter in different places. Joe Weisenthal from Bloomberg's Odd Lots podcast joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
9 min
After an initial shock, the Iran war is now moving into a more sustained campaign by the US, Israel and the Islamic Republic. The pace of strikes has raised questions about the firepower needed to continue the attacks, and maintain defenses across the Middle East. Becca Wasser, Defense Lead at Bloomberg Economics joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
9 min
The United Arab Emirates’ twin hubs of Dubai and Abu Dhabi have transformed themselves into global financial centres built on a bedrock of safety, stability and proximity to deep pools of capital. Bloomberg's Abeer Abu Omar joins Stephen to explain why Iran’s attacks, which saw missiles fired at the emirates, have come as a jarring reminder of their geography. See omnystudio.com/listener for privacy information.
8 min
The US Supreme Court's decision to strike down much of President Trump's tariff agenda has left many questioning what happens next. Issues such as refunds, and the legal basis for the President's new tariffs will still need to be resolved. Our Supreme Court reporter Greg Stohr joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
10 min
The world's biggest technology companies are expected to spend $4 trillion on artificial intelligence by 2030. To pay for it, they're borrowing hundreds of billion of dollars a year. What does that mean for these companies, and for markets? Bloomberg's Markets Live Strategist Skylar Montgomery Koning joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
9 min
Since returning to the White House, Donald Trump has directed some of his harshest criticism at America’s closest neighbor: Canada. Tariff threats, talk of making it the 51st state and pointed barbs have prompted the country’s Prime Minister, Mark Carney, to argue for a new approach to global trade and diplomacy. David Gura, host of Bloomberg’s Big Take podcast, joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
7 min
The New START treaty served as a barrier against a renewed nuclear arms race between the US and Russia, who together possess almost 90% of the world’s atomic warheads. The accord was the only remaining arms control agreement between the two countries and expired on February 5. US President Donald Trump says he wants to negotiate a new treaty, but in the meantime, controls on these deadly weapons remain in limbo. Our global defense editor Gerry Doyle joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
11 min
The US currency has come under pressure on multiple fronts, recently falling to its weakest level in four years. Unpredictable Washington policy making, fears over Federal Reserve independence, as well as fiscal concerns have driven investors away from the dollar. Our Markets Live Executive Editor Mark Cudmore joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
10 min
Europe's far-right parties are reassessing their ties with US President Donald Trump following his threats to annex Greenland and use of military force against Venezuela. From the UK to Italy, politicians who have previously talked up their relationship with Trump are moderating their language. Our Managing Editor for European economy and government Ben Sills joins host Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
6 min
Data centers are a key part of the global artificial intelligence boom, but their rapid expansion requires land and energy. Rocket companies, from Elon Musk's SpaceX to Jeff Bezos's Blue Origin, have been looking at some new locations for these centers: putting them in space. Our space editor Bruce Einhorn joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
7 min
President Trump says the United States 'needs' Greenland. After American forces captured Venezuela's President, European leaders are now more worried about Trump's ambitions for the Arctic island, which is part of the Kingdom of Denmark. Danish Prime Minister Mette Frederiksen has said US action would threaten the NATO alliance. Our Copenhagen reporter Sanne Wass joins Stephen Carroll to discuss the state of play. See omnystudio.com/listener for privacy information.
8 min
Despite hitting repeated record highs, US stock indexes have actually underperformed markets elsewhere in 2025. Our Senior Equity Strategist Michael Msika joins Stephen Carroll to discuss what drove this trend, and the expectations for 2026. See omnystudio.com/listener for privacy information.
7 min
Prediction markets, platforms where people bet against one another on the outcomes of real-world events, are growing rapidly. The likes of Polymarket and Kalshi now collectively handle billions of dollars in bets every week. These markets have blurred the lines between gambling and trading, and their growth has been helped by a relaxed regulatory environment under US President Donald Trump. Our digital finance reporter Emily Nicolle joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
8 min
China is drawing lessons from the Trump administration’s still unfinished “peace plan” for Russia and Ukraine. President Xi Jinping is using the opportunity to sharpen the lines around his long-declared objective of unification with Taiwan. Bloomberg Opinion columnist Karishma Vaswani joins Stephen Carroll to discuss. You can read her latest piece on the topic here: Is China Preparing an Ukraine-Style Plan for Taiwan? See omnystudio.com/listener for privacy information.
9 min
Oil prices have been falling as this year looks set to end with the first supply glut since 2020. While lower prices benefit some, they're not good news for everyone. Bloomberg's Oil Strategist Julian Lee joins Caroline Hepker to explain. See omnystudio.com/listener for privacy information.
9 min
The world's biggest tech firms are pouring hundreds of billions of dollars into artificial intelligence. Those building AI technology are predicting massive growth. Despite all the bullish sentiment, some investors are still worried about future costs. Bloomberg Tech Europe anchor Tom Mackenzie joins Stephen Carroll to discuss. See omnystudio.com/listener for privacy information.
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