Marketplace Morning Report

The supply chains of gold and precious gems are notoriously difficult to track. Human rights abuses and environmental devastation are often at the root of the work. This morning, we'll hear the story of one jeweler trying to change this by bringing women together from regions scarred by conflict to create a more ethical business model. But first: Microsoft is considering suing Amazon and OpenAI, and we look at what's behind a run on red yarn.

Why not report earnings twice a year? The Securities and Exchange Commission is preparing a proposal to eliminate the requirement for publicly traded companies to report quarterly earnings, according to The Wall Street Journal. It's a move that companies are cheering, but it also means less transparency for investors. Also on this morning's show: a preliminary deal between the WNBA and its players' union, and what older adults should keep in mind this tax season.

Two of the three major credit bureaus are dismissing a larger share of consumer complaints. At the same time, the Trump administration has attempted to gut the Consumer Financial Protection Bureau — the government watchdog agency established following the Great Recession. Today, we'll delve into what it means for consumer protections. Also, the price of a barrel of Brent crude is about 50% higher than it was a month ago. Where do things go from here?

If you are one of the millions of people who haven't done your taxes yet, you've got a month and a day left to file. Something to look forward to, though? Refunds are up over 10% on average so far this year, and more people are receiving tax refunds. But first, we'll check in on how discount retailers are doing and learn how the war in the Middle East is impacting Federal Reserve officials' thinking about a rate cut.

Is Europe's reliance on U.S. tech a vulnerability? With geopolitical uncertainties growing under the second Trump administration, governments and institutions abroad seem to think so. The International Criminal Court announced that it's ditching Microsoft, and government employees in France will use an open-source alternative to Zoom. Today, we dig into "digital sovereignty." Also on the show: new homeowners turn to buy now, pay later to deal with expenses, and we'll preview the Fed's interest rate meeting this week.

TSA agents are missing their first full month of paychecks as a result of the partial government shutdown. In response, CEOs of major U.S. airlines have written an open letter urging Congress to fund the Department of Homeland Security and end the shutdown, which has dragged on as Democrats demand reforms to immigration enforcement practices. Plus, how might emerging technologies like AI amplify global threats, such as nuclear war?

The Senate passed a bipartisan bill yesterday that aims to take on housing affordability by increasing the housing supply and cutting red tape. But it has a tough road ahead in the House and possibly the White House. This morning, we'll dig in. Also on the show: GDP growth was revised down to just 0.7%. Plus, China's latest five-year plan aims to transform the country into a tech-driven global power, while boosting domestic demand.

Some Christians observe the weeks of Lent leading up to Easter by not eating meat on Fridays. That means that we're in the thick of fish fry season. Thing is, tariffs have raised the price of seafood. We head to one local fish fry near Akron, Ohio, to learn about the impact. But first, the war in the Middle East is threatening critical water desalination plants, which many Gulf countries rely on to make seawater potable.

Data shows that chain restaurants grew by 3% last year, while smaller independent restaurants declined by more than 2% as they struggled to navigate rising prices for real estate, food, insurance, and labor. When all restaurants are basically the same city to city, what does it mean for the unique flavor of a place? But first, Iran has ratcheted up its attacks on Gulf countries.

Yesterday, the U.S. trade representative announced an investigation into unfair trade practices that could result in a whole new round of import taxes. The Trump administration will be looking into whether more than a dozen countries are producing too much, flooding the U.S. with cheap products, and making it hard for American companies to compete. Then, war is complicating the Federal Reserve's interest rate decision. And later, could price caps help bring down grocery bills?

The Strait of Hormuz, a critical passage in many global supply chains, is basically shut down as fighting continues in the region. All this has throttled shipments of oil and gas, but supply chains for other goods — like helium and aluminum — are being detrimentally affected, too. This morning, we'll dig into which regions are being hit hardest by the disruptions. Plus, another partial government shutdown means more pain for TSA screeners and passengers.

$800 million a day. That's the rough monetary estimate of how much the U.S. military operation in Iran is costing taxpayers, according to the Penn Wharton Budget Model — in addition, of course, to the horrible human toll of war. This morning, we'll do the numbers on the costs of military technology and impacts on everyday consumers. Plus, the globe competes for liquefied natural gas, and Meta acquires Moltbook, the social network for AI.

A recent survey of 100 CEOs at major companies by the audit, tax, and advisory firm KPMG finds that AI and policy uncertainty around tariffs are top of mind. Today, we'll dig into the survey's findings. But first, oil markets have been on a rollercoaster ride as of late. We'll discuss why markets have recovered a bit this morning and what impact a potential presidential waiver of oil sanctions could have.

Just to get you up to speed on oil prices: Brent Crude is at $92 a barrel this morning. Yesterday morning, it was at $117. While prices have dipped, they're still higher than they were before the Middle East war began. That means more money for oil producers. So will domestic producers use that extra cash to drill more? Also: the latest in Anthropic's dispute with the Pentagon and what to make of last year's big jump in product recalls.

Oil prices came close to hitting $120 a barrel yesterday. This morning, they're hovering around $100 a barrel. Gas prices are also up 27 cents in a week, a price increase that'll pinch consumers and could dent consumer spending. In response to the spike in oil prices, some nations are discussing releasing oil reserves from their stockpiles. Then, we'll head to the Texas-Mexico border, where a parasitic fly poses a threat to the cattle industry.

Economists are still digesting last Friday's jobs report, which showed a loss of 92,000 jobs in February. The labor force participation rate — the percentage of working-age people who are either working or looking for work — fell to 62%. That's the lowest since December 2021 and means some people are giving up even looking for a job. We'll dig into the importance of that figure. Also on the show: oil prices and existential threats.

The U.S. economy actually lost jobs last month. The number of people on U.S. payrolls fell by 92,000 in February, with big swings in education and health care. How might the Federal Reserve respond to this new data? Plus, the idea of having a robot to do all your household chores has long been a staple of science fiction. Today, we hear from a company designing robots trying to make that a reality.

War in the Middle East has caused oil prices to spike, and — right on cue — gasoline prices have risen quickly. They're up 34 cents in a week, according to AAA. That's the fastest price increase at the pump since 2022. And diesel prices just topped $4 a gallon this week, which will likely push up the cost of anything shipped by truck or train. Also on the program: a look at what's driving Texas supermarket construction.

In pretty much every jobs report of 2025 — and on into early 2026 — health care was the most reliable job-creating sector. Some 436,000 health care jobs were added last year. It's a bright spot in the labor market, at a time when other sectors face sluggish job growth and disruption from AI. Plus, since the U.S. and Israel launched their war with Iran, the value of the U.S. dollar has been rising. We'll discuss.

Parts of the Great Lakes region have seen their coldest winter in more than a decade, and maple syrup farmers are rejoicing. The cold snap has been perfect for making maple syrup. Today, we'll head to a syrup farm in Middlefield, Ohio, to learn about the process — and economics — behind the pancake breakfast staple. But first, the Labor Department has proposed a new rule on whether workers are classified as gig workers or employees.

The Department of Justice and dozens of states are accusing Live Nation — the owner of Ticketmaster — of being a monopoly, shutting out competition, and driving up ticket prices. This massive antitrust case was originally brought under the Biden administration, but there are competing currents over antitrust enforcement in the second Trump administration. Also on this morning's show: a fresh glimpse into the job market and an examination of company spending on equipment versus labor.

Mortgage rates dipped below 6% last week. Now, they're back up. Sudden conflict and uncertainty almost always cause volatility in the mortgage market. This time, fears of inflation and higher oil prices are to blame. Also, a look at how the U.S. might protect and insure vessels traveling through the Persian Gulf, and how the Republican tax and spending law signed last summer might help big corporations like Amazon, Meta, and Tesla avoid paying taxes.

When the world gets scary, investors are usually very hungry for bonds because they're safer bets than the stock market. But with the war in Iran, bond yields are going up, yet investors aren't as hungry for them. The reason? Inflation. And later in the program, the Environmental Protection Agency scrapped its “endangerment finding.” We'll discuss what that means for the auto industry and emissions standards.

The war with Iran continues to disrupt oil production and shipping channels in the Middle East. Today, we're unpacking the ripple effects of the conflict, including concerns about inflation, airline disruptions, and increased prices at the pump. Then, the owner of a Virginia tea shop reflects on the impact of Trump's new blanket tariff, and the tariff on imported goods under $800 is still in effect following the recent Supreme Court ruling.

Oil prices are jumping around this morning, but you can bet they're up — around 6-7%. Gold, a safehaven for investors, is up about 2%. "We're in a world where markets and investors are increasingly uncertain about where their money is safe," said Julia Coronado of MarcoPolicy Perspectives in a discussion of today's market movements. Also: why we pay such close attention to the monthly jobs report and how sites like Moltbook can disrupt the AI industry.

The U.S. and Israel's war with Iran means a disruption of global oil markets. Iran has closed navigation through the Strait of Hormuz, leaving hundreds of ships sitting idle. While a slowdown of production and exports could hit China particularly hard, this conflict could also impact what U.S. consumers pay at the pump. This morning, we'll learn more, and then we'll hear how air carriers are being affected by the attack.

MFS, a big lender based in London, has been making risky loans and is in the British equivalent of bankruptcy. Now, investors are buying up U.S. government bonds, and lenders are pulling back from the riskiest parts of the private credit markets. Is there a bigger pattern here? We'll discuss. Then, Anthropic is rejecting the Pentagon's demands for unrestricted use of its technology, and we'll hear how business is going for a Main lobster fisherman.

Paramount Skydance appears to have won the bidding war for Warner Bros. Discovery. Paramount raised its offer, and rival Netflix refused to match it, saying the deal is “no longer financially attractive.” The merger still has to be approved by federal regulators. We'll learn more, then dig into the current state of streaming services. And later in the program, roughly half of high schoolers planning to go to college are using AI tools in their search.

From the BBC World Service: First up, British manufacturer Dyson settles a lawsuit filed against it by 24 migrant workers, and the Premier League says it's launching its own streaming service. And while David Brancaccio and the team will continue to share the economic news you need each weekday morning, today marks the final edition of the "Marketplace Morning Report" produced by the BBC World Service. Host Leanna Byrne reminisces about some of the show's biggest global news stories from over the years.

Now that the Winter Olympics have wrapped up, the Milan Cortina Paralympic Games kick off on March 6. Dozens of athletes will represent Team USA in sled hockey, skiing, wheelchair curling, and snowboarding. But getting to the Olympics or Paralympics is expensive and costs competitors an average of $12,000 a year. For winter athletes in particular, the costs can be even higher. But first: why the FDA is looking to put the brakes on compounded GLP-1s.

The AI company Anthropic is loosening some of its core safety principles. Anthropic unveiled a new policy on safeguards earlier this week, moving from self-imposed guardrails to non-binding goals for AI safety. At the same time, the company is facing pressure from the Pentagon to roll back limitations on how Anthropic's Claude AI models are used. We hear more. Also: a conversation about age-verification rules on social media and privacy concerns.

From the BBC World Service: The United States says it will allow some small Venezuelan oil shipments to reach Cuba, providing a lifeline to the Caribbean island. Cuba's electricity grid runs on foreign oil, and without it, the lights simply don't stay on. Then, we'll head to one small town in the north of England, where a collection of 13 charity thrift shops on its Main Street is attracting visitors from far and wide.

First up, AI has driven a market moodiness as of late. Broader anxieties have sparked sell-offs, while bullish tech optimism has also boosted stock indexes. What gives? Then, companies are expected to spend a whopping $50 billion a month on AI data center construction over the next few years. Those firms are issuing investment-grade corporate bonds to pay for it all. This morning, we'll dig into what that could mean for interest rates.

Last night, President Donald Trump strongly defended his tariffs in his State of the Union address. He made the case for future tariffs, despite the Supreme Court decision last week striking down the centerpiece of his tariff policy. Trump also expressed hope that import taxes will someday replace income taxes. Plus, Nvidia is looking to get back into the consumer market, and mortgage rates dipped below 6% this week.

From the BBC World Service: German Chancellor Friedrich Merz says there is a great opportunity to develop ties with China following a meeting with its leader, Xi Jinping. Before the trip, Merz said there needs to be a fair competition and jointly agreed-upon rules between the two countries. Also, starting today, almost all visitors to the United Kingdom will need to apply for an electronic travel authorization that costs around $21 before entering the country.

A new working paper from the National Bureau of Economic Research spotlights how immigrants may be shaping the health and mortality rates of older Americans. Researchers found that a roughly 25% increase in immigration to the United States could prevent nearly 5,000 deaths among seniors 65 and over. Today, we'll unpack the findings. But first, an ominous tale of AI destruction captured the imagination of the public — and stock market traders.

Wall Street is looking to recover after yesterday's big stock market drop. Part of it was due to tariff uncertainty, but part of it was also due to a thinkpiece that painted a nightmare scenario in which AI displaced white-collar jobs throughout the economy — in areas far beyond the software, technology, and financial firms that have recently faced a selloff. Also: Depop's new owner and a look at who gets left behind by new Trump Accounts.

From the BBC World Service: Exactly four years ago, Russia launched its full-scale invasion of Ukraine. Hundreds of thousands of troops have been killed, and the financial cost has also been massive for both countries. This morning, we'll learn more. Then, the U.S. has imposed a new flat-rate tariff of 10% on global imports. And, China has imposed restrictions on dual-use exports to 20 major Japanese companies, accusing them of boosting a military build-up in Japan.

Following Friday's Supreme Court decision striking down a number of President Trump's tariffs, the administration is moving to impose a global 15% tariff, with some exceptions for countries like Canada and Mexico. The tariffs, which are being levied temporarily under a statutory authority known as Section 122, will bring the average effective tariff rate to 13.7%, according to the Yale Budget Lab. Also on the program: Spain's new plan to bolster its workforce by granting legal status to migrants living in the country illegally.

On Friday, the Supreme Court struck down President Trump's sweeping “retaliatory” tariffs, ruling that he doesn't have the authority to impose them under the International Emergency Economic Powers Act. Many of the administration's tariffs, however, remain intact, and President Trump has announced a new 15% global tariff following the decision. We discuss what that means companies, consumers, and the U.S.'s global trading partners. Plus, new analysis from the Cato Institute finds that the presence of immigrants helps to ease the federal budget deficit.

From the BBC World Service: Governments around the world are scrambling to react to President Trump's decision to impose a sweeping 15% tariff on all imports to the United States. It follows Friday's Supreme Court judgment that ruled the President had exceeded his authority when he imposed tariffs using a law reserved for national emergencies. And we'll visit Spain, where the government recently announced plans to legalize around half a million undocumented migrants in a move designed to boost the country's workforce in economic sectors that have struggled to recruit. Spain's economy has been outstripping its European Union partners and the government wants to keep momentum going.

“Building Tomorrow” is a special collaboration between Marketplace and This Old House Radio Hour that asks a simple but urgent question: How do we build homes that can last the next hundred years? From wildfire rebuilds to factory-built housing, this hour explores how new materials, new methods, and new ideas about community are reshaping the future of housing in America. Hosted by Jenn Largesse and Marketplace's David Brancaccio, the episode blends reporting, lived experience, and hard science to show what's possible right now. In this episode, you'll learn about: A massive prefab factory where homes are built like cars on an assembly line.A disaster research campus where engineers crash-test houses against hurricanes, hail, and wildfire. A cutting-edge micro factory using software and small factories to build homes faster, locally, and at scale.Touring a pioneering cross-laminated timber home built as a living case study in low-carbon construction.How a 100-year-old house is transformed into a net-zero, future-ready home.A tiny-house community redefining retirement, aging, and what “home” really means.Note: In the segment featuring Aloe Blacc's prefabricated home, the exterior is made of cement fiber, but the interior is not. The home's fire resilience comes from a combination of steel framing, fiber cement siding, and triple-pane windows.