Marketplace Morning Report

When college-bound high school seniors commit to a school, it's always a complicated calculus, especially for families who need financial aid. But for students starting this fall, there's a new wrinkle: new caps on how much parents can borrow from the federal government to help their kids pay for college. Today, one high school senior and his mom talk college finances. Plus, we'll recap an especially busy week for the economy.

Last year, more people left the U.S. than moved in — it's the first time that's happened in at least half a century. And 2026 is expected to see even more outmigration. Immigrants pay taxes and are a major part of the labor force in construction, agriculture, and healthcare. All of that can have lasting effects on the economy. But first up, we explore federal government retirement matching and dig into underemployment.

Yesterday, we got quarterly results for some of the biggest companies in the economy, including Google parent company Alphabet, Microsoft, Amazon, and Meta. Investors have been pinning hopes on Big Tech. We'll do the numbers on tech firms' earnings and discuss whether the good times — and big spending on AI — can last. But first, the U.S. economy grew faster in the first three months of this year, and we'll outline challenges awaiting Kevin Warsh as the next chair of the Federal Reserve.

It's Big Tech week on Wall Street. Quarterly results from Alphabet, Meta, Microsoft, and Amazon all beat expectations. And shocker: They're all still spending a lot on AI. One of the biggest expenses is chips. That's made Nvidia the most valuable company in the world. Now, other Big Tech companies want to get in on that action. Then, the Trump administration has wound down funding for mRNA vaccine development. We'll explore the impacts.

Five of the Magnificent Seven — Alphabet, Microsoft, Amazon, Meta, and Apple — are reporting earnings this week. These tech titans have kind of been single-handedly holding up the market for a while now. Can the good times last? Then, China is the largest manufacturer of solar energy parts in the world, and it's considering restricting exports of solar panel manufacturing equipment to the United States. And, we look at the highly personal legal battle between Elon Musk and OpenAI's Sam Altman.

Every five years or so, Congress considers and passes a new version of the farm bill. It is a massive law covering not just agriculture, but also food assistance programs. And it comes at a particularly tough time for farmers, who are being pinched by drought, tariffs, and rising fuel and fertilizer costs. Then, what's the UAE's departure from OPEC mean for oil prices? And later, from "Marketplace Tech," we hear how Section 702 of the Foreign Intelligence Surveillance Act opens the "backdoor" for warrantless searches.

The Trump administration has reportedly been in talks to bail out Spirit Airlines, either with a big loan or by buying it. The budget airline had already been struggling, and now faces even tougher times with higher fuel costs. But does that justify bailing it out? Plus, an upstate New York toy and doll shop owner reflects on the stop-start jolts of U.S. trade policy and the challenges of the tariff refund process.

We've talked a lot about the rollercoaster of tariffs. But behind every economic story is a human one, too. This morning, we check in with Joann Cartiglia, who runs a toy and doll shop in upstate New York. She's looking at around $15,000 in tariff refunds. Still, uncertainty, precarity, and debt have put her in "the scariest financial situation" of her life and mean that retirement has “been kind of taken off the table.” But before that conversation: a Federal Reserve meeting and a royal visit with the president.

As people look to plan their summer vacations, they're being price-conscious. While 60% of Americans plan on traveling, more people will drive instead of flying, and more are opting for shorter trips. Plus, with the end of the Justice Department's investigation into Federal Reserve Chair Jerome Powell, successor Kevin Warsh looks poised for a successful confirmation. And later, we head to Maine to hear how a Maine sea urchin processing firm has survived for four decades.

The U.S. Forest Service is heading for a major restructure. Its headquarters are moving from D.C. to Utah, all regional offices are being eliminated, and dozens of research facilities across 31 states are being shuttered. This is all unfolding before what's expected to be a very active wildfire season. How do these changes affect our ability to fight wildfires? But first, we're digging into the latest economic impacts of war in the Middle East.

The Federal Reserve has two jobs: promote job growth and control inflation. To do that, it sets interest rates. It also buys bonds and securities to influence those markets, and is now sitting on a massive $6.5 trillion pile. President Trump's nominee for Fed Chair, Kevin Warsh, wants to shrink that asset pile. We'll dig in. Also: optimism from one soon-to-be grad. Plus, how much longer can the standoff in Iran last before oil markets have to respond?

When we talk about who makes up the economy, we're often talking about workers a company formally employs. But a lot of people find themselves working in the informal economy — generally defined as economic activity that falls outside of official regulation. It's not taxed, not tracked, and is mostly invisible to official statistics. Today, we'll dig into its importance and risks. But first, marijuana gets a tax break.

The Trump administration announced a big change in how people's credit is assessed when applying for mortgages. Instead of only using FICO scores to prove creditworthiness, prospective homebuyers can now use a separate score model — one that considers things like rent and utility payment history — when applying for loans from mortgage lenders, including Fannie Mae and Freddie Mac. Also on the show: discussions of the market's bullishness and plans for a graduate degree in a tumultuous job market.

Maybe it's hoarding, or protectionist, or human nature. Whatever you want to call it, some countries have plenty of oil right now — especially wealthier ones with their own refineries and reserves — while others can't get what they need and are rationing fuel. Plus, "starting has always been hard. This era is making it harder," said New York Times bestselling author Jodi Kantor. Today, we hear her job-hunting advice for new grads.

We're less than a month away from graduation ceremonies at college campuses across the country. But the job market college grads are entering is an uncertain one, and the unemployment rate for young people with college degrees remains elevated. This morning, we hear one college senior's take on the slowing labor market and the emergence of AI. But first, the owners of a Brooklyn plant shop chat about navigating higher costs.

New research shows more than a third of workers and retirees don't think they will have enough money for their retirement years — that's the highest proportion since 2017. Lower savings rates, higher bills, and concerns over Social Security all constitute a perfect recipe for lower confidence. Also on this morning's program: a preview of Tesla's quarterly earnings and a look at why home prices are falling in Texas.

JD Vance is expected to travel to Islamabad, Pakistan, on Tuesday for potential negotiations with representatives from Iran, but peace talks are still uncertain as the end of the ceasefire approaches. Markets, though, are nearing all-time records. “Marketplace Morning Report” Host Sabri Ben-Achour spoke with Ken Wattret, vice president of global economics at S&P Global Market Intelligence, about the disconnect. Plus, we check in with two plant shop owners about how they've been dealing with tariffs, rent, and our broader economy in this installment of Economic Pulse.

President Trump's nominee to head the Federal Reserve, former Fed governor Kevin Warsh, will testify on Tuesday for his nomination hearing. Warsh is expected to toe the line between maintaining Fed independence and heeding calls from elected officials. Also on the program: war in the Middle East has energy companies looking for ways to diversify their oil supply. Plus, a look into how “social capital” helped to rebuild morale, and economic growth, in Minneapolis following Operation Metro Surge.

Markets were hopeful on Friday after Iran announced that the Strait of Hormuz would be reopened to commercial vessels. Now, escalating tensions are bringing expectations back down. Marketplace's Nova Safo spoke with Julia Coronado, founder and president of MacroPolicy Perspectives and a professor at the University of Texas at Austin, about how global economists at the National Association for Business Economics International Symposium in Rome, Italy, are grappling with the back and forth. Plus, later in the program: underemployment among recent college graduates and how we measure it.

The Strait of Hormuz has remained largely closed, with only three sanctioned tankers making it through the waterway according to Reuters. When asked about a potential timeline for lower gas prices on CNN, Energy Secretary Chris Wright said prices below $3 “might not happen until next year.” Also on the program, we discuss a New York State law limiting employers' use of credit history and Germany's plan to build military enlistment.

Iran declared on Friday that the Strait of Hormuz has reopened for all commercial vessels. While the news caused stocks to rally and oil prices to drop, it's unclear yet whether or not the market reaction is premature. Plus, we take a look into the aging demographics of first-time homebuyers and their shrinking share of the housing market.

The head of the International Energy Agency warned on Thursday that Europe could run out of jet fuel in few as six weeks. The continent is the biggest consumer of jet fuel shipped through the Strait of Hormuz, and ongoing closures in the strait could lead to swaths of flight cancellations. Also on the program: we discuss shifting expectations for American universities, our aging first-time homebuyer population, and changes at Netflix.

The Federal Reserve is meeting at the end of this month to figure out what to do with interest rates. They have a tough task ahead of them: weighing the job market, inflation, and a war in the Middle East that is "roiling supply chains in ways that are similar ... to what we saw emerging from the pandemic," said KPMG's Diane Swonk. Also on the show: Rising health insurance costs are dragging down wage growth.

Power utilities plan to spend $1.4 trillion over the next five years on capital projects. A lot of that boils down to grid maintenance and projects to support additional power generation. That's a 21% increase over what utilities were planning to spend a year ago — and it could drive up household utility bills. Then, it's been a little over three months since the capture of Venezuelan President Nicolás Maduro. How has Venezuela's oil industry changed since?

We talk a lot about the price of oil on this show, but there are actually dozens of types of oil. On today's program, we're learning about where they come from, what they're used for, and why the price of oil futures differs from oil's on-the-spot market price. And later, as energy gets more expensive, governments around the world are asking people to try to conserve energy. How much of an impact do those moves have?

The Trump administration says it'll start issuing refunds for tariffs the Supreme Court ruled were collected illegally next week. Customs and Border Protection's automated system will be able to process about 82% of the tariff payments, worth about $127 billion. More complicated claims will have to wait. Then, we'll discuss what the closure of the Strait of Hormuz means for U.S. oil producers. Plus, could a United Airlines-American Airlines merger be in the cards?

It's springtime, meaning the real estate market is supposed to be popping. But fresh data from the National Association of Realtors shows seasonally adjusted sales of existing homes are actually down 3.6%. What's going on? Also on the show, Chinese exports slowed sharply last month amid energy shocks, and a surge in the cost of petrochemicals — used in plastics, fertilizers, and more — is likely to translate to higher costs on supermarket shelves.

It's almost Tax Day. And while some of us may have waited till the last minute to do our taxes, the federal government sure won't be wasting any time spending them. This morning, we're unpacking how much of your tax bill goes toward services like defense, Social Security, health care, food assistance, the national debt, and more. Plus, there's been no net job creation over the last six months, which can make the economy more vulnerable.

The U.S. has threatened a blockade of Iranian ports set to go into effect this morning. That means the supply of oil will be even more restricted than it was before. We'll dig into what all this means for oil markets. Plus, the economic consequences of the war are reshaping businesses' hiring plans stateside, too. And, there's a parade of banks releasing results this week. Investors are paying close attention.

Grocery prices on average are up about 2% compared to this time last year. But split up the food groups, and we start to see some bigger numbers. Tomatoes, lettuce, and nonalcoholic beverages (especially coffee) led the way for price increases. Meanwhile, the cost of meat and dairy declined. Why? Also: a Straight of Hormuz blockade courtesy of the U.S., and a look at how Trump's tax and spending law could impact charitable giving.

Nearly 600 Marketplace fans gathered at the Aratani Theatre in downtown Los Angeles to watch Kai Ryssdal present Marketplace Live, in partnership with LAist.Kai was joined onstage by economics author, educator, and content creator Kyla Scanlon to talk about AI, prediction markets, Federal Reserve independence, and the war in Iran. Later, former “Marketplace Morning Report” host David Brancaccio joined Kai to discuss his experience rebuilding after the LA fire and his new job as Marketplace senior correspondent covering future effects.Note: This show was recorded on March 29, and the situation in Iran has changed since then. Follow our latest coverage here.

David Brancaccio has hosted an estimated 16,925 morning shows over 13 years. Now, for his final time in the host chair, David shares snippets of discussions he's had throughout the years, including with experienced local Del Rio, Texas-based reporter Karen Gleason, Nobel laureate Paul Krugman, and actor and entrepreneur William Shatner. Also on the program, Princeton's Burton Malkiel addresses concerns and gives advice about a potential AI bubble.

For his second-to-last time hosting an episode of "Marketplace Morning Report," David Brancaccio spoke with the author of arguably the most influential book on personal finance and investing of all time. First published in 1973, "A Random Walk Down Wall Street" argues that it's super hard to beat the stock market. Its author, Burton Malkiel, is a Princeton professor emeritus and still going strong at 93. We have that conversation, as well as a preview of March's consumer price index.

Today, we're returning to our 2019 Brains and Losses series, which investigated the financial exploitation of older Americans. In the years that have followed, AI has only made scams more convincing and easier to conduct. This morning, we're joined by an elder law attorney in Florida to hear how some pioneering laws there are aiming to stop scammers who prey on older people mid-swindle. Also, we're digging into the Federal Reserve's preferred measure of inflation, which remains stubbornly elevated.

In the 1960s, the German government put a tariff on American chickens. President Lyndon B. Johnson then retaliated with a tariff on light-duty commercial vehicles and trucks. The back-and-forth has come to define the U.S. auto sector. On this morning's show, why a veteran automotive CEO calls this chicken tax "one of the most important, formative aspects of how the U.S. industry has evolved." But first, markets try to guess whether the U.S.-Iran ceasefire will hold.

As David Brancaccio winds down his tenure as host of the "Marketplace Morning Report," he's speaking with places of work he might have ended up at if he weren't a broadcast journalist. On today's show, we head to Bike Oven in Los Angeles, a co-op that aims to give you everything you need to learn how to fix your bike yourself. But first: an examination of oil prices and potential tariffs on countries sending weapons to Iran.

We are now into the first hours of a two-week ceasefire in the U.S.-Iran conflict. The wholesale price of oil has plunged nearly 16%. The New York price was pushing $118 yesterday; this morning, it's below $95 a barrel. While the war certainly isn't over, markets are celebrating the momentary relief. Then, we'll check in with both a New Mexico nonprofit and an AI firm to understand the region's K-shaped economy.

Jamie Dimon, the CEO of JPMorgan Chase, put out his annual letter to shareholders this week. In it, the leader of the largest bank in North America outlined worries about persistently elevated inflation and the growing role of private credit. We'll unpack. Then, as part of our “Business Envy” series, we'll have a chat with the founder and CEO of a Maine-based rocket company looking to support research missions and a growing space economy.

Billionaire activist investor Bill Ackman is making a play for Taylor Swift's record label in a deal that Reuters values at around $64 billion. Ackman wants his investment firm, Pershing Square Capital Management, to take over Universal Music Group. This morning, we'll dig into the news. Then, we continue our trip along Route 66 and visit Northern Arizona University, which has designated this academic year the “Year of AI Empowerment.”

The price of crude oil is fluctuating this morning. This comes after oil producers at OPEC+ agreed to slightly increase production over the weekend. We give you the facts. Plus, a preview of Thursday's GDP revision. Also, “Marketplace Morning Report” host David Brancaccio speaks with the majority owner of a coffee roasting company.

To see the U.S. economy in 3D, you gotta hit the open road. 100 years after the iconic highway was built, “Marketplace Morning Report” host David Brancaccio kicks off his final week in the host chair with his journey on Route 66. His trip begins in Santa Monica, California. Along the way, he speaks with local business owners about the precarious job market, changing landscapes, and why one particular stop is a hit with French tourists.

The U.S. economy added 178,000 new jobs in March, and the unemployment rate went down. That's a big improvement from last month's disappointing jobs report, but there's more than meets the eye to these numbers. We'll explain in today's episode. Also: SpaceX filed paperwork for an IPO, and the company's high predicted valuation isn't the only thing making waves. Plus, some food for thought before this weekend's Final Four basketball games and inevitable betting ads: “This Is Uncomfortable” host Reema Khrais explains the effects of prediction markets on our wallets and our brains.