Marketplace Morning Report

Investors have been souring on bonds. To entice them back, bond yields have been rising. The yield on the 30-year bond yesterday hit 5.2%, the highest rate since 2007; 10-year yields are about as high as they've been in more than a year. Many people have exposure to bonds in their retirement accounts. Bond yields also impact the rates on mortgages and business loans. We'll explain. Then, Google's search revenue remains strong — thanks in large part to AI.

The number of hot, dry, windy days is increasing, setting the stage for fires. Wildfire season is off to an awful start. In March, Nebraska had its largest wildfire in state history. Right now, a fire outside of LA is forcing evacuations. While the federal government spends about $3 billion on wildfire suppression each year, most of that is being spent, and states are having to fill the gaps. Also: why Google is "leading the way" in the AI race.

If you're a homeowner — this is no surprise to you — property insurance can be expensive. It seems to get more and more pricey each year. Some might blame climate change or natural disasters, but if you look under the hood of the $1 trillion in premium payments last year, the numbers might tell a different story. We'll unpack. But first, we'll discuss and preview earnings for some of America's largest retailers.

President Donald Trump has dropped his lawsuit against the IRS over the leak of his tax returns in exchange for the creation of a new $1.8 billion “Anti-Weaponization Fund,” which will compensate people who have been investigated or targeted for “political, personal, or ideological reasons.” We'll dig into the highly controversial fund. Also on the show: home sellers stay on the sidelines, and a pro dumpster diver finds gems amid dorm moveouts.

The U.S. and Iran remain far apart on a ceasefire, as President Donald Trump warns on social media that "the clock is ticking." The standoff is rattling global markets. Government bonds are rising, pushing up borrowing costs. And oil prices are moving higher this morning, as traders worry that the war in the Middle East will lead to a prolonged period of higher inflation. We'll discuss. And later: how Brazil became BYD's biggest market outside of China.

The war in Iran has cost Americans more than $40 billion in additional fuel costs, according to an analysis from Brown University's Watson School of International and Public Affairs. The costs go beyond just what Americans pay at the pump; higher diesel costs are factoring into rising prices for other consumer goods, too. This morning, we'll do the numbers. Plus, after a slowdown, "vertical dramas" are putting some Hollywood crews back to work.

Tomorrow is the Preakness Stakes, the second event in the Triple Crown. Betting on horse racing in the U.S. has declined by more than 50% over the last few decades. And while you might think platforms like Kalshi and Polymarket would see opportunity in horse racing bets, they haven't made inroads. Why don't prediction markets have a horse on that race? We explain. And later, we'll do the numbers on defense lobbying.

"LNG is the next growth story of the next decade," says Kent Britton, CEO of the Port of Corpus Christi. Liquefied natural gas exports are expected to grow 30% in the U.S. in the next year and a half. That growth is driven mostly by new and expanding LNG export projects along the Gulf Coast. What does it mean for the global energy market and coastal economies? But first: inflation, imports, and U.S.-China trade deals.

Retail sales in April were up 0.5% compared to the month before and are up 4.9% from a year ago, according to the Census Bureau. So are retail sales higher because consumers are resilient and buying more stuff, or are we spending more just because prices are higher and the stuff we want is more expensive? We discuss. Then, in search of cleaner energy, two new power transmission lines are connecting Quebec to New York and Massachusetts.

Kevin Warsh is officially the next chair of the Federal Reserve. The Senate voted to confirm him to a four-year term on Wednesday. He'll replace Chair Jerome Powell, who led the central bank for the last eight years. He'll face a challenging economic environment, worsening inflation, and pressure from President Donald Trump to cut rates. Plus, a look at how median actually rents fell in April and why one Arizona coffee roaster is unable to claim tariff refunds.

To address pain at the pump, President Donald Trump and some Congressional Republicans are floating the idea of temporarily pausing the federal gas tax. The thing is, that gas tax helps pay for the construction and maintenance of roads, bridges, and more. Today, we delve into how the tax shows up in our everyday lives. Then, we head to Boston to hear how a small college there is serving low-income, first-generation students.

Household debt ticked up slightly in the first three months of this year, increasing by $18 billion, according to the New York Fed. Credit card debt is actually down slightly, but mortgage balances, home equity lines of credit, and car loan balances all grew. We unpack. Plus, later in this morning's show, how might economic tensions appear at the summit between President Donald Trump and Chinese President Xi Jinping?

Prices in the U.S. were up 3.8% year over year in April. That's a faster rate of annual inflation than we saw in March. A main driver was higher energy prices, a result of the war with Iran. Those price increases are taking a bite out of consumer wages, but the pain may be temporary. Plus, small businesses are hanging in there. And, we'll preview President Donald Trump's meeting with Chinese President Xi Jinping.

In late February, mortgage rates dipped below 6%, and affordability was beginning to improve. In April, people bought and sold more homes than they did the year before, but not by much. The reason? A whole new source of uncertainty brought on by war in the Middle East. Later in the show: While specialty farmers aren't caught in trade war crosshairs the way commodity farmers are, they still have plenty to worry about domestically.

Younger workers typically feel more optimistic about the job market than older ones, but a new Gallup poll found that only 43% of Americans aged 15 to 34 thought that last year was a good time to find a job. That's compared to 64% of those above the age of 55. The optimism of young workers has dropped by 27 points since 2023, potentially signaling the influence of AI. Plus: a breakdown of the costs, both human and financial, of Nebraska's Medicaid eligibility rollout and a look into the impact of rising gas prices on inflation.

An announcement from Meta that information about employees' keystroke and mouse movement would be collected and used to train its artificial intelligence has reportedly caused turmoil within the company. But the concept of harvesting data from everyday digital interactions isn't new. “Marketplace Morning Report” Host Sabri Ben-Achour spoke with Panagiotis Ipeirotis, a professor of Technology and Business at NYU Stern, about how seemingly innocuous online activity can be used to train AI. But first: rising gas prices are making some Americans cut back, but the k-shaped economy knows no bounds.

President Donald Trump has tried to pressure foreign countries to invest in the U.S. by threatening tariffs. But for decades, the federal government has also been putting on the SelectUSA Investment Summit, a giant trade show where states and businesses try to attract foreign investors. We have a dispatch from this year's Investment Summit. Plus, some of Trump's latest tariffs have been deemed illegal. And: a better-than-expected jobs report and some slower-than-expected World Cup hotel bookings.

This morning, the Bureau of Labor Statistics released fresh jobs data for April. Unemployment remained unchanged at 4.3%, and the overall economy added 115,000 new jobs. A warmer-than-average April resulted in strong seasonal hiring, though it may be too early to see drags from war and high gas prices. Then later, we'll check in with the owner of a Virginia tea shop, who — like many small business owners — has been buffeted around by changing tariff policy.

Labor productivity has been on a growth streak for the past year and a half. It increased 0.8% in the first quarter of this year, according to the Bureau of Labor Statistics, and is up almost 3% from a year ago. How much of this boils down to AI? Also on the show: threatened tariffs against the European Union and a conversation about U.S. dollars, the oil shock, and investment from Gulf countries.

If you ask people what they're most worried about affording these days, healthcare tops the list (now tied with gas). And that concern may translate to a wave of resentment at the ballot box: About 90% of people say healthcare costs will influence whether and how they vote in November, and more than half say it will have a major impact. Then, the United Arab Emirates wants a currency swap with the United States. We explain.

The U.S. and Iran are reportedly back to working on an end to the war, and sources say a deal is close. Axios reports that the deal would involve a moratorium on nuclear enrichment and an end to sanctions. This morning, we dig into how seriously markets are taking these peace talks. Then, we continue our discussion of Iran's beleaguered economy — and who exactly they blame for it.

United Healthcare, the nation's biggest insurer, announced that it's cutting back on its requirements for prior authorization by 30%. Prior authorization is when your doctor orders a medical procedure, test, or drug, but you can't get it before the insurance company's approval. For insurers, it's a way to cut costs. For doctors and patients, it's a source of massive frustration. Plus, we check in on the state of Iran's wartime economy.

Immigrant detention facilities are being bought and retrofitted seemingly overnight without public input across the U.S., and there's little to no notice given to local governments. How can this happen? It's all traced back to a war-focused contracting method Immigration and Customs Enforcement has been using to its advantage. But first, the New York Times reports that the president is considering setting up a safety-vetting process for AI models.

Roughly one in every 20 U.S. workers is holding down multiple jobs, according to the Bureau of Labor Statistics. That's fallen a fraction of a percent since last fall, when we saw the highest rate since 1999 — around the moment just before the dot-com bubble burst, when there were fears about what increasing automation meant for job-holders. Sound familiar? Then, we'll unpack a recent water-saving plan to address the ongoing water crisis in the Colorado River Basin.

Starting July 1, a cap on federal student loan borrowing limits kicks in. Graduate students will soon only be able to take out $20,500 a year, and up to $100,000 in total; the cap is higher for some professional programs, like medicine or law. But all this could mean new barriers to advanced degrees for students with little or no credit. Plus, we look at the ever-shrinking consumer cushion. And, what happened to talks of a proposed Spirit bailout?

A new report from Dayforce and the Living Wage Institute found that just over half of full-time workers earn enough to provide for themselves and their families. Wages have been rising, just not as quickly as costs. Familiar racial and gender gaps persisted, too — and got wider in 2025. But first, GameStop is trying to buy eBay for $56 billion, though it's unclear where all that money would come from. Then, is the robotaxi revolution ever coming?

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.