Marketplace Morning Report

“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.

The Supreme Court just ruled that the cornerstone of the president's tariff policy is illegal. It says Donald Trump can't impose tariffs under the International Emergency Economic Powers Act. U.S. consumers and businesses have been shouldering nearly 90% of the cost of all import taxes, and some businesses are vowing to go to court to get a refund. Also on the show: weaker-than-expected GDP growth, DEI's rebrand, and potential federal regulation for driverless cars.

Mainstream economics acknowledges that some joblessness helps to keep prices down. It's one of the reasons most economists say unemployment at zero isn't actually ideal. This morning, we're joined by the University of Tulsa's Clara Mattei, who argues in a new book that "unemployment is not a problem for our system, but it's actually a solution for it." But first, both Democrats and Republicans grapple with the issue of affordability.

From the BBC World Service: In her first major speech since being reelected as Japan's prime minister, Sanae Takaichi promised to make Japan "stronger and more prosperous." Promises included some changes to the country's fiscal policy approach, which would include big government spending, strategic industrial investment, and subsidies. Meanwhile, lurking in the background is Japan's heavy debt and sluggish growth. Also, gold prices are on the rise, and traditional French brasseries and bistros are facing an existential crisis.

More U.S. gasoline refiners are moving to buy crude oil directly from Venezuelan producers after the Trump administration eased licensing. Meanwhile, the administration is revoking work permits and visas from many Venezuelans. Today, we head to the suburb of Katy, Texas — home to a large population of Venezuelan immigrants — to hear how those federal policies are being felt. Plus, union membership rose last year, and the U.S. trade deficit widened in December.

In a conversation with the owner of a Portland-based construction firm, something disturbing was revealed: One reason he can't retain the workers he needs is that random bigots are profiling his staff as immigrants and harassing them when they have to leave the jobsite to, for instance, pick up materials. This morning, we'll hear his account. But first, the tariffs that mid-sized companies are paying nearly tripled starting early last year.

From the BBC World Service: India is hosting an AI summit as part of the country's efforts to showcase itself as a major player in the artificial intelligence space and a leader in the Global South. It's aiming to be an emerging market where AI is not just going to be consumed, but where it's going to be created, built, and exported. Plus, restaurant owners are starting to take action on what they call "entitled" behavior by food influencers.

A major fight is brewing over who has the right to regulate prediction market platforms like Kalshi and Polymarket. In a brief in a Nevada court case, the Commodity Futures Trading Commission argued it should regulate prediction markets, but states say the platforms should follow state gambling laws. Later in the episode, we unpack departure plans for the European Central Bank's president and hear why geopolitics are making Sweden rethink its decision to not adopt the euro.

Though most companies are incorporating generative AI into their workflows, it doesn't seem to be boosting output just yet. A survey of almost 6,000 companies found that AI hasn't made waves in productivity or employment for most. Plus, we hear why fewer students are enrolling in computer science classes and majors. And later in the program, tariff-induced price uncertainty is hitting one Portland-based construction firm hard.

From the BBC World Service: Japan's export figures were the strongest in three years, climbing 16.8% year over year in January. The data sharply beat market expectations. Plus, the German drugs giant Bayer is offering to pay more than $10 billion to settle claims over the weedkiller Roundup. And, European commercial flights have resumed to Venezuela for the first time since the ousting of President Nicolás Maduro.

Inflation is gradually moderating. For some consumer goods, like gasoline, prices are outright declining. Gas prices are down 7.5% since last January, according to AAA. The reason has to do with basic economic principles. Also on the program: We discuss a nicely balanced economy (for now) and — from "Building Tomorrow," a collaboration by Marketplace and This Old House Radio Hour — hear about a clear, step-by-step "almost paint-by-numbers" approach to address the housing affordability crisis.

Regulators tightened banking rules after the Great Recession. At a conference yesterday, Federal Reserve Vice Chair Michelle Bowman said the Fed is looking into easing rules for banks in hopes that this may mean more mortgage loans. But it also means banks may be more vulnerable to the next financial crisis. So why now? Plus, we take you on a tour of some of the physical infrastructure powering the AI boom.

From the BBC World Service: It's the start of the Lunar New Year — a major retail event. In China, AI has increasingly been merging with the shopping experience, and companies have poured billions of dollars into competing for customers over the next couple of days. Then, France and India are poised to sign a major deal for India to buy over 100 French-made Rafale jet fighters worth $35 billion. And, Cuba's world-famous cigar festival has been cancelled due to fuel shortages.

Markets seesawed over the past few weeks over fears that artificial intelligence will soon disrupt several industries, including software and financial services. As large language models reshape how brands reach consumers, traditional ad shops could also face pressure to reinvent themselves or get left behind. We'll dig in. But first, inflation cooled this winter, but will it warm up in the spring? We'll discuss how tariffs and energy costs could play a role.

We learned on Friday that inflation dropped to 2.4% — the lowest it's been in almost five years. But certain prices are still rising much faster than that overall measure, including utilities. The National Energy Assistance Directors Association projects that people will have to spend over $1,000, on average, to heat their homes this winter. Plus, the IRS lost more than 25% of its staff to cuts. Is it ready for this tax season?

From the BBC World Service: The Chinese tech company ByteDance says it'll curb its AI video app, Seedance, which is being used to create viral life-like clips of Hollywood stars; Disney and other entertainment giants have threatened legal action over it. Then, the UK government says it will review its regulation of AI to better protect children online. And later, Starbucks is hoping AI will help turn around the company's fortunes.

President Donald Trump has long insisted that foreign companies paid for the tariffs he's levied on imports. But new research from the Federal Reserve Bank of New York contradicts that, finding that U.S. firms and consumers are left holding the bag. We'll dig in. Plus, fresh data shows inflation slowed in January. And later in the show, from Marketplace's "This Is Uncomfortable," is it ever OK to keep secrets in a relationship?

The clock's ticking! If you're in the greeting card business, Valentine's Day is more than just a holiday — it's a big sales opportunity. This morning, as part of our What's That Like? series, we hear from someone who changed careers from graphic designer to full-time greeting card maker during the pandemic. But first, a new report calculated just how big a difference primary care access can make in lowering overall health care spending.

From the BBC World Service: As the energy crisis in Cuba continues, the port of Havana has received two ships carrying humanitarian aid sent by Mexico. Cuba is struggling after the Trump administration put a virtual oil blockade on the island. Then, the center-right Bangladesh Nationalist Party has secured a landslide election victory, so what will it mean for the nation's economy? And, after more than four decades, the designer behind Japan's Hello Kitty character is stepping down.

Who would've thought? Last month, PepsiCo cut snack prices. McDonald's has been cutting prices, too, and said it's paying off. Yesterday, the company released better-than-expected results for the tail end of 2025. Also, big revisions to datasets like yesterday's jobs report are becoming more common in an economy undergoing big shifts, and Germany is looking to recruit foreign-born skilled workers as harsher immigration policy and rhetoric make the U.S. less appealing.

Jittery investors continue to punish stocks of companies that may (or may not) face major disruption from artificial intelligence. Last week, it was software firms, then insurance brokers. Now, it's financial brokerages that offer people planning advice — the likes of Charles Schwab, Raymond James, and Ameriprise. But what's lost when we lose human capabilities in financial services? Plus, U.S. allies like Canada and the U.K. are increasingly turning to China for trade deals.

From the BBC World Service: Russia has ordered a block on WhatsApp, the Kremlin confirmed. The app has more than 100 million users in Russia, who have now been cut off from the platform, and the Russian government is pushing users to download Max, Russia's state-owned messaging platform. Then, China's carbon dioxide emissions fell by 0.3% in 2025, the first full year to show a decline. And, as summers get hotter, Europeans are looking to "coolcation" in colder climes.

Five years ago, Winter Storm Uri took out the lights across the Lone Star State. Hundreds of people died, millions of Texans were left without heat, and it cost the state billions. What's changed since then? Plus, new payroll numbers are higher than expected, and unemployment is slightly down, but revisions to last year's totals complicate the story. And later, we check out what one of the country's most environmentally friendly homes looks like 18 years later.

The U.S. is facing a housing affordability crisis — one that's been exacerbated by natural disasters like Hurricane Helene in 2024 and last year in California, when fires destroyed 12,000 homes. This morning, "Marketplace Morning Report" host David Brancaccio checks in with two people who are rebuilding differently to ensure the safety and comfort of their new abodes. Also on the show: a look at January's job market and votes to repeal President Donald Trump's import taxes.

From the BBC World Service: Cuba's tourism industry suffered a major blow after dozens of flights were cancelled because of a lack of aviation fuel; Air Canada, which flies many tourists to the Caribbean island, suspended flights because of the shortages. Plus, British department store Harrods said more than 180 survivors of abuse by the store's former owner, Mohamed Al-Fayed, are currently engaged in its compensation scheme. And later, could 2026 be the year high-powered electric motorcycles go mainstream?

The cost of employing people didn't go up as much as predicted. At one level, that's too bad since who doesn't want a bigger raise? But if you're worried about interest rates or want inflation to come down, you may see this differently, which may be a bigger story than news of disappointing retail sales. Plus, South African farmers are turning to China for sales, and job market expectations improved in January.

Reuters reports that the Environmental Protection Agency will roll back its "endangerment finding" determination, which had been at the core of its regulation of gases linked to climate change and recognized greenhouse gases as a public health threat. Opponents of the rollback say it could encourage states to write new rules on emissions and allow for more pollution. Then, we'll learn how some states are choosing to conform to federal tax changes (or not) made in last summer's huge spending and tax law.

From the BBC World Service: President Trump says he'll prevent a multibillion-dollar bridge linking Canada and the United States from opening unless Canada compensates the U.S. In a lengthy social media post complaining about Canadian trade practices, Trump suggested the U.S. should own half of the Gordie Howe International Bridge, which connects Ontario and Michigan. We'll hear the latest. Plus, how have farmers been dealing with disruption to export markets resulting from Trump's tariffs?

We just had a partial government shutdown, and now we're edging closer to another. It would involve just one federal agency — the Department of Homeland Security. DHS will run out of money this Saturday if Congress doesn't reach a compromise over ICE and pass a funding bill, but other agencies would be affected. Also on the show: the jobs report, buyers of U.S. debt, and Russian strikes on Ukrainian heating systems.

Twice now, figure skaters at the Winter Olympics were told the music they wanted to skate to — and had been practicing to — could not be used. Spain's Tomàs-Llorenç Guarino Sabaté, who wanted to skate to songs and sounds from "Minions," has since secured the rights. Today, we look into the complicated world of sports, music, and copyright. Also on the program: stocks soar in Japan and what warming waters mean for Maine's fishing industry.

From the BBC World Service: Japanese stocks jumped to record levels after Prime Minister Sanae Takaichi's landslide win in a snap general election as investors bet on her vision of a “strong and prosperous” nation. The Nikkei 225 benchmark rose as much as 5.7% on Monday, hitting a record high. We also have a report from Ukraine, where Russian drone attacks on energy infrastructure have left much of the city's population in the freezing cold throughout the country's long winter.

The Trump administration has launched the new TrumpRx website, where people can shop for prescription drugs at discounted rates. The site, a hub that points cash-paying customers to five participating manufacturers' websites, went live yesterday. We dig in. Then, it's been a bumpy week for markets. What should we make of it? Plus, we speak with a Minneapolis restaurant owner who says sales are down 50% due to ICE's crackdown in the city.

Software companies are in trouble. Or at least their stocks are. Salesforce is down 25%, and Intuit is down 31%, after startup Anthropic released a new tool sparking fear among investors that software companies are in danger of becoming obsolete. We'll learn more. Then, all kinds of cryptocurrencies are cratering in value, and we'll hear what it's like to be a small business in an anemic job market.

From the BBC World Service: Japanese voters will give their verdict on the government of Sanae Takaichi this weekend after Japan's first female prime minister called a snap election just months into her first term. How is the economy there shaping the election? Plus, Cuban President Miguel Díaz-Canel says his government is trying to solve an energy crisis exacerbated by U.S. sanctions. And we check in with a company on a tiny Scottish island that produces an essential piece of Winter Olympics equipment.

Treasury Secretary Scott Bessent will be on Capitol Hill again today for another grilling. He's scheduled to appear before the Senate Banking Committee. Yesterday, Bessent appeared before the House Financial Services Committee to talk about oversight of the U.S. financial system, where he sparred with Democrats. And later in the program, wages are making up a shrinking share of overall income. Also: discussions of Fed independence, inflation, and more.

News Corp — the parent company of The Wall Street Journal, Barron's, MarketWatch, and Fox News — announces quarterly profits today. Meanwhile, The Washington Post laid off a third of its staff yesterday. Today, we'll delve into the state of the media industry and why it's such a struggle to find a business model that works. Then, Amazon Fresh and Amazon Go is closing up shop. What went wrong with Amazon's foray into physical stores?

From the BBC World Service: Little luxuries can become routine during tougher economic times. The newest iteration of the “lipstick effect,” the phenomenon is called "little treat culture" on TikTok, where videos using the hashtag have grown by 75% globally over the past year. This morning, we'll delve into the business model of treat-onomics. But first, TSMC confirms plans to make AI semiconductors in southern Japan, and gig workers in India are planning a nationwide strike.

The Small Business Administration will no longer allow green card holders to apply for SBA loans. The new policy was announced on Monday and takes effect next month. This program doesn't lend money directly to businesses; it provides loan guarantees to lenders, and the loans are usually cheaper than traditional borrowing. We learn more. Then, for older people, financial strain may be a warning sign of dementia — before doctors or families start noticing symptoms.

Is a degree in economics, long considered a path to stable employment, even worth it in the age of AI? Recent research suggests entry-level economics and business jobs may be especially exposed to automation. That could leave college students wondering if their degree will be outdated by the time they hit the job market. Today, we'll hear how students and schools are adapting. Plus, work requirement changes to SNAP benefits could impact millions of recipients.

From the BBC World Service: Shares in the Danish pharmaceutical giant Novo Nordisk tumbled 17% on Wednesday after the weight-loss drug pioneer warned of a decline in sales this year amid increasing competition and pressure on prices. Then, the United States renewed an agreement that gives 32 African countries duty-free access to the U.S. market. And later, the prime minister of Spain says he intends to ban social media for children under 16.

Of course, we mean "What would Kevin do?" — Kevin Warsh, that is, President Donald Trump's nominee for Federal Reserve chair. And it's a question plenty of investors are asking as they try to feel out his views on inflation and Fed independence. We'll unpack. Plus, we'll head to Venezuela, where acting President Delcy Rodríguez signed a law last week opening the oil industry there to private ownership after two decades.

Layoff announcements have been coming fast and furious: 16,000 at Amazon; up to 30,000 at UPS; more at Dow Chemical, Pinterest, T-Mobile, and more. These latest workforce reductions won't show up in the January jobs report, but they do suggest a labor market under increasing stress. This morning, we'll dig in. But first, tech companies like Google are considering putting power-hungry data centers used to fuel AI into space. What would that look like?