Marketplace Morning Report

The ruling on Roe v. Wade could have a big effect on tech business located in states where abortion could become banned, especially when it comes to drawing tech talent to those states. We look into how gas prices could force a lot of drivers for ride-hailing services to re-evaluate the worth of having that side hustle. Christopher Low joins us to discuss the markets.

We speak with Dan Erickson, the creator, showrunner and head writer of the Apple TV+ show “Severance,” where a group of workers at a mysterious corporate monolith have elected to undergo a surgical procedure that splits their personalities in two: a work version and home version. The nation's biggest banks have passed the Federal Reserve's annual stress test, meant to ensure that banks can keep lending to consumers and businesses even during a severe recession.

From the BBC World Service: EU leaders gather for a summit in Brussels, as concerns grow over the bloc’s reserves of natural gas. Toyota is recalling 2,700 of its new all-electric cars because there’s a risk the wheels might fall off. And one hospital in South Africa is a hotbed of innovation, where surgical robots and AI diagnosis helps improve outcomes and lower costs. Your donation powers the journalism you rely on. Give today to support Marketplace Morning Report.

President Biden’s call for a suspension of the gas tax holiday probably sounds like an awesome way to ease the pain of high gas prices, but it might not be as productive as it sounds. In fact, it could make some things worse. The Food and Drug Administration is poised to ban Juul e-cigarettes from store shelves. Dr. Trevon Logan of The Ohio State University joins us to discuss some history behind the Fed’s interest rate raises. Your donation powers the journalism you rely on. Give today to support Marketplace Morning Report.

Fed Chair Jerome Powell told the Senate Banking Committee on Wednesday that recession is possible, and he’s expected to testify before the House Financial Services Committee today as part of his twice-a-year report to Congress on monetary policy. The Oscar-nominated documentary “Ascension” examines the concept of the Chinese dream through the lens of several people woven into its shifting economy. China correspondent Jennifer Pak discusses how Chinese society is actively manifesting that dream. Your donation powers the journalism you rely on. Give today to support Marketplace Morning Report.

From the BBC World Service: The Taliban government in Afghanistan is appealing for more international support as the country struggles to cope with yesterday’s devastating earthquake. The European Union is expected to approve Ukraine as a candidate for membership of the bloc. And French President Emmanuel Macron has lost his majority in parliament, so what next for his economic agenda? Your donation powers the journalism you rely on. Give today to support Marketplace Morning Report.

The agriculture industry is feeling the effects of a heat wave making its way across the country. China correspondent Jennifer Pak provides another update from Shanghai, which is shaking off the effects of a long COVID lockdown. Meta and the Department of Justice have reached a settlement regarding its housing-related advertising.

A recent report shows that tech companies – many who have been at the forefront of climate action – could actually be aiding the expansion of the fossil fuel industry through their significant bank deposits. Bill McKibben, a longtime environmental activist and founder of the new climate advocacy group Third Act, helps us dive into what this means. President Biden is officially supporting a three-month suspension of the federal fuel tax to ease the pain at the pump. A group of renewable energy developers is ready to buy $6 billion in solar panels … if they’re American made.

From the BBC World Service: As its economy falters, Turkey welcomes the Saudi Crown Prince Mohammed bin Salman for the first time since the 2018 murder of Saudi journalist Jamal Khashoggi in Istanbul. As the world gears up for the soccer World Cup in Qatar, a migrant worker who helped build its infrastructure speaks out about his treatment. And the Glastonbury Music Festival is back for the first time since the start of the pandemic.

The appointee is Marilynn Malerba, chief of the Mohegan Tribe of Connecticut. In her new role, Malerba will have the distinction of being the first Native American whose name will appear on U.S. currency. Lindsey Piegza of Stifel Financial joins us to discuss the markets. Homebuyers are still paying top dollar to live in high-tier school districts. 

A new study from the Wharton School of the University of Pennsylvania finds that 47.7% of workers are not covered by a retirement plan at work. The data also shows disparities based on race, gender, and education. Senior economics contributor Chris Farrell helps break down some of the information. President Biden is considering the suspension of the federal gas tax. The BBC reports on a massive workers strike that has halted railways in the U.K.

From the BBC World Service: Russia summons the EU ambassador after Lithuania’s blocks goods travelling by rail to Kaliningrad – a Russian exclave on the Baltic Sea. British train schedules are thrown into chaos this morning by the biggest strike of railways workers in three decades. And Thailand has recently legalized cannabis, sparking a boom in related businesses.

Released plans from Fannie Mae and Freddie Mac – the mortgage corporations backed by the government – target housing barriers in underserved communities. Julia Coronado drops in how the notion that crypto is a hedge against inflation has taken a hit. In the Netherlands, we take a look at how structures are being built with organic materials.

Cryptocurrency has had a rough ride over the weekend. Bitcoin dropped below a benchmark level on Saturday, then bounced back Sunday. Other cryptocurrencies have dropped as well. Part of the selloff deals with recession fears, but we discuss what else could happen. The surge in interest seen in Black-owned bookstores since the uproar over George Floyd’s 2020 murder has started to dissipate. Diabetics are sharing medicine and other items with each other due to the high price of insulin.

From the BBC World Service: Gustavo Petro, a former rebel fighter and now the president-elect of Colombia, has promised real economic change after winning 55% of the vote in Sunday’s election. A team from the International Monetary Fund has arrived in Sri Lanka and will begin talks today on the country’s dire economic crisis. In central Africa, there are fears that uncontrolled development is endangering one of the world’s largest peatlands – boggy territory that captures billions of tons of carbon dioxide.

As supply chain issues linger, ports on the West Coast are in the middle of renegotiating labor contracts with the union that represents dock workers. One major talking point: automation. It’s part of a length history of dock workers being wary of tech innovations that could threaten jobs. We look at how renewable energy is becoming more available in Texas, but faces an infrastructure in need of an update.

The Russia-Ukraine conflict has caused billions in economic damage to Ukraine. Many Western leaders suggest that money from seized or frozen Russian assets should held rebuild the country, but as Matthieu Favas of The Economist tells us, that’s much easier said than done. A wave of flight cancellations has burdened airlines once again. The BBC checks in regarding the World Trade Organization holding its first conference of ministers in five years.

From the BBC World Service: Senior EU officials are expected to give their recommendation today to grant Ukraine candidate status for membership, but several economic hurdles still stand in the country’s way. The World Trade Organization has held its first ministers’ conference in five years, reaching agreements on patent waivers for COVID vaccines and fishing. And as French voters return to the polls this weekend for the second round of parliamentary elections, we visit a struggling farmer who has staved off bankruptcy by opening a cabaret show in his barn.

Fresh off the Fed’s interest rate hike, we look at how the federal funds rate – which affects consumer debt – could impact monthly payments on things like car loans and mortgages. Bear markets are a harrowing time for everyone, but especially nonprofits. Michael Schumacher of Wells Fargo discusses market activity with us.

Juneteenth is a powerful day in history that marks the end of slavery in this country. However, big companies have been criticized for commercializing the holiday. We speak with Jeanine Poggi of Ad Age on how companies have missed the mark and what they should consider going forward. The Fed’s interest rate hike of three quarters of a percentage point raises questions of what’s next, not only for the Fed, but for the economy.

France’s president, as well as leaders from Germany, Italy, and Romania, are in Kyiv to meet their Ukrainian counterpart. Volodymyr Zelenskyy is expected to push the EU leaders to speed up military aid. The plunge in Bitcoin’s value has so far done little to change monetary policy in El Salvador, where it’s accepted in everyday transactions. And as nearly half of Afghans go hungry, even scraps of stale bread are an important commodity to be bought and sold in Kabul markets.

The Senate bipartisan agreement for a framework on gun control includes increasing the ability of states to enact “red flag laws.” We examine what those are, and how they’re supposed to work. New York lawmakers have set their sights on slowing down crypto mining. The BBC’s Victoria Craig checks in regarding the emergency meeting of the European Central Bank.

It's the day markets have been waiting for: The Federal Reserve policy-making committee wraps up two days of meetings. The central bank's latest moves on interest rates are expected to be known in the afternoon. China correspondent Jennifer Pak details some of the struggles of Shanghai residents as the city emerges from its lengthy COVID lockdown. The landscape of school security continues to change following the mass shooting in Texas.

From the BBC World Service: Less than a week after its last policy decision, the European Central Bank’s governing council is meeting to discuss a selloff in the regional bond market. Egypt signs a provisional deal on natural gas exports with Israel and the European Union. And the news that K-pop superstars BTS are taking some time off has broken hearts around the world – and sent shares in their record label down as much as 28%.

Music industry veteran Merck Mercuriadis founded Hipgnosis Songs Fund, a company investing in music intellectual property, in 2018. It recently purchased the song catalog of Justin Timberlake and has a stable of other artists’ music. Mercuriadis explains the concept of treating songs as an asset class in today’s Economic Pulse discussion. The Fed has a full plate as it enters the first of two days of policy meetings.

Wall Street is looking to recover from heavy losses the last three days. On Monday, the benchmark S&P 500 index fell nearly 4% and entered what investors call a bear market. The BBC’s Victoria Craig checks in with the current status of the markets globally, while Marketplace’s Nova Safo helps us look into what teachable moments past bear markets could offer. We can now count tampons among the many items that are in short supply because of the issues gumming up the supply chain.

From the BBC World Service: Sri Lanka asks most state employees to take a long weekend for the next three months – and grow food in their spare time. Australia warns people to brace for an electricity shortage during an unusually cold winter. And The Gambia’s mostly female oyster harvesters are seeing their livelihood affected by a changing climate.

A bipartisan group of senators announced a framework for a gun control deal over the weekend. We take a quick look at how that deal could impact the buying of firearms. The markets are down today, and Julia Coronado is here to walk us through some of factors behind that. We check in with Williams College in Massachusetts, which is doing away with loans and work requirements for students on financial aid.

The markets appear to be in decline this morning as investors recover from last week’s surprising inflation numbers as well as concerns over new COVID lockdowns in China. Arkansas governor Asa Hutchinson spoke to us at length about a variety of topics, which range from inflation to gun control to the legislative duel between Florida and Disney.

From the BBC World Service: Stock benchmarks across Asia and Europe have fallen this morning; worries about inflation and the global central bank responses to it are spooking investors. Truck drivers in South Korea are entering the second week of striking, threatening global supply chains for everything from steel to semiconductors. And a new fast food chain has replaced the now-absent McDonald’s in Russia, called “Tasty, and that’s it.”

Metlife’s Drew Matus joins us to discuss the markets as Consumer Price Index data rolls in and shows us that inflation is still very much on the move up. New research is showing that tenants who have longer commutes to the courthouse are more likely to get evicted from their homes. There’s a coal boom going on right now, but what are the long-term implications as the world makes a push toward renewable energy?

With “Jurassic World: Dominion” opening this weekend and the success of “Top Gun: Maverick” reigniting box office numbers, we look into whether the season of the summer blockbuster has returned after years of pandemic-induced inconsistency. The BBC reports on Japan’s reopening to tourists. A recycling company in France is transforming discarded face masks into different kinds of items.

From the BBC World Service: Japan is open once again to foreign travelers for the first time since the COVID-19 pandemic began, with strict rules being maintained in order to mitigate potential risks. Plus, a look at the factors behind Russia’s central bank’s key decision on interest rates. And we hear from one of the U.K. companies taking part in the biggest ever trial of a four-day working week with no loss of pay.

The Government Accountability Office added unemployment insurance systems to its list of programs at high risk for fraud, waste, abuse and mismanagement. Though jobless claims have remained low, the office has said the pandemic exposed a variety of weaknesses in the system. China correspondent Jennifer Pak provides another update from Shanghai, where she has a little more freedom of movement. Hundreds of thousands of children have lost a parent or guardian to COVID-19, and that also comes with devastating financial consequences.

A landmark antitrust bill would change the way the largest Big Tech companies do business. More states are requiring their high schoolers to learn the ways of money. Across the pond, our friends at the BBC are paying the equivalent of $8.60 for a gallon of regular gas. The national average here in the U.S. is $4.95. It’s a little more than $10 in Norway. We try to break down why.

From the BBC World Service: The European Central Bank is holding a meeting in Amsterdam on Thursday, but is not expected to raise interest rates despite soaring inflation across the Eurozone. Plus, the United Nations Food and Agriculture Organization releases its first report into global food security since Russia’s invasion of Ukraine began, warning that the world’s poorest countries are now paying more money for less food. And, we look at the controversy surrounding the most lucrative golf tournament in world history, as the Saudi-backed extravaganza begins just outside London.

Companies around the world are showing their support for Pride Month, but the path to get there hasn’t been smooth. Instead of “rainbow washing,” people are pushing for more values-based practices. For more, we spoke to Andrew Isen, founder and president of WinMark Concepts, a marketing and communications agency focused on the LGBTQ community. In the NFL, heirs to the Walmart fortune have agreed to purchase the Denver Broncos. We look into how the SEC is tinkering with the “plumbing” of the stock market.

It could be a summer of change for the stock market, as the SEC is expected to announce several proposed alterations that emerged not long after the “meme stock” excitement of last year. We spoke to Erik Gordon, professor at the University of Michigan's Ross School of Business, about some of the ideas in the works. The OECD warns that the war in Ukraine will cause higher inflation and lower growth. Wholesale inventories can offer up signs of where consumer demand is heading.

From the BBC World Service: The Organisation for Economic Co-operation and Development has issued a new report, warning that the war in Ukraine will cause higher inflation and lower growth for the next year at least. Meanwhile, Russia’s foreign minister Sergei Lavrov has been holding talks in Ankara with his Turkish counterpart Mevlut Cavusoglu, who says Turkey supports a United Nations plan to facilitate exports of Ukrainian grain by sea. And in Australia, state, territory and federal government ministers have met for crisis talks over the soaring cost of natural gas.

The Supreme Court ruled on a case Monday that could have an effect on how employers utilize forced arbitration. The ruling: Southwest Airlines couldn’t make a baggage handler resolve her complaint about unpaid overtime leave within the confines of private arbitration … she’s able to sue them in court. The Bureau of Land Management is attempting to address overstays and people living on public lands as a result of the housing crisis.

Say hello to Apple Pay Later, which will be the tech giant’s offering in the growing buy now, pay later space. It’ll be available with Apple’s next operating system in the fall, and it signifies the largest entry yet into the industry. We look at how teens are helping shore up shortages for plenty of business owners. JetBlue continues to sweeten its offer for Spirit Airlines, which is close to landing on a merger decision.

From the BBC World Service: Pascal Soriot, chief executive of the British-Swedish pharmaceutical giant, recently sat down with the BBC to talk about the decision to sell vaccines at-cost during the height of the pandemic, and the impact of COVID-19 on the business. Sri Lanka’s new prime minister says the country will need at least $5 billion over the next six months just to maintain basic functions. And British singer Kate Bush has made a global chart comeback, thanks to the Netflix show “Stranger Things.”

What a difference two years makes for people graduating from college. A survey by the National Association of Colleges and Employers found that employers plan to hire 32% more graduates from the class of 2022 than from the year before. We speak with one college president about what he’s seeing on his campus. And, China is reopening more after COVID-related lockdowns. That’s giving investors some optimism about inflation, with potential eases to the ongoing headache that is global supply chain frictions.

The good news is that a major baby formula manufacturing plant in Michigan is restarting production after being closed for months. That could help ease the shortage. But it’s going to take weeks for new product to hit the shelf. And the bad news is that the shortage has only gotten worse in recent weeks. Also, the U.S. considers lifting tariffs to flight inflation. And, half of NBA teams now have Black head coaches, including the Boston Celtics who are playing for a championship in the NBA Finals. But the league is still behind on equity when it comes to other hiring.

From the BBC World Service: In Singapore, Chinese tech giant Ant Group has launched a new digital wholesale bank called ANEXT. In Bangladesh, an explosion at a depot containing garments ready for export to Western retailers, has killed dozens of people. And, what’s thought to be the world’s biggest trial of a four-day work week starts today in the U.K.

The founder and co-chief investment officer of Bridgewater Associates unveiled a system for scoring the relative power of the world's top economic superpowers at Davos last week. In our interview, Dalio touches upon the many dynamics and factors that went into his system, the Country Power Score Index. Christopher Low joins us for our markets discussion on Jobs Day, where we find that U.S. employers added 300,000 jobs in May.

Nearly two-thirds of Americans say they're living paycheck to paycheck, including a third of people making $250,000 a year, according to a new survey out from Pymnts.com and LendingClub Corp. We take a peek behind some of the data. Ray Dalio, founder and co-chief investment officer of Bridgewater Associates, joined us to discuss how the U.S. is entering a period of “stagflation” in one part of an extensive interview. The massive fire in New Mexico actually started out as a series of prescribed burns. The loss of control could have ripple effects on the practice.

From the BBC World Service: The group of major oil producing nations, including the likes of Saudi Arabia, agreed to cautiously increase production. They didn’t, however, throw oil out of the group, and oil markets today seem little moved by the news. We ask why. Also, as Jubilee celebrations continue in Britain – we’ll take you out to the world of cake, bunting and fizz at the U.K.’s street parties.

The group of oil producing nations known as OPEC+ have reportedly agreed to supply more oil to the global market than previously expected. This would be to make up for at least some of the Russian oil embargoed by Western sanctions. There are hints that the record labor shortage could be starting to let up. We check in with the BBC’s Victoria Craig as Britain enters its four-day celebration of Queen Elizabeth II and her 70th year on the throne.

A quarter of Americans said they will need to delay retirement because of rising costs, according to a new survey from BMO Harris Bank and Ipsos. Also, in such a volatile market, people are saving much less. There’s been a surge in demand for robot assistance from businesses. For today’s Economic Pulse, we explore the concept of a central digital bank currency for the Fed, and why it might not be a good thing.

From the BBC World Service: Britain begins four days of celebrations to mark Queen Elizabeth II’s 70th year on the throne. Hospitality industry bodies believe $2.5 billion will be spent over the jubilee weekend, but we hear why that might not be quite be the economic boost you’d expect. And just what is a royal warrant – and why do companies big and small want one?