Marketplace
900 episodes - English - Latest episode: about 1 month ago - ★★★★★ - 7.5K ratingsEvery weekday, host Kai Ryssdal helps you make sense of the day’s business and economic news — no econ degree or finance background required. “Marketplace” takes you beyond the numbers, bringing you context. Our team of reporters all over the world speak with CEOs, policymakers and regular people just trying to get by.
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Episodes
Supply chain pain isn’t over yet
June 10, 2022 23:08 - 27 minutes - 11.8 MBOne of the causes of the grimace-inducing inflation we’re experiencing is a congested global supply chain. Port bottlenecks are finally easing, but we’re not in the clear yet. With COVID-19 restrictions lifting in China, the U.S. could be in store for what one freight broker calls a “freight tsunami.” Plus, a look at why inflation is so pervasive and persistent, and creating federal protections workers who face extreme heat.
When a cryptocurrency crash drains your life savings
June 09, 2022 22:52 - 27 minutes - 11.8 MBA supposed “stablecoin,” a cryptocurrency pegged to the U.S. dollar, collapsed last month. Venture capitalists and crypto hedge funds lost billions, and some average-Joe investors lost everything. Today, we sort through the wreckage. We’ll also dig into the European Central Bank’s rate hike and answer some of your inflation questions.
Who should regulate crypto?
June 08, 2022 23:07 - 27 minutes - 11.8 MBLawmakers and consumer advocates are in a standoff over which agency should regulate cryptocurrencies: the Securities and Exchange Commission or the Commodity Futures Trading Commission. Today, we dive into the debate. Plus, a look at retailers’ continuing inventory woes, the government’s changing definition of “small business” and the costs of school security.
Retailers are in “unprecedented times,” too
June 07, 2022 23:30 - 27 minutes - 11.8 MBIt’s been tricky for retailers to pin down what consumers want. At the height of the pandemic, shoppers focused on furniture, appliances and other home goods online, so stores stocked up, betting that the spending on domestic stuff would last. But now that Americans are investing less in furnishings and sweatpants, stores are left with unwanted inventory. Plus, a strong dollar buys stress for international companies and winemakers try to salvage grapes tainted by wildfire smoke.
The salary games employers play
June 06, 2022 23:05 - 27 minutes - 11.8 MBWhat’s worse than putting all that time and effort into a job interview, only to be lowballed by your prospective employer? In a tight job market, applicants and new state laws are demanding greater transparency around pay, but some employers are still cagey. Today, we look at how expectations for the interview process are changing. Plus, some companies lower their earnings forecasts, and Shanghai residents spin up DIY supply chains during COVID lockdowns.
When economic recovery meets economic slowdown
June 03, 2022 23:35 - 26 minutes - 11.8 MBMore people are working, but labor force participation is still trailing pre-pandemic levels. Meanwhile, wages are up, but inflation is still eating up gains. On today’s program, we’ll look at what’s going on in an economy that’s simultaneously cooling down and still recovering. Plus, a bump in applications to historically Black colleges, and a train line fit for a queen.
Another tool in the Federal Reserve’s inflation game plan
June 02, 2022 23:24 - 28 minutes - 11.8 MBWe’ve talked a lot about the impact of rising interest rates recently, but the Fed has other tools to fulfill its dual mandate. Today, we’ll look at why the central bank owns mortgage bonds in the first place, and what it hopes to achieve by reducing its stockpile. Plus, the winners and losers of the OPEC+ meeting and what happens when you become your parent’s retirement plan.
A trip into the metaverse
June 01, 2022 22:36 - 27 minutes - 11.8 MBIf you usually just smile and nod when you hear the term “metaverse,” have no fear! Today, Kai Ryssdal explores and demystifies the immersive digital world that companies are investing billions in. On the docket: tools for virtual education, digital event spaces and a conversation on a simulated seafloor. We’ll also look at the contentious relationship between Russia and OPEC, and dive into the (still) hot job market.
Who needs more things? Americans want things to do
May 31, 2022 22:54 - 27 minutes - 11.8 MBA spending spree on goods at the start of the pandemic helped clog the global supply chain. Now, consumer spending on services has reached pre-pandemic levels. Today, we examine that shift — and the good and bad that come with it. Plus: A hot summer job market, bare-bones housing inventory and another crucial shortage at hospitals.
High prices aren’t stopping Memorial Day celebrations
May 30, 2022 23:00 - 27 minutes - 11.8 MBMemorial Day marks the unofficial start of summer — and summer travel. Today we take a dive into the financial dimension of the holiday. Gas for road trips? The price is up. Beef and propane for grilling? Also up. Still, that doesn’t mean pandemic-weary Americans are shying away from spending. Also on the program today: New, diverse leadership is changing the landscape of American theater, and recycling electronics proves a lucrative trade.
Americans are spending more than they’re making
May 27, 2022 23:13 - 26 minutes - 11.8 MBWe got a lot of data today about how people are spending money in this country. The Federal Reserve’s preferred inflation measure slowed in April and spending rose. But as consumers stretch their dollars, they’re changing brands and dipping into savings. Today, we’ll examine how inflation is shaping the shopping experience. We’ll also look at trade complications in a post-Brexit Europe and the rising costs of hurricane season.
Gun violence at school has economic consequences for survivors
May 26, 2022 23:04 - 25 minutes - 11.8 MBSchool shootings have enduring effects on students who survive them. Today, we talk with an economist who’s studied the educational and economic impacts that persist months or years afterward. We also look at the shock of mortgage inflation, the factors behind wage growth and the industries disrupted by the helium shortage.
Why does this keep happening?
May 25, 2022 23:31 - 27 minutes - 11.8 MBYesterday, a gunman killed 19 children and two adults at an elementary school in Uvalde, Texas. Today, we revisit a story on gun sales we published after the 2012 Sandy Hook shooting in Connecticut. If it feels like nothing has changed since then, that’s because when it comes to buying guns, nothing has. Later in the program, a look at our aging port infrastructure and a visit to rural Oregon, where mobile home parks are struggling to rebuild after wildfires.
A COVID treatment for vulnerable Americans isn’t getting to them
May 24, 2022 23:11 - 27 minutes - 11.8 MBIt’s been roughly six months since AstraZeneca released a COVID-19 antibody treatment called Evusheld, designed for immunocompromised people. But a lack of outreach and unequal distribution has led to a complicated and confusing rollout — leaving millions of vulnerable Americans without protection. Plus, what experts look for in the minutes from Federal Reserve meetings and how high energy prices please investors but burden the economy.
Economists are predicting slower economic growth. That may be a good thing.
May 23, 2022 23:01 - 27 minutes - 11.8 MBSome economic forecasters are downgrading their outlooks for growth for the rest of the year. Slower growth may actually help ease inflationary pressures but could still leave the economy vulnerable to a recession. Today, we’ll discuss. Also, how lifting tariffs on Chinese imports could ease inflation, the rise and fall of negative interest rates in Europe and the next big thing in higher ed: classes for TikTok influencers.
A tale of two central banks
May 20, 2022 22:39 - 27 minutes - 11.8 MBWhile the Federal Reserve is raising interest rates to cool down the U.S. economy, China’s central bank is taking the opposite approach to juice its slowing economy. Today, we’ll dig in. Plus, we wrestle with overstaffing at retailers and hear what the infant formula shortage teaches us about market concentration.
Seizing the yachts of Russian oligarchs was the easy part
May 19, 2022 22:36 - 26 minutes - 11.8 MBThen comes the upkeep. Authorities have confiscated roughly a dozen vessels with connections to the Kremlin, but to keep just one superyacht moored and maintained can cost tens of millions, and the arresting government has to foot the bill. Plus, retailers are stuck with too much inventory, farmers encounter a delayed planting season and classic cars are being electrified.
Let’s put Wall Street’s bad day in context
May 18, 2022 22:58 - 27 minutes - 11.8 MBA thousand-point drop from the Dow is scary, but it wasn’t entirely unexpected either. Inflation cut into retailers’ earnings, spurring a huge market sell-off. The Federal Reserve wants the economy to cool, and the stock market may be taking the hint. We’ll talk about it all on today’s show. Plus: signs of a normalizing housing market, the legacy of California’s board diversity laws and more from our interview with former Fed Chair Ben Bernanke.
Former Fed Chair Ben Bernanke on the inflationary lessons of the past
May 17, 2022 22:29 - 27 minutes - 11.8 MBWhat’s the best way for the Federal Reserve to tackle decades-high inflation? For former Fed Chair Ben Bernanke, the answer’s in the past. Today, Bernanke discusses what previous Fed chairs got wrong, why the Fed’s credibility is critical and how the central bank can manage inflation expectations. Plus, understanding the strength of the dollar, the extension of the public health emergency and the state of U.S. coal production.
Building affordable housing is hard, but so is changing minds about where to build it
May 16, 2022 23:12 - 27 minutes - 11.8 MBToday, the Joe Biden administration released a plan to tackle the shortage of starter homes. The move incentivizes high-density housing and manufactured or mobile homes. But there’s a hurdle for lower-cost housing developments: the communities that don’t want them there. Also on the program: looking at a new tool for mapping wildfire risks, grappling with higher utility bills and trading in a gig at Home Depot for one in a glassmaking studio.
The view of this economy from the White House
May 13, 2022 22:43 - 27 minutes - 11.8 MBWe’ve got Cecilia Rouse, the chair of the White House Council of Economic Advisers, on the show today to hash out President Joe Biden’s remarks on the economy this week, the past year or so in government relief and who’s ultimately responsible for driving inflation. Before that, we’ll do some postgame analysis of our exclusive interview with Fed Chair Jerome Powell. We’ll also catch you up on the crypto crash and the baby formula shortage. Your donation powers the journalism you rely on. Gi...
Exclusive: Jerome Powell on inflation, soft landings and the Federal Reserve
May 12, 2022 22:46 - 27 minutes - 11.8 MBThe Senate confirmed Jerome Powell for a second term as chair of the Federal Reserve today. Last week, the Fed announced the biggest interest rate hike in 22 years and its plans for reducing the central bank’s nearly $9 trillion balance sheet, all in an effort to get torrid inflation under control. We sat down with Powell for a long interview about what the Fed can do to engineer a “soft landing” for this economy — and what it can’t. Your donation powers the journalism you rely on. Give tod...
Airbnb CEO Brian Chesky on the pandemic and work-from-anywhere
May 11, 2022 22:51 - 27 minutes - 11.8 MBAt the start of the pandemic, Airbnb lost 80% of its business in about eight weeks. CEO Brian Chesky calls it a near-death experience for his company. On today’s show, we’ll talk with Chesky about where his business is going and why he believes “work from anywhere” is the future. Plus: how consumers are responding to (barely) slowing inflation, what Treasury bond yields have to do with student loans and why the Oakland A’s are playing ball for tiny crowds. Your donation powers the journalis...
The inflation rate might go down, but prices might not
May 10, 2022 23:27 - 28 minutes - 11.8 MBWe’ll get an update on the consumer price index from the government tomorrow. Even if the inflation rate has slowed from its recent 40-year high, don’t expect prices to go down anytime soon. We’ll get you caught up with the economic fundamentals on today’s show. Plus: the trouble with tax holidays, management issues amid peak TV and why wildland firefighters haven’t seen a cent of their raise from last year. Your donation powers the journalism you rely on. Give today to support Marketplace.
China’s COVID lockdowns are rippling through the global economy
May 09, 2022 22:52 - 28 minutes - 11.8 MBIn the early days of the pandemic, China’s “zero-COVID” policy served the country pretty well. But in the omicron era, it’s putting strain on employment, supply chains and the global economy overall. On today’s show, we’ll look into it. Plus: Shein’s ultrafast fashion, Texas’ rolling blackouts and one couple’s money fight that ended up being about so much more. Your donation powers the journalism you rely on. Give today to support Marketplace.
The labor market is slowing down, and that’s OK
May 06, 2022 23:08 - 27 minutes - 11.8 MBThe U.S. economy added 428,000 jobs in April, but there are signs the labor market slowing down a bit. Some economists say that might not be such a bad thing, counterintuitive as it might seem. On today’s show, we’ll explain and break down the rest of this big week in business and economic news. Plus: the start of the WNBA season and a look at the Gathering of Nations powwow. Your donation powers the journalism you rely on. Give today to support Marketplace.
What it means when productivity is way down
May 05, 2022 22:46 - 27 minutes - 11.8 MBProductivity fell 7.5% in the first quarter, the steepest drop since 1947. On today’s show, we’ll look at what that tells us about the economy as a whole. Plus, the future of medication abortion if Roe v. Wade is overturned. Later in the show, we’ll talk with the president of a community bank about responding to the Fed’s rate hikes. Your donation powers the journalism you rely on. Give today to support Marketplace.
A look at the Fed’s long road ahead
May 04, 2022 23:28 - 27 minutes - 11.8 MBThe Federal Reserve announced a half-percentage-point interest rate hike today. It’s also shrinking its balance sheet in an effort to tame inflation. But supply chain hiccups, inflationary expectations and a potential wage-price spiral complicate the central bank’s job. Today, we dig in. Also on the program: why the Fed might not mind a dip in the stock market, and how overturning Roe v. Wade would ripple out into the economy.
Abortion access as an employee benefit?
May 03, 2022 23:28 - 26 minutes - 11.8 MBIf the Supreme Court overturns Roe v. Wade, about half the states in the U.S. are expected to ban abortions entirely. It’s a human and political story, but it has economic implications too. Today, we’ll take a look at the companies moving to help their employees access abortion care and who those policies impact most. Plus, an in-depth conversation with U.S. Trade Representative Katherine Tai on tariffs, trade and globalization.
What’s left of Russia’s economy?
May 02, 2022 23:18 - 27 minutes - 11.8 MBSince Russia launched its war in Ukraine, the nation has been pummeled by sanctions, the freezing of assets and the exodus of multinational companies. Inflation is hitting ordinary Russians hard too. Now, with its role as Europe’s energy supplier in question, we do the numbers on Russia’s economy. (Hint: They aren’t pretty.) Plus, companies rethink their borrowing sprees amid rising interest rates and manufacturers look to set up shop in Mexico.
Oil producers’ megaprofits stir up calls for windfall tax
April 29, 2022 23:38 - 27 minutes - 11.8 MBExxon Mobil reported quarterly profits of $5.5 billion today, riding the wave of high oil prices prompted by the war in Ukraine, among other factors. The company, a leader in a shareholder-friendly industry, plans to use many of its billions on stock buybacks. Now, environmentalists are pressuring Congress to tax these windfall profits. Plus: Employees see higher pay but less buying power, and we’ll talk recession fears and GDP in the Weekly Wrap.
That fall in GDP may not be as bad as it seems
April 28, 2022 23:18 - 27 minutes - 11.8 MBU.S. gross domestic product shrank by 1.4% last quarter, but just because the economy’s shrinking doesn’t mean it’s hurting. Today we dive into two big factors — slowed inventory growth and a surge in imports — sinking that calculation. Also on the program: How the NFL draft incentivizes “tanking,” and why the energy crisis could be an opportunity for the energy transition.
Just how likely is a “soft landing”?
April 27, 2022 23:06 - 27 minutes - 11.8 MBWe’ve talked about the Federal Reserve’s tricky balancing act: raise interest rates enough to quell inflation without spurring a recession. That’s often called a “soft landing.” Thing is, it’s hard to do. The Fed’s tried it nine times since 1961 and has succeeded only once. Today, we’ll discuss how soft (or bumpy) the landing may be this time around. Plus: Russia cuts off some gas exports and retirement planning may now include crypto.
Demand for mortgages slumps, but it may be a while before prices do the same
April 26, 2022 23:10 - 27 minutes - 11.8 MBHome prices? Up. Mortgage rates? Also up. Demand for mortgages? Not so much. Today, we check in with a Los Angeles-based mortgage broker for a deep dive into the cooling of the housing market. Also on the program: Demand for coal sees a (likely temporary) boost, April wildfires underscore the growing costs of the climate crisis and the Pell Grant program is expanded for incarcerated students.
What does Elon Musk see in Twitter?
April 25, 2022 22:41 - 27 minutes - 11.8 MBMere days after announcing he wanted to purchase the social network, Elon Musk has reached a deal with Twitter — a $44 billion buyout. Musk, the world’s wealthiest man, wants to take the company private and change how it moderates content. Is there more to this deal than free speech? We’ll dig in. Plus: Why rising prices impact everyone differently and how companies came to serve shareholders first.
The economic fallout of France’s presidential election
April 22, 2022 22:41 - 27 minutes - 11.8 MBFrench voters hit the polls Sunday to decide between incumbent President Emmanuel Macron and hard-right rival Marine Le Pen — known for her pro-Russia, anti-NATO and anti-European Union sentiments. Though Macron leads in the polls, Le Pen has working-class appeal. Today, we’ll get you caught up on the election and its economic consequences. Plus: It’s Earth Day, but supply chains and trade wars are holding the renewables industry back. But first: We’ll hash out tariffs and rate hikes in the ...
The difference 2 years makes
April 21, 2022 22:51 - 27 minutes - 11.8 MBTwo years ago, 4.2 million Americans filed for unemployment benefits. Last week, that number was 184,000. Nowadays, job seekers can be picky while employers bend over backward to attract and retain workers. Today, we look at the historic strength of this job market. Plus: What’s behind the surge in natural gas prices, what Shanghai’s lockdown feels like nearly four weeks on and how flight attendants in the ’60s helped working women’s rights take off.
Power to the … homeowners association?
April 20, 2022 22:57 - 27 minutes - 11.8 MBHomeowners associations aren’t just making rules about lawn ornaments and holiday decorations. HOAs are increasingly leveraging their authority to restrict investors from buying up houses to rent. Today, we’ll dive into what that means for wannabe buyers and renters. Also on the program: Consumers stick with pricier brands (for now), inflation complicates infrastructure spending and student debt cancellation could narrow the racial wealth gap.
Uncertainty is the only certainty in economic forecasting right now
April 19, 2022 22:39 - 28 minutes - 11.8 MBThe International Monetary Fund slashed its prediction for global economic growth in 2022. Some big reasons: the war in Ukraine, fallout from sanctions on Russia, and the pandemic. Those factors are complicating the jobs of economic forecasters everywhere. Today, we dig into it. We’ll also revisit those Trump-era tariffs, examine the market for digital voices and check in on the evolving economics of streaming platforms.
Get ready for clogged supply chains when China’s COVID lockdowns end
April 18, 2022 22:52 - 27 minutes - 11.8 MBChina’s strict zero-COVID-19 policy has left workers stuck at home and goods stuck at docks or warehouses. When those measures are lifted, a tidal wave of consumer goods could flood back into American ports, and the burdened supply chain could become congested yet again. We’ll talk about it. Plus: Oil drilling on federal lands provides political drama but little relief, and regulators voice anxiety about stablecoins.
Twitter uses a poison pill to fend off Elon Musk
April 15, 2022 23:06 - 27 minutes - 11.8 MBElon Musk has a 9% stake in Twitter and offered to buy the company Thursday. Now, Twitter has countered by activating a “poison pill,” a move that gives other shareholders the opportunity to buy more shares and dilute Musk’s power. We’ll also chat about whether we’ve reached peak inflation in the Weekly Wrap. And while China’s COVID-19 restrictions disrupt global supply chains, trucking capacity in the U.S. begins to loosen.
The she-cession meets she-flation
April 14, 2022 23:11 - 27 minutes - 11.8 MBThe pandemic sidelined millions of working women. Now, women — who often earn less than their male counterparts, yet spend more for similar products — are feeling the sting of inflation more acutely too. That could further slow their return to the workforce. Plus: Spending at the pump goes up, college students could get nice tax returns and cryptocurrency is having a moment … at kids’ summer camp.
How high will interest rates go?
April 13, 2022 23:20 - 26 minutes - 11.8 MBThere’s a monetary policy principle that says for every percentage point of inflation, interest rates should rise a percentage point or more. But could rates north of 8% actually be in the cards for the Federal Reserve? Today, we’ll do the numbers. Plus: What JPMorgan’s earnings report hints about the economy’s future, why student enrollment dips complicate school budgets and how Russian retaliatory sanctions are affecting jam sessions.
Inflation, inflation everywhere …
April 12, 2022 22:45 - 27 minutes - 11.8 MB… and not a drop of relief, at least for a while. Inflation clocked in at 8.5% year over year in March, but the economic cooling effects of the Federal Reserve’s interest rate hikes could take a year or more. Meanwhile, small businesses and consumers alike are trying to stretch their dollars further. We’ll also take an inside look at Shanghai’s indefinite COVID-19 lockdown and interrogate Germany’s “change through trade” approach to autocratic countries.
Russia may be forced to default on its debt
April 11, 2022 23:06 - 27 minutes - 11.8 MBAccording to Standard & Poor’s, Russia is in “selective default,” or default on specific debt payments. The country has plenty of money, but Western sanctions could make it unable to pay. Meanwhile, some investors may spot an opportunity to scoop up Russian debt at low prices. Plus, spring flight cancellations could spill into the summer, and inflation comes to the school cafeteria.
War-fueled inflation is felt more keenly in developing countries
April 08, 2022 22:51 - 27 minutes - 11.8 MBPrices were already on the rise before the war in Ukraine, but the United Nations finds that global food prices have reached an all-time high. Now, people in developing countries, who spend proportionately more on food, are at increased risk of hunger as their governments seek alternative suppliers. Plus, a look at Russia’s profits from natural gas sales to Europe, the home health care crisis and the ripple effects of the Federal Reserve’s interest rate hikes.
The economy is already responding to higher interest rates
April 07, 2022 22:28 - 26 minutes - 11.8 MBThe goal of Federal Reserve’s interest rate hikes is to cool demand and curb inflation, and it turns out they’re already working. Mortgage applications and refinancing of home loans dropped last month. Meanwhile, initial jobless claims are now at their lowest point in 50 years. Is there such a thing an unemployment rate that’s too low? We dig in. And for the opening day of Major League Baseball, a breakdown of the labor dispute between players and team owners that threatened the season.
The Fed’s plan to shrink its balance sheet
April 06, 2022 22:45 - 27 minutes - 11.8 MBToday, the Federal Reserve released its March meeting minutes. While many Fed officials are keen on half a percentage point interest rate hikes going forward, the central bank is also planning to shed $95 billion worth of bonds per month. We’ll dig into its plans to turn down the temperature of the economy. Plus: Why economists care about the Case-Shiller home indexes and what temporary protection status means for Ukrainians and Afghans.
How the ruble rebounded
April 05, 2022 22:42 - 28 minutes - 11.8 MBThe value of the ruble tanked under international sanctions after Russia invaded Ukraine. It’s since recovered, at least on paper. Today, we look into how the Kremlin manipulated supply and demand for its currency to keep it stable. Plus: The European Union proposes a Russian coal ban, the war in Ukraine boosts beer prices and the Great Resignation may actually be kinda normal.
To tackle inflation, it helps to know what’s causing it
April 04, 2022 22:55 - 28 minutes - 11.8 MBWhy are prices rising so quickly? The pandemic, supply chain snarls and war in Ukraine are obvious culprits. But, c’mon, what about corporations padding their profit margins? Or just-in-time supply chains? Today, we try to piece together the inflationary puzzle. Plus: The U.S. is maintaining its global financial clout — for now, the trucking industry grapples with wait times at ports and warehouses, and stock buybacks make a comeback.