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Every 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.
Available episodes
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23 hours ago
Building affordable housing is hard, but so is changing minds about where to build it
Today, 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.
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3 days ago
The view of this economy from the White House
We’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.
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4 days ago
Exclusive: Jerome Powell on inflation, soft landings and the Federal Reserve
The 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.
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5 days ago
Airbnb CEO Brian Chesky on the pandemic and work-from-anywhere
At 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.
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6 days ago
The inflation rate might go down, but prices might not
We’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.
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May 9, 2022
China’s COVID lockdowns are rippling through the global economy
In 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.
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May 6, 2022
The labor market is slowing down, and that’s OK
The 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.
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May 5, 2022
What it means when productivity is way down
Productivity 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.
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May 4, 2022
A look at the Fed’s long road ahead
The 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.
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May 3, 2022
Abortion access as an employee benefit?
If 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.
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May 2, 2022
What’s left of Russia’s economy?
Since 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.
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Apr 29, 2022
Oil producers’ megaprofits stir up calls for windfall tax
Exxon 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.
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Apr 28, 2022
That fall in GDP may not be as bad as it seems
U.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.
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Apr 27, 2022
Just how likely is a “soft landing”?
We’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.
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Apr 26, 2022
Demand for mortgages slumps, but it may be a while before prices do the same
Home 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.
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Apr 25, 2022
What does Elon Musk see in Twitter?
Mere 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.
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Apr 22, 2022
The economic fallout of France’s presidential election
French 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 Weekly Wrap.
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Apr 21, 2022
The difference 2 years makes
Two 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.
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Apr 20, 2022
Power to the … homeowners association?
Homeowners 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.
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Apr 19, 2022
Uncertainty is the only certainty in economic forecasting right now
The 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.
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Apr 18, 2022
Get ready for clogged supply chains when China’s COVID lockdowns end
China’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.
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Apr 15, 2022
Twitter uses a poison pill to fend off Elon Musk
Elon 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.
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Apr 14, 2022
The she-cession meets she-flation
The 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.
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Apr 13, 2022
How high will interest rates go?
There’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.
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Apr 12, 2022
Inflation, inflation everywhere …
… 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.
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Apr 11, 2022
Russia may be forced to default on its debt
According 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.
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Apr 8, 2022
War-fueled inflation is felt more keenly in developing countries
Prices 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.
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Apr 7, 2022
The economy is already responding to higher interest rates
The 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.
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Apr 6, 2022
The Fed’s plan to shrink its balance sheet
Today, 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.
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Apr 5, 2022
How the ruble rebounded
The 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.
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Apr 4, 2022
To tackle inflation, it helps to know what’s causing it
Why 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.
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Apr 1, 2022
Job market recovery continues apace
Employers are on hiring sprees and they’re offering higher wages. Workers are coming off the sidelines in in-person, professional and business services. At the current rate of job growth, the economy could return to pre-pandemic employment levels this year — once inflation, COVID-19 and the war in Ukraine don’t stand in the way. It’s a red-hot jobs market, and today we’re digging in. Plus, how wildfire building codes have helped protect newer California homes.
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Mar 31, 2022
In Texas, parents of trans kids face a costly choice: stay or go?
Texas Gov. Greg Abbott recently ordered state agencies to investigate families that provide gender-affirming medical care to transgender kids for child abuse. Some parents are now looking to move to states with stronger LGBTQ protections — but that can be an expensive and disruptive solution. Today, we hear from some of those families. Plus, we’ll do the numbers on business costs, durable goods and shrinking consumer purchasing power.
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Mar 30, 2022
Let’s talk about energy
The war in Ukraine has threatened the global supply of all sorts of commodities. Today, we’re zooming in on three key parts of the global energy industry: Russia’s role in nuclear power, how Europe’s shift from Russian to American natural gas could play out and why OPEC+ likely won’t boost oil supplies. Plus: The changing conversation around standardized tests and potential planting on protected lands.
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Mar 29, 2022
The view from the ground in Poland and Shanghai
We have two stories today of what it’s like getting by when a global crisis is playing out around you: First, our China reporter tells us about life in locked-down Shanghai. Then, a 75-year-old Ukrainian refugee finds shelter in Poland. Stateside, we’ll take a closer look at the Federal Reserve’s toolkit, examine new data on the gender wage gap and explain what an inverted yield curve is.
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Mar 28, 2022
Suspending state gas taxes may not do much for pain at the pump
A handful of lawmakers have or are looking to suspend state gas taxes. While there’s little else they can control in terms of gas prices, those taxes make up less than 10% of prices at the pump — and it’s not the only place where consumers are feeling the pinch of inflation. Plus: A win for streaming platforms at the Oscars and a look at the CARES Act’s historic investment in tribal infrastructure.
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Mar 25, 2022
It’ll take time and money to get American natural gas to Europe
As Europe tries to wean itself off Russian natural gas, it’s moving toward imports from the United States and renewable energy sources. The U.S. produces a lot of natural gas, but liquefying it to make it shippable is a roadblock, and significantly upping production could take years and cost billions. Also on today’s show, the number of multigenerational households soars. Plus: Interrogating a potential 0.5% interest rate hike and the end of globalization in the Weekly Wrap.
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Mar 24, 2022
Gas prices are just the tip of the iceberg
Brent crude topped $119 a barrel Thursday. High oil prices don’t just drive up gas prices, they also boost the cost of plastics, used in everyday goods and products important to the energy transition. Today: What those rising prices mean for consumers and a cleaner future. Plus: Companies lack cybersecurity experts at the top, student loan payments may restart soon and the Fed keeps a close eye on real interest rates.
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Mar 23, 2022
Is this the end of globalization?
The global economy has felt the ripple effects of Russia’s invasion of Ukraine for nearly a month now. Today, we chat with Adam Posen, president of the Peterson Institute for International Economics, who argues that the war could erode the “global” part of this economy. Plus: A look at who benefits from new trade deals, why governments and aid organizations claim credit for humanitarian assistance and how housing support programs create stability for recipients.
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Mar 22, 2022
Another day, another Russian cybersecurity threat
While President Joe Biden warned the private sector about potential Russian cyberattacks earlier this week, cybersecurity experts have been sounding the alarm for years. Today, we’ll preview what the threat to critical infrastructure looks like. Plus, the war in Ukraine spikes the cost of a metal used in catalytic converters, and the U.S. Securities and Exchange Commission mulls new regulations for cryptocurrency.
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Mar 21, 2022
Pharma’s tough exit strategy in Russia
Hundreds of businesses have pulled out of Russia following its invasion of Ukraine, but the decision is more complicated for pharmaceutical companies. Today, we dig into the ethical and economic considerations they’re facing. Plus: We talk with a former Ukrainian finance minister, track the nickel market’s wild ride and take stock of the tough job ahead for the Federal Reserve.
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Mar 18, 2022
What will China do about Russia?
On a two-hour call with Chinese President Xi Jinping today, President Joe Biden warned of “consequences” if China helps Russia avoid the effects of Western sanctions. Today, we’ll look at how China could backfill the hollowed-out Russian economy. Plus: Government money for COVID boosters is running out, and a Texas town is going all in on crypto. We’ll kick off the show with our panel of experts, breaking down the what and the why behind the Federal Reserve’s interest rate hike.
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Mar 17, 2022
Can the Fed stick the landing?
The stock market isn’t alerting us to a potential recession, and Federal Reserve Chair Jerome Powell doesn’t think one is likely in the next few years either. But as the Fed raises interest rates, economists’ forecasts are a little muddier. Today, we asked experts to paint a picture of our economic outlook. Plus, the war in Ukraine disrupts global auto production and Iranians reflect on the drawbacks of sanctions.
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Mar 16, 2022
A small number with a huge impact
In an attempt to cool down decades-high inflation, the Federal Reserve announced a 0.25% interest rate hike today, likely the beginning of a series. The Fed has its work cut out for it: Fostering sustainable economic growth while tamping down price growth can be a delicate balancing act. And all this amid global supply chain issues, a war raging in Europe and a pandemic that’s not over. On today’s show, we’ll dig into how that balancing act could play out. Plus, how the war in Ukraine is complicating global trade in grain and affecting shipping between China and Europe.
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Mar 15, 2022
Oil prices fell. The price of gas? Not so much.
West Texas Intermediate is back below $100 per barrel. Average gasoline prices in the U.S. are down too, from $4.33 a gallon to … $4.32. So what gives? Today, we’ll dig into the disconnect between crude oil and gasoline and why the price spike hasn’t juiced electric vehicle sales. Plus: How global markets could respond to a Russian debt default and what the life of Zappos CEO Tony Hsieh teaches us about happiness and success.
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Mar 14, 2022
China’s COVID cases are felt throughout the supply chain
China’s omicron surge is small by American standards. But the same zero-COVID policy that allowed its factories to churn out goods during the pandemic is now slowing down electronics manufacturing and restricting activity in major cities. We’ll bring you the view on the ground in Shanghai. Plus: Advocates say the U.S. should do more for Ukrainian refugees, in-person shopping gets a lift as mask mandates fall away and new demand for aluminum cans is leaving craft brewers behind.
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Mar 11, 2022
How do you do the numbers in times like these?
The stock market is often used as a predictor of risk — financial, sure, but also geopolitical and global. The major indexes closed out a volatile week down slightly, but not far from where they were two weeks ago. What to make of that? We asked some experts. Also on today’s program: War complicates the Federal Reserve’s moves on inflation, and crypto miners seek cheap energy in upstate New York. Keep independent journalism going strong. Give today to support Marketplace.
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Mar 10, 2022
The origin story of Russian oligarchs
Palaces, private jets and superyachts — these are among the prized possessions of Russian oligarchs who have been singled out and sanctioned by the United States, the United Kingdom, the European Union and others. Today, we’ll examine the history of oligarchs, the relationship between them and Russian President Vladimir Putin and the iffy impact sanctions on these superrich types might have. Plus: Wages struggle to keep up with inflation, humanitarian organizations rediscover the “cash is king” approach to aid and the war in Ukraine threatens to worsen global food insecurity.
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Mar 9, 2022
Russia’s economic future could be in its past
When McDonald’s opened its Moscow location in the early ’90s, it signaled Russia’s transition to a market economy. But now corporations are pulling out over the war in Ukraine, and the Russian economy has been hollowed out by Western sanctions. Could the country be reverting to Soviet-era government interference? We’ll talk about it with the author of “Putinomics.” Later in the show: Why a federal gas tax holiday won’t ease much pain at the pump, and why ramping up U.S. oil production wouldn’t be an overnight fix either.
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Mar 8, 2022
An oil shock? In this economy?
President Joe Biden announced a ban on Russian oil imports today, warning American consumers they’ll pay more at the pump. Historically, oil shocks have preceded recessions, but the pandemic may have equipped this economy to better withstand the price jumps. Later, we’ll examine why businesses are closing up shop in Russia and the country’s economic ties to China. Plus: How Americans can make sure their donations to Ukraine count.
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