Marketplace All-in-One

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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Stock prices in China bounced back after a sudden collapse earlier in the week. Marketplace’s China correspondent Jennifer Pak drops in for more detail. As crude oil prices have dropped and the Russia-Ukraine conflict continues, the markets appear to be having a bit of a moment, as Susan Schmidt helps explain to us. The Federal Reserve nominee pool just got shorter as Sarah Bloom Raskin bows out of the running.

The moratorium on federal student debt is scheduled to end on May 1, concerning many people who had benefited from the financial reprieve. However, because of repeated extensions to the moratorium, there’s also uncertainty as to whether or not its expiration will actually happen on May 1. President Biden is expected to unveil an additional $800 million in aid for Ukraine after the Ukrainian president addresses Congress this morning. The BBC reports that Lithuania is ready to cut its ties to Russian oil and gas imports.

From the BBC World Service: The warning from President Gitanas Nauseda is the latest sign of how far European Union nations could go to penalize Moscow for its invasion of Ukraine. As a bloc, the EU has set a 2030 target for independence from Russian fossil fuels. The U.S. has already banned Russian oil imports, while the U.K. said it will phase them out by the end of the year. Plus, British prime minister Boris Johnson is visiting Gulf states to explore alternatives to Russian oil and gas.

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How your information shows up on a credit report can affect your ability to rent a home, get a mortgage or take out a loan. So you want to make sure that information is accurate, especially after a name change. But that can be a particular challenge for transgender and nonbinary people who change their name to better align it with their identity. Last month, the Consumer Data Industry Association issued recommendations for how those consumers can update their credit reports, but a group of 145 organizations says the industry needs to do more. Marketplace’s Kimberly Adams speaks with Spencer Watson, president of the Center for LGBTQ Economic Advancement and Research, which was one of those groups.

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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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Corporate consolidation has been getting a lot of attention lately. But it isn’t a new phenomenon. It’s been on the rise since the ’80s, and it’s led to just a handful of companies controlling entire industries and fewer companies out there to deliver goods and services.

“One really good example would be health care — this is a pretty concentrated sector in the U.S. economy,” said Kate Bahn, director of labor market policy and chief economist at the Washington Center for Equitable Growth. “[Consolidation] is when there’s hospital mergers … maybe one big management company overarching a whole sort of sector in one location.”

But it means a lot more than companies just getting bigger. Corporate consolidation has a big impact on the way our economy is shaped.

On today’s show: How corporate consolidation influences wages and consumer prices — and why it calls into question the success of capitalism.

In the News Fix, we’ll discuss how a spike in global food prices could trigger unrest around the world and the fate of Sarah Bloom Raskin’s nomination to the Federal Reserve board. (We taped today’s episode before she withdrew her nomination.)

Also, listeners celebrate Kimberly’s official spot in the host chair and a debate over who is more introverted!

Here’s everything we talked about today:

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Lawmakers on Capitol Hill and in states across the country are considering temporary suspensions of various gas taxes. The idea is to drive prices down at the pump, and it has support from Republicans and some Democrats. Plus, why California gas prices always seem to be the highest in the U.S. Also, what the falling price of crude oil means for the global economy. And, Russia’s reliance on foreign technology is revealed after sanctions cut the country off from parts, repair and know-how sourced from around the world.

Forty percent of Europe’s natural gas comes from Russia. And last week, Moscow warned it could turn off the gas to Europe in response to sanctions and Germany nixing the Nord Stream 2 gas pipeline that circumvents Ukraine. But that threat is easier to make than it is to actually carry out. Natural gas production and delivery just doesn’t quite work that way. Plus, Russia’s President Vladimir Putin has signed a law allowing the country’s airlines to hang onto airliners leased from European companies, in violation of international sanctions. Hundreds of leased planes are in limbo.

From the BBC World Service: European stocks fell in early trading, following a sharp sell-off across Asian markets. Chinese investors are worried by the impact of further full-city COVID-19 lockdowns, a regulatory crackdown on tech companies and what approach Beijing takes to Russia’s invasion of Ukraine. Plus, fresh European Union sanctions against Russia target the luxury goods, energy and defense sectors. And, as Poland welcomes Ukrainian refugees, some border towns are calling for more resources.