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David Brancaccio
We have cars, crypto and Cuba stories for you this morning. I'm David Brancaccio in Los Angeles. We'll find out how the summer was for Tesla after the market closes later today. This month, the company unveiled new and in some cases cheaper electric cars. Rivals Hyundai, Chevy and Ford are also promising to discount EVs or to roll out more affordable models at a time Congress and House have turned off federal electric car subsidies marketplaces. Savannah Peters has more.
Savannah Peters
For the last three years, electric vehicle sales were getting a lot of help from federal tax credits that knocked as much as $7,500 off the price of a new EV.
Jessica Caldwell
In this era of people struggling with affordability, that really helped a lot, says.
Savannah Peters
Jessica Caldwell, head of insights at Edmonds. But as of the first of the month, that incentive was ended by the GOP tax and spending bill.
Jessica Caldwell
And so now it's up to automakers. Really, the training wheels have come off. They have to figure out how to sell these vehicles on their own merit.
Savannah Peters
For some automakers, that means offering more budget friendly EVs with fewer bells and whistles and price tags comparable to gas powered cars. Chris Harto with Consumer Reports says that's a product lots of car shoppers have been looking for.
Jessica Caldwell
There has been sort of a limited supply of vehicles in that sweet spot between 30 and $40,000, which is really where a of Americans who buy new cars are looking, harto says.
Savannah Peters
Those smaller, cheaper models won't turn as much profit, but Automakers hope they'll keep the EV market growing so they can sell more expensive ones down the road. I'm Savannah Peters for Marketplace.
David Brancaccio
America's central bank is looking at ways digital assets like crypto could play nice with the old school financial system. The Fed convened a conference yesterday to look at new ways to pay. Marketplace's Nancy Marshall Genzer monitor proceedings.
Nancy Marshall Genzer
Fed Governor Christopher Waller says the central bank needs to keep up with payments innovation and decentralized finance. The use of blockchain technology to move money around outside of banks. Waller says that's not viewed with suspicion or scorn at the Fed. Instead, he says, my view for the.
David Brancaccio
Fed from now on is embrace the disruption, don't avoid it.
Nancy Marshall Genzer
In fact, Waller thinks there should be a new type of Fed account to accommodate decentralized finance. He's come up with a prototype. It would give fintech firms access to Fed infrastructure to move money around. These accounts wouldn't pay interest and could be capped, but they could make life a lot easier for crypto firms. I'm Nancy Marshall Genzer for Marketplace.
David Brancaccio
Cuba needs tourists to bring and spend foreign currency. But the industry has taken a hit under pressure from the Trump administration and lingering challenges from the pandemic. The Cuban economy is now in a tough spot with rolling blackouts and food shortages. Are there ways to keep tourists with their money coming in? The BBC's Will Grant filed this report for us from Havana. Hola.
Will Grant
The BBC had the rare opportunity to discuss the health of the industry with the island's tourism minister, Juan Carlos Garcia Granda.
Juan Carlos Garcia Granda
I'm not a doctor, but what I can say is tourism in Cuba is alive and kicking from the intensity and the pressure of an economic war launched by the main source of tourists in the world, the United States. We face obstacles unlike any of our competitors.
Will Grant
We will enforce the ban on tourism.
Jessica Caldwell
We will enforce the embargo.
Will Grant
Broadly, he's referring to the decades long US Economic embargo on Cuba. But specifically he means a range of newer sanctions under the Trump administration.
Juan Carlos Garcia Granda
In Trump's first term, they took 263 measures against Cuba, the majority designed to destroy Cuban tourism. Take for example, the ban on cruise ships. What would Cuban tourism look like if we could still count on the cruise ships? We'd perhaps have a million more visitors a year.
Will Grant
But not all the decisions affecting the health of Cuban tourism have been taken in Washington.
Local Resident / Student
At the corner of 23 and L in Havana is a new landmark, the K Tower, the tallest building on the island. A 42 floor 5 star hotel meant to define the cutting edge of the tourism experience in Cuba. For many local residents, it's simply a gaudy and expensive symbol of the revolution's economic mismanagement.
Will Grant
There are plenty of other hotels in Havana, and it doesn't fit in with its surroundings, says student Dianis. I'd have used the money for other ends, for things we really need, like new hospitals. I see some positive and negative points, says Sabrina, who's studying architecture. Engineering wise, it shows progress, but given our current circumstances, most people aren't happy with how they've spent the funds. I put those complaints to the Cuban tourism minister, asking him if he could appreciate that people are growing increasingly frustrated amid nationwide blackouts at seeing new five star hotels in Havana with their lights blazing.
Juan Carlos Garcia Granda
There may be some indignation on the streets, but people are not frustrated. They're still fighting, they're still working, they're still trying to help.
Will Grant
I'm the BBC's Will Grant for Marketplace.
David Brancaccio
And there's an index of dread on the stock market, a measure of volatility some call the fear index. But how about the beer index? The CEO of Heineken warns beer sales will fall because of what he called macroeconomic volatility around the world. That's likely code for consumer insecurity, given shifting policies such as Trump administration tariffs. What he did not say is that beer sales are also falling because health conscious imbibers are turning to other things. Also, studies show popular weight loss drugs can help people drink less alcohol. In Los Angeles, I'm David Brancaccio. This is the Marketplace Morning Report from APM American Public Media.
Bridget
Hey everyone, it's Bridget, host of Million Bazillion, a podcast from Marketplace. You've probably heard about the government shutdown, but if you're anything like our young caller Esme, whose dad is a federal worker, you might still have questions.
Juan Carlos Garcia Granda
I've noticed that my dad hasn't been going to work, and I don't know when the government Chittenden Will, Dolph and my dad can go back to work.
Bridget
We can help tune into our recent episode where we explain what you and the young ones in your life need to know about government shutdowns. Listen to Million Bazillion on your favorite podcast.
Will Grant
Applause.
Date: October 22, 2025
Host: David Brancaccio
Episode Overview:
In under ten minutes, this episode takes listeners through three tightly packed stories: the shifting electric vehicle (EV) market after a major policy change, the Federal Reserve’s openness to crypto, and Cuba's troubled tourism sector. The show wraps up with a quick nod to the global "beer index" and changing consumer habits amid economic uncertainty.
Segment Starts: [01:01]
“In this era of people struggling with affordability, that really helped a lot.” ([01:41])
“There has been sort of a limited supply of vehicles in that sweet spot between 30 and $40,000, which is really where a lot of Americans who buy new cars are looking.” ([02:18])
Segment Starts: [02:46]
“My view for the Fed from now on is embrace the disruption, don’t avoid it.” ([03:17])
Segment Starts: [04:05]
“I’m not a doctor, but what I can say is tourism in Cuba is alive and kicking... we face obstacles unlike any of our competitors.” ([04:40])
“Take for example, the ban on cruise ships. What would Cuban tourism look like if we could still count on the cruise ships? We’d perhaps have a million more visitors a year.” ([05:12])
“I’d have used the money for other ends, for things we really need, like new hospitals.” ([06:05])
“Engineering wise, it shows progress, but given our current circumstances, most people aren’t happy with how they’ve spent the funds.”
“There may be some indignation on the streets, but people are not frustrated. They’re still fighting, they’re still working, they’re still trying to help.” ([06:52])
Segment Starts: [07:06]
“The training wheels have come off. They have to figure out how to sell these vehicles on their own merit.” —Jessica Caldwell, Edmunds ([01:56])
“Embrace the disruption, don’t avoid it.” —Christopher Waller, Federal Reserve ([03:17])
“Tourism in Cuba is alive and kicking from the intensity and the pressure of an economic war... we face obstacles unlike any of our competitors.” —Juan Carlos Garcia Granda ([04:40]) “I’d have used the money for other ends, for things we really need, like new hospitals.” —Dianis, Student ([06:05])
“That’s likely code for consumer insecurity, given shifting policies such as Trump administration tariffs.” —David Brancaccio ([07:19])
The reporting maintains Marketplace's signature concise, fact-packed style with a blend of expert analysis, vivid quotes, and human perspective. The tone remains measured, informative, and global.
Bottom Line:
For listeners starting their day, this quick episode underscores three global pivot points—how EVs are priced and sold without government help, the Fed’s move to “embrace disruption” with crypto, and Cuba’s balancing act between tourist glitz and everyday struggle—all sandwiched by real-world economic signals like falling beer sales.