Marketplace Morning Report – Episode Summary

Title: Clues about where inflation might be headed
Date: October 31, 2025
Host: David Brancaccio

Episode Overview

This episode explores current signals for where U.S. inflation may be heading, especially against the backdrop of a government shutdown that has paused key reports. It also touches on the ongoing impact of tariffs and government spending, the emergence of “micro shifting” in workplace scheduling, and a developing standoff between YouTube and Disney over streaming rights.

[Skip to: Inflation Insights 00:55 | Micro Shifting & Work Trends 04:19 | YouTube & Disney Standoff 07:54]

Inflation Updates and Insights

[00:55]
With the government shutdown stalling the release of the Federal Reserve’s preferred inflation indicator, David Brancaccio and Marketplace’s Justin Ho analyze recent trends and what's influencing inflation right now.

Key Factors Influencing Inflation:

• Falling Rents are an Offset

  • Michael Pierce, Deputy Chief US Economist, Oxford Economics:

    "We've had a lot of new, particularly new apartments completed over the last few years, a lot of new housing stock, and, you know, the demand just hasn't been there. And so we've seen this gradual decline in rents on new leases."
    [01:38]

• Slowing Wage Growth as a Brake

  • Pierce:

    "You know, at least two thirds of the costs of most services actually come down to labor costs. So if those labor costs are not rising as fast, we should see disinflationary pressure continue."
    [01:54]

• Factors Driving Inflation Up

  • President’s tariffs have already "boosted inflation overall by almost half a percent."
  • This year’s budget law—with tax incentives—could nudge prices higher as it "will stimulate business spending."
    • Ben Ayers, Senior Economist, Nationwide [02:04 - 02:23]

• Looking Ahead

  • Despite mixed signals, Ayers doubts inflation will fall to the Fed’s 2% target next year.

    "He doesn't expect inflation to come down to the Fed's 2% target at all next year."
    [02:32]

Memorable Quote

"We should see disinflationary pressure continue." — Michael Pierce, [01:54]

Social Safety Net & Markets Update

[02:40]

• Food Stamp Disruptions

  • Most beneficiaries won't receive payments this weekend due to the shutdown.
  • A federal judge questions the Trump administration's authority to suspend food aid, as 25 states and DC seek intervention.

• Markets Update

  • "Dow pointing to a down start... Nasdaq up 1.1% after Amazon’s strong profit report. Amazon stock is up 3.13% in pre market trading."
    [02:40 - 03:33]

The Rise of Micro Shifting & Workplace Flexibility

[04:19]
David Brancaccio discusses the latest workplace trends with Jared Pope, CEO of Workshield and employment law attorney.

What is “Micro Shifting”?

• Flexible, fragmented work schedules replacing the 9-to-5

• Employees work “short bursts,” taking breaks for personal commitments throughout the day

  • Jared Pope:

    "Instead of the traditional 9 to 5 as we may know it, it may be across 7 to 7, but you're going to have different bursts of productivity from these individuals."
    [05:02]

Potential Downsides

• Risk of constant connectivity and burnout

  "What that sometimes leads to is this sense of I'm always on, I'm always having to be on... it could lead to this idea or emotional feeling of geez, I feel like I'm always on. Which leads to burnout."
  [05:50]

Strategies for Employers

• Update Policies:
  "Make sure there's explicit reference to micro shifts. The digital interactions, the asynchronous communication between the employee and the manager or the supervisor, that's number one." [06:31]

• Monitor Workloads:
  "Make sure you deploy some form of tools that ensure 24/7 accessibility monitoring or understanding what that person's doing." [06:31]

• Manager Training:

  "You have to train your managers. That means you have to teach the leaders how to spot the risk of working remotely or in this micro shift… how to maintain that connection. And with that, that training should come in also and say, hey, how are you going to keep the rhythm of your culture? How are you going to keep that heartbeat of your culture so it doesn't fragment?"
  [07:10]

Memorable Exchange

• Brancaccio: “This isn’t just a wonderful Amenity… it can go wrong, right?” [05:32]
• Pope: “That's right… it could lead to burnout.” [05:50]

Streaming Turmoil: YouTube vs. Disney

[07:54]

• YouTube subscribers lose access to channels like ESPN, ABC, FX, Disney Channel after failed negotiations between Google (YouTube parent) and Disney.
• Other content deals: NBCUniversal and Fox reached agreements with YouTube recently.

Memorable Quotes & Moments

• On inflation’s mixed direction:

  "We should see disinflationary pressure continue." — Michael Pierce [01:54]

• On workplace flexibility risks:

  “I feel like I'm always on. Which leads to burnout.” — Jared Pope [05:50]

• On keeping workplace culture alive while flexible:

  “How are you going to keep that heartbeat of your culture so it doesn't fragment?” — Jared Pope [07:10]

Timestamps for Important Segments

• [00:55] – Inflation snapshot & report delays
• [01:38] – Rent and wage effects on inflation (Michael Pierce)
• [02:04] – Tariffs, budget law, inflation (Ben Ayers)
• [02:40] – Food stamps & stock market update
• [04:19] – Micro shifting: Definitions, upsides and downsides
• [06:31] – Policy & management strategies for micro shifting
• [07:54] – YouTube loses Disney channels

For Listeners

This episode condenses critical economic trends—including key clues about inflation’s future, the ongoing challenges of the evolving workplace, and notable shifts in streaming access—providing actionable insights for anyone needing a rapid but thorough news briefing.