Marketplace Morning Report

Episode: Financial data clashes and what it means for Zelle, Venmo, and more
Date: December 22, 2025
Host: Sabri Ben-Achour (in for David Brancaccio)

Episode Overview

This episode explores two key financial topics impacting individuals and businesses:

• The record rise in gold prices amid global instability and fluctuating economic data.
• The debate over consumer access to financial data and how new regulatory changes could affect popular payment apps like Zelle, Venmo, PayPal, and others.

Key Discussion Points and Insights

1. Gold Prices Surge Amid Instability

Guest: Julia Coronado, Founder and President of Macro Policy Perspectives; Professor at UT Austin

• Gold’s Record Rise

  • Gold prices have increased over 66% in the past year, marking the largest jump since 1979.
    Quote:
    "Gold, if current trends keep up, will be up more than 66% in a year. Largest rise since 1979. That's crazy. Why is that happening?"
    — Sabri Ben-Achour [01:25]

• Why the Spike?

  • Gold usually rises due to concerns about instability and the dollar’s reliability.
  • Current geopolitical tensions, such as those involving Venezuela, intensify demand for gold as a safe haven.
  • The U.S. dollar’s role as the world’s reserve currency is being questioned due to U.S. instability.
    Quote:
    "Gold has an extra dose of safe haven status and really has been rallying off and on all year with some force."
    — Julia Coronado [01:38]

• Concerns about the Dollar

  • The U.S., usually seen as a global bulwark of stability, is facing credibility issues.
  • Geopolitical events (e.g., Venezuela oil tanker seizures) contribute to global anxiety and a flight to safety.
    Quote:
    "We are not a bulwark of stability. You know, Venezuela is the latest geopolitical tension causing a flight to safety."
    — Julia Coronado [02:03]

• Economic Data Uncertainty

  • Recent economic indicators (inflation, jobs) were "messy" and incomplete due to data collection delays.
  • Labor market appears soft and inflation may be understated due to timing of data collection during high-discount periods (Black Friday) and missing months. Quote:
    "The labor market is definitely soft and...they were missing October, and some of the assumptions they made basically assumed zero inflation in October. Which of course is probably an understatement of the reality."
    — Julia Coronado [02:51, 03:28]

2. Fight Over Financial Data Access & Potential Impact on Payment Apps

Guest: Steve Baumes, Founder and President of Elan Advocacy; Executive Director, Financial Data and Technology Association

• Background of the Rule

  • Under the Biden administration, the Consumer Financial Protection Bureau (CFPB) required banks to share consumer financial data (with consumer permission) to enable use of third-party financial apps (Venmo, Cash App, Google Pay, etc.).
  • Under the Trump administration, potential reversal would allow banks to refuse or to charge for this access.

• Implications if Rule Changes

  • If access is restricted or comes at a cost, consumers might lose the ability to use these apps, or see costs rise. Quote:
    "Potentially, you stop being able to use these apps altogether or they become significantly more expensive than what your bank provides you today."
    — Steve Baumes [06:51]

• Political and Regulatory Shift

  • The Trump administration originally initiated the rule, supporting consumer data-sharing.
  • The shift in attitude appears politically motivated, signaling possible amendments rather than a complete reversal. Quote:
    "My view is...if something was done during the Biden admin, it must be bad. And so...this is a retrenchment where the...Trump administration...said, well actually maybe we just want to amend it and tweak it."
    — Steve Baumes [07:10]

• Banks’ Position and Industry Competition

  • Banks object to mandatory free data-sharing, preferring to charge for consumer data access.
  • They also see payment apps as competitors, wishing to retain control over payment technology and customer relationships. Quote:
    "They didn't like that they were required to allow you as a consumer to share your data at no charge...They want to be able to charge you to share that data."
    — Steve Baumes [07:59]

• The Consumer’s Right to Financial Choice

  • The debate centers on whether consumers should have the freedom to choose any financial provider, not just their primary bank. Quote:
    "This is about whether you as a consumer should have the right in the free market to choose a financial provider, regardless of whether it's your bank or somebody else."
    — Steve Baumes [08:24]

Notable Quotes and Memorable Moments

• On Gold’s Surge:
  "Gold has an extra dose of safe haven status and really has been rallying off and on all year with some force."
  — Julia Coronado [01:38]

• On Economic Data Unreliability:
  "The data was rather messy...I don't think we have a real clear picture of the state of the U.S. economy."
  — Julia Coronado [02:51]

• On Rule Changes Impacting Apps:
  "Potentially, you stop being able to use these apps altogether or they become significantly more expensive than what your bank provides you today."
  — Steve Baumes [06:51]

• On Consumer Financial Data Rights:
  "This is about whether you as a consumer should have the right in the free market to choose a financial provider, regardless of whether it's your bank or somebody else."
  — Steve Baumes [08:24]

Timestamps for Key Segments

• [00:59–03:58]: Gold prices, dollar credibility, and messy economic data (Sabri Ben-Achour and Julia Coronado)
• [05:39–08:47]: Financial data access debate, effects on payment apps, bank opposition, and regulatory dynamics (Sabri Ben-Achour and Steve Baumes)

Summary Flow & Tone

The tone is informative and conversational, featuring quick, expert-driven explanations of rapidly developing issues affecting consumers and markets. The episode emphasizes how macroeconomic instability translates into personal and practical changes: rising gold as a signal of global anxiety, and regulatory shifts that could affect everyday conveniences like cash transfer apps.

For those who missed the episode:
This summary covers all important topics—rising gold as a sign of instability, ambiguous economic data, and a potentially pivotal fight over your right to share financial data and use fintech apps—providing the insight needed to understand both immediate and future changes in the economy and digital banking access.