Investors, Treasury bonds, and war in the Middle East

Summary

Marketplace Morning Report — March 24, 2026

Episode Theme: Investors, Treasury Bonds, and War in the Middle East

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Episode Overview

In this brisk yet comprehensive episode, guest host Sabri Benishore covers crucial overnight developments in the business and economic world, focusing on three main stories:

1. The FCC's new ban on foreign-made consumer routers due to security concerns
2. The ripple effects of new conflict in the Middle East on US Treasury bond auctions and inflation
3. The psychological and financial impact of turning hobbies into side hustles

The episode features reporting and interviews with Marketplace correspondents and outside experts, offering listeners a holistic start to their day.

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Key Segments & Insights

1. FCC Bans New Foreign-Made Consumer Routers

[01:31 – 02:30]

• Summary:
  The Federal Communications Commission (FCC) is prohibiting the sale of new consumer routers manufactured abroad, predominantly from China, due to findings of past cyberattacks linked to these devices.
• Details:
  • Existing FCC-approved models can still be sold.
  • Exceptions for certain routers approved by the Pentagon or Department of Homeland Security.
• Memorable Moment:
  “Security gaps in routers made abroad have been exploited in the past and used in cyber attacks.” — Nancy Marshall Ganzer [01:57]

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2. Treasury Bonds, Investor Anxiety, and War in Iran

[02:30 – 04:43]

• Summary:
  The US Treasury is holding several bond auctions amid heightened market uncertainty due to new conflict—“the president's war in Iran.” This, coupled with spiking energy prices, is shifting expectations about the Federal Reserve’s interest-rate policy.
• Key Points:
  • A month ago, markets expected steady or falling rates due to stable jobs and moderating inflation.
  • The outbreak of war and rising energy prices injected fears of persistent inflation.
  • Investors now think a Fed rate hold is most likely, but there’s growing speculation about possible rate hikes.
• Expert Insights:
  • “If there's strong enough demand for those higher energy prices and people keep paying... then you can really have stronger inflation more broadly. And that's when the Fed would want to act.” — Luke Tilley, Wilmington Trust [03:48]
  • Higher energy costs could slow consumer spending, which may prompt the Fed to cut rates later in the year if economic growth wanes.
  • “If the spike in energy prices pulls away from people spending on other things, then it's more likely that we get a slowdown in growth.” — Luke Tilley [04:09]
• Reporter Wrap-Up:
  “Tilly says that means the Fed could go back to cutting rates by the end of the year.” — Justin Ho [04:18]

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3. Can You Monetize a Hobby Without Killing the Joy?

[05:29 – 08:29]

• Summary:
  Rima Krais, host of the Marketplace podcast This Is Uncomfortable, explores the psychological effects of turning a passion into income. She shares personal experience and expert research, along with a case study of a small Etsy entrepreneur.
• Key Discussion Points:
  • Social media and economic pressures push many to monetize hobbies.
  • Introducing extrinsic motivators (like money and deadlines) often erodes the intrinsic satisfaction that makes hobbies joyful.
  • For some, side hustles can become genuinely fulfilling—if their motivation remains internally grounded.
• Notable Quotes:
  • “When you introduce things like money, recognition, deadlines... it can actually start to chip away at your intrinsic motivation, which, of course, is that internal drive to do something simply because it's enjoyable or satisfying.” — Rima Krais [06:36]
  • “If you stay grounded in that internal drive...you have to treat the reward as a bonus, not as the goal.” — Rima Krais [07:07]
  • “Her Etsy shops have been this kind of place where she finds a sense of accomplishment.” — Sabri Benishore [07:23]
  • “That confidence thing's important because, you know, my husband makes so much more money than me, and he has a purpose... So what's my purpose?” — Camilla Klein [07:43]
• Memorable Moment:
  • Rima and Camilla Klein discuss the empowerment gained from building a small business as a creative outlet.
• Episode Reference:
  The corresponding episode from This Is Uncomfortable is titled, "Can I monetize my hobby without killing the Joy?"

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Notable Quotes & Memorable Moments

• On Economic Uncertainty:
  "Central banks are concerned that another inflation shock, even if it's just caused by a temporary spike in oil, might convince consumers and businesses that inflation is going to be high for a long time."
  — Luke Tilley [03:26]

• On Side Hustle Pressures:
  "You log onto social media and you've got these platforms reinforcing this message that, hey, it's actually really easy to monetize your passion."
  — Rima Krais [06:03]

• On Purpose and Work:
  “So what's my purpose?” — Camilla Klein, expressing the deeper meaning found in creative side hustles [07:43]

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Timestamps for Key Segments

• [01:31] FCC bans foreign-made routers
• [02:30] Treasury bond auctions & market outlook
• [03:03-04:18] Expert commentary on Fed policy under conflict and energy price spikes
• [05:29] Hobbies, side hustles, and joy—interview with Rima Krais
• [07:43] Camilla Klein’s story: finding purpose in creative work

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Closing

This episode efficiently connects the dots between global conflict, household technology, financial markets, and the personal economies of working Americans. Backed by expert voices and first-hand experiences, listeners come away with both practical news and deeper insights into the intersection of work, money, and meaning.

Transcript

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[Sabri Benishore]

can a hobby become a business and still be fun? From Marketplace, I'm Sabri Benishore in for David Brancaccio. First, the Federal Communications Commission is banning the sale of new consumer routers made in foreign countries, citing security concerns. Many of the home routers sold in the US Come from China. Marketplace's Nancy Marshall Ganzer explains what's behind the ban.

[Nancy Marshall Ganzer]

Before routers can be sold in the US they have to be certified by the Federal Communications Commission. Consumers can still buy existing routers already approved by the fcc, but the agency says it's banning the sale of new models of foreign made routers because a review by the White House found that security gaps in routers made abroad have been exploited in the past and used in cyber attacks. There are exceptions for routers given conditional approval by the Pentagon or Department of Homeland Security. I'm Nancy Marshall genser for Marketplace.

[Sabri Benishore]

The US has to borrow to spend the way it does, and some of that borrowing is happening. This week the treasury is holding several auctions of government bonds. Whenever the treasury does this, it is negotiating with the market on how much interest the treasury is going to pay on those bonds. Investors have to like the interest rates they're getting. And how investors feel about a particular interest rate depends partly on what they think will happen to the economy and what they think the Federal Reserve will do to interest rates later. Marketplace's Justin Ho has more.

[Justin Ho]

This time a month ago, bond markets were pretty calm. Guy Labat with Jenny Montgomery Scott says the expectation was that rates would trend lower.

[Luke Tilley]

This sort of underlying theme was that even if economic growth in the jobs markets remain stable, ish inflation would fall enough to permit the Fed to cut.

[Justin Ho]

But then the president's war in Iran started. Energy prices spiked, and as a result,

[Luke Tilley]

central banks are concerned that another inflation shock, even if it's just caused by a temporary spike in oil, might convince consumers and businesses that inflation is going to be high for a long time.

[Justin Ho]

Right now, investors are expecting that the Fed will hold rates steady this year. There's even a small chance that the Fed could hike rates. Luke Tilley is chief economist at Wilmington Trust.

[Luke Tilley]

If there's strong enough demand for those higher energy prices and people keep paying for energy and also are buying other things, then you can really have stronger inflation more broadly. And that's when the Fed would want to act.

[Justin Ho]

But Tilly says what's more likely is that those higher energy prices will cause consumers to cut back, especially since the labor market has been slowing down.

[Luke Tilley]

And if the spike in energy prices pulls away from people spending on other things, then it's more likely that we get a slowdown in growth.

[Justin Ho]

Tilly says that means the Fed could go back to cutting rates by the end of the year. I'm Justin Ho for Marketplace,

[Sabri Benishore]

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[Sabri Benishore]

Can you turn a hobby into a side hustle without losing the joy of it? That is the question my colleagues at the Marketplace podcast this Is Uncomfortable took on recently. Rima Krais is the host of this is Uncomfortable and she's here to talk about it. Hi, Rima.

[Rima Krais]

Hey, Sabri.

[Sabri Benishore]

So you have some personal experience with this. What is your hobby?

[Rima Krais]

I really love crocheting. I make these little plush stuffed animals for the babies in my life. Just this weekend, I started making this little bunny. It's a lot of fun. But, yeah, there was a time when I considered monetizing this hobby, but then ultimately decided against it.

[Sabri Benishore]

Why did you decide against it?

[Rima Krais]

I think, like a lot of people, I was feeling this pressure to take on a side hustle. I saw this bank rate survey that one out of four American adults take on side jobs top of their full time jobs. And then you, you log onto social media and you've got these platforms reinforcing this message that, hey, it's actually really easy to monetize your passion. Then you're fed video after video of people claiming to make thousands of dollars in their spare time. So it starts to feel like, well, if I'm already doing this, then why not?

[Sabri Benishore]

The question then becomes, well, if I turn my hobby into a side hustle, does it inherently change my experience of that hobby?

[Rima Krais]

I talked with a creativity researcher who told me that when you introduce things like money recognition, deadlines, what psychologists call extrinsic motivators, it can actually start to chip away at your intrinsic motivation, which, of course is that internal drive to do something simply because it's enjoyable or satisfying or personally challenging and meaningful.

[Sabri Benishore]

On the other hand, are there exceptions? Like, does chasing an external reward ever actually somehow enhance the joy we get from something? He asked hopefully.

[Rima Krais]

So, surprisingly, yes, there are exceptions. And what it really comes down to is your mindset. So if you stay grounded in that internal drive, you're doing it because you love it, then it can actually work in your favor. So you have to treat the reward as a bonus, not as the goal.

[Sabri Benishore]

You actually spoke with the woman for your episode. Her name's Camilla Klein. She lives in Connecticut. She makes accessories like belt buckles, pillboxes, pocket mirrors. She sells them on Etsy. She got laid off from her other job, and her Etsy shops have been this kind of place where she finds a sense of accomplishment. Here's a clip of you and Klein talking about this.

[Camilla Klein]

That confidence thing's important because, you know, my husband makes so much more money than me, and he has a purpose. Okay? So his purpose is to support this family and educate our children and put food on the table. So what's my purpose?

[Sabri Benishore]

So she's finding, like, a sense of empowerment in turning her hobby into a business.

[Rima Krais]

Yeah. Which is a sentiment I heard a lot. And while, of course, it can be, you know, risky, putting a lot of emotional weight on a creative outlet, it can also be really meaningful to build something that's yours, to feel like you can support yourself in a different way.

[Sabri Benishore]

Rima Grace, host of the Marketplace podcast. This is uncomfortable. The recent episode is titled can I monetize my hobby without killing the Joy? You can find it wherever you listen to podcasts. Rima, thank you so much.

[Rima Krais]

Thanks so much, Sabri.

[Sabri Benishore]

In New York, I'm Sabri Benishore with the Marketplace morning report from APM American Public Media.

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