Marketplace Morning Report — Episode Summary

Episode Title: On Instacart: same store, same item, different price
Date: December 10, 2025
Host: David Brancaccio

Overview

This episode centers on recent findings about algorithmic price differences for identical groceries on Instacart, explores expectations for an imminent Federal Reserve rate cut, provides commodity price updates with a focus on surging precious metals, and features an interview with freshly minted Nobel laureate Peter Howitt on artificial intelligence and economic inequality.

Key Discussion Points & Insights

Instacart Pricing Disparities (00:46–02:13)

• Main Theme: A new Consumer Reports-led study finds significant variation in prices for identical products purchased through Instacart, even when bought at the same store at the same time.
• Details:
  • Study conducted with Consumer Reports, Groundwork Collaborative, and More Perfect Union.
  • Over 400 volunteers shopped for the same 18–20 products; each took screenshots at checkout without completing purchases.
  • 75% of products were offered at different prices to consumers, sometimes varying by 23%.
  • For a typical family of four, these differences could amount to $1,200 per year.
  • Instacart’s Response: Claims that retailers control pricing, and that only a small subset used Instacart's Eversight advertising tech for “limited online pricing tests.”
• Quote:
  • "Consumer Reports says every one of their experimental shoppers was subject to Instacart's algorithmic price experiments." (Nancy Marshall Genser, 01:52)

Federal Reserve Rate Cut & Economic Outlook (02:13–03:30)

• Main Theme: Anticipation of a Federal Reserve interest rate cut, market reactions, and the political landscape's influence.
• Key Points:
  • Host predicts a quarter-point rate cut later that day.
  • Investor focus is also on how Fed Chair Powell frames labor market support vs. inflation control (dot plot discussions).
  • Guest Susan Schmidt (Exchange Capital Resources):
    • Watches for Fed’s “dot plot” projections for 2026 rate plans.
  • Politics: Trump administration favors lower rates, while the Fed exercises caution due to inflation worries.
• Quote:
  • “The Fed has been cautious with Chairman Powell worrying about the underlying data and what that means for inflation. So we'll see this balance play out.” (Susan Schmidt, 02:53)

Commodity Markets: Silver Hits Record High (04:31–05:23)

• Main Theme: Precious metals surge, with silver passing $60/oz for the first time, driven by both monetary policy expectations and tech industry demand.
• Key Points:
  • Silver price at $61.51/oz, up 1.1%.
  • Rate cut expectations drive trader optimism.
  • Strong industrial demand (EVs, solar panels) and global shortage.
  • Gold, platinum, and palladium have also hit record levels amid economic uncertainty.
• Quote:
  • "Silver conducts electricity better than gold or copper and is widely used in the manufacture of electric vehicles and solar panels." (William Lee Adams, 04:52)

Nobel Economics Laureates on AI & Inequality (05:23–09:03)

• Main Theme: Interview with economist and Nobel laureate Peter Howitt about the impact of AI on jobs and prosperity.
• Key Points:
  • Howitt tempers alarm over AI, likening it to previous general-purpose technologies that initially displaced jobs but ultimately created new ones.
  • AI’s potential to exacerbate inequality is highlighted.
  • Howitt ran an experiment, asking ChatGPT to write about AI's job-destroying potential, and found the output "pithy and very accurate."
  • Emphasizes the importance of AI regulation to ensure broad social benefit.
• Quotes:
  • “We don't see a good reason yet for thinking that it's not going to be like other general purpose technologies...they have always sparked off fears of automation, technological unemployment...but in the end, they've created new jobs.” (Peter Howitt, 06:06)
  • “That's a recipe for growing inequality. Some people are going to earn tremendous amounts and others not so much.” (Peter Howitt, 07:29)
  • “If you can't bring a majority of people on board in a democratic system, you're going to have trouble deploying that technology to its full advantage.” (Peter Howitt, 08:33)

Notable Quotes & Memorable Moments

• “Consumer Reports says every one of their experimental shoppers was subject to Instacart's algorithmic price experiments.” (Nancy Marshall Genser, 01:52)
• “The Fed has been cautious with Chairman Powell worrying about the underlying data and what that means for inflation. So we'll see this balance play out.” (Susan Schmidt, 02:53)
• “Silver conducts electricity better than gold or copper and is widely used in the manufacture of electric vehicles and solar panels.” (William Lee Adams, 04:52)
• On AI paranoia: “We don't see a good reason yet for thinking that it's not going to be like other general purpose technologies...but in the end, they've created new jobs.” (Peter Howitt, 06:06)
• On using ChatGPT for the Nobel lecture: “Within five seconds it produced this really pithy and very accurate and actually quite subtle paragraph.” (Peter Howitt, 07:13)
• “If you can't bring a majority of people on board in a democratic system, you're going to have trouble deploying that technology to its full advantage.” (Peter Howitt, 08:33)

Timestamps for Key Segments

• Instacart Price Study: 00:46–02:13
• Fed Rate Cut Analysis: 02:13–03:30
• Commodity Markets Update: 04:31–05:23
• Nobel Interview on AI & Inequality: 05:23–09:03

Tone: Engaged, informative, and slightly conversational, especially during the Nobel interview. The host maintains a steady, accessible delivery throughout the episode.

For Further Listening

Listeners interested in economic impacts of tech, consumer rights, market trends, and the future-of-work debate will find this episode relevant and insightful, thanks to concise reporting and brief, expert-driven interviews.