The Fed's next move

Summary

Marketplace Morning Report: "The Fed's Next Move"

Date: September 15, 2025
Host: Sabri Benishore (in for David Brancaccio)
Guests: Julia Coronado (Macro Policy Perspectives), Katie Silver (BBC), Marmar Stewart & Sushma Barakoti (Refugee Women's Network), Emily Wu Pearson (WABE)

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Brief Overview

This episode provides a concise update on key global economic issues:

• Status of US-China relations and TikTok negotiations
• Anticipated moves by the Federal Reserve on interest rates
• Personal story spotlighting a refugee entrepreneurship program in Atlanta

The tone remains informative and brisk, prioritizing clarity and context for a busy morning audience.

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Key Discussion Points & Insights

1. US-China Trade Talks & TikTok Deadline

[00:58–02:26]

• Current status: US and Chinese negotiators are meeting in Madrid, with a temporary July tariff truce due to expire in November.

• TikTok's Uncertain Future: The US demands TikTok's Chinese owner, ByteDance, sell to a US buyer or face a ban; the deadline is due, likely to be extended again, amidst high-level tension.

• Political Nuance: President Trump, now in his second term, has shifted tone on TikTok. Initially critical during his first term, he now credits the platform for youth voter support and recently joined.

  Notable Quote:

  "President Trump has told reporters, we may let TikTok die or we may not. I don't know. It depends. Up to China, it doesn't matter too much."
  — Katie Silver, BBC [01:59]

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2. Federal Reserve Rate Cut Expectations

[02:26–04:10]

• Market Sentiment: Broad consensus expects the Fed to announce a quarter-point rate cut in its upcoming meeting; real uncertainty lies in future policy signals.

• Fed's Position: Will the Fed frame this as the first in a series of cuts, or maintain a meeting-by-meeting approach, citing global and domestic complexity?

• Consumer Impact: While some consumers and businesses hope for lower mortgage and car loan rates, Fed cuts don’t guarantee a direct drop in long-term rates.

  Notable Quotes:

  "Well, it's pretty well telegraphed that they will cut interest rates by a quarter of a percent this week. The real question is do they signal that this is the start of an adjustment in interest rates that might mean several more follow..."
  — Julia Coronado [02:56]

  "The Fed can cut interest rates, but the market's expecting that. That doesn't necessarily mean longer term rates are going to follow down."
  — Julia Coronado [03:45]

  Host Summary:

  "So maybe don't hold your breath if you're going to buy a house."
  — Sabri Benishore [04:02]

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3. Refugee Resettlement & Women’s Economic Empowerment

[05:59–08:54]

• Policy Context: Since President Trump's return, refugee resettlement to the U.S. has "basically stopped," and federal funding has dried up.

• Grassroots Solutions: In Atlanta, the nonprofit Refugee Women’s Network supports resettled refugee women through Chef’s Club, a culinary entrepreneurship program.

• Personal Impact: Women, such as Breshna Alemi from Afghanistan, are earning their first paychecks in America by leveraging their cooking skills in catering.

• Resilience Amid Cuts: The nonprofit anticipates a $100,000 federal funding reduction but views the challenge as "an opportunity" to empower women through entrepreneurship.

• Cultural Highlight: Afghan dishes — kabelli rice, saucy chicken, and barani — are made with "mother quality" authenticity.

  Memorable Moments & Quotes:

  "It's for the first time they're making a paycheck."
  — Marmar Stewart, Chef’s Club [07:16]

  "We have cooked for big families every day. We can use this skill and earn money."
  — Marmar Stewart, relaying women’s ideas [07:35]

  "Our Afghan cuisine is phenomenal because it is not restaurant quality, it is mother quality, grandmother quality."
  — Marmar Stewart [08:06]

  "She says, when I see people love my food, it makes me not tired at all anymore."
  — Marmar Stewart, interpreting for Alemi [08:39]

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Timestamps for Important Segments

| Segment | Time | |----------------------------------------------|----------| | US-China Talks & TikTok | 00:58–02:26 | | Fed Interest Rate Cut Outlook | 02:26–04:10 | | Refugee Resettlement & Women's Program | 05:59–08:54 |

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Conclusion

This episode delivers a succinct but multifaceted update: covering global headlines (US-China trade and TikTok), breaking down what to expect from the Federal Reserve, and sharing a human story about adaptation and entrepreneurship in the face of policy change. The tone is accessible, with expert insight and personal voices highlighting the intersection of policy and daily life.

Transcript

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[Sabri Benishore]

We have got today trade talks, Fed rate cuts and refugees from Marketplace. I'm Sabri Ben, ashore in for David Brancaccio. According to President Trump, the US And China have just about reached a deal ON TICK TOCK. U.S. and Chinese negotiators are wrapping up a second day of talks in Madrid. In July, the U.S. and China reach a temporary tariff truce that expires in November. Negotiators are trying to resolve that as well. The BBC's Katie Silver has been taking a look.

[Katie Silver]

They are trying to keep a very fractured US China trade relationship from collapsing, especially given all of the talks that we've had in recent months. When it comes to tariffs now, part of the conversation is definitely going to be TikTok. The deadline for the Chinese owner of TikTok that is ByteDance to find a buyer in the US or face a ban is Wednesday. It's expected to be delayed for a fourth time or extended. But that is certainly something that is looming. And we have seen earlier this year TikTok taken offline for about 12 hours. Given all of these tensions, when it comes to this particular part of the conversation, President Trump has told reporters, we may let TikTok die or we may not. I don't know. It depends. Up to China, it doesn't matter too much. It's interesting his relationship with the platform because he was very critical of it during his first term in office, constantly calling for it to be banned or sold to an American buyer. More recently, he credits a lot of his success with the youth vote onto the platform. He recently joined it himself and so he has changed his tune on that front.

[Sabri Benishore]

Katie Silver there with the BBC. The Federal Reserve is meeting this week and it's going to decide what to do with interest rates and give us a sense of where it sees the economy as going. Markets are betting a rate cut is in the bag. We've got Julia Coronado, founder of Macro Policy Perspectives and a professor at UT Austin, here to talk about it. Hi, Julia.

[Julia Coronado]

Good morning.

[Sabri Benishore]

So basically everyone expects the Fed to cut interest rates at its meeting this week. But like, how much and how far are they going to go?

[Julia Coronado]

Well, it's pretty well telegraphed that they will cut interest rates by a quarter of a percent this week. The real question is do they signal that this is the start of an adjustment in interest rates that might mean several more follow or whether it's more. We're going to take this meeting by meeting based on the complicated world that we live in.

[Sabri Benishore]

You know, a lot of people and some businesses are waiting for interest rates to come down, you know, before they buy a house or whatever. Do these Fed interest rate cuts that we're talking about, is that going to show up in mortgages, car loans, et cetera?

[Julia Coronado]

Somewhat, but not necessarily one. For one, the Fed does not control longer term interest rates like mortgage rates, and those are influenced partly by Fed policy, but also by things like what people expect for inflation over the next few years and the risk that people see in investing in U.S. securities. So the Fed can cut interest rates, but the market's expecting that. That doesn't necessarily mean longer term rates are going to follow down.

[Sabri Benishore]

Gotcha. So maybe don't hold your breath if you're going to buy a house. Julia Coronado, founder and president of Macro Policy Perspectives. Thank you so much.

[Julia Coronado]

My pleasure.

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[Sabri Benishore]

Since President Donald Trump took office again in January, refugee resettlement to the US has basically stopped and and funding has been cut. But the refugees who have been resettled here already still need some help rebuilding their lives as they start over again from scratch. Some nonprofits have stepped in to help. WABE's Emily Wu Pearson has the story of one such nonprofit in Atlanta.

[Emily Wu Pearson]

Marmar Stewart shows me the newly renovated kitchen for an entrepreneurship program called Chef's Club. The rented kitchen was used for community events, but hadn't been touched for more than 15 years.

[Marmar Stewart]

It was a dead kitchen and we brought it back to life. And actually this woman brought it back to life.

[Emily Wu Pearson]

These women are refugees in Atlanta, and the non profit Refugee Women's Network helps them launch their own food businesses through Chef's Club. One of the women, Breshna Alemi, ladles diced white onions into a large pot of hot oil. Alemi is a mom, a wife, and a refugee from Afghanistan. She resettled in Atlanta about a year ago. The kitchen erupts with fragrance as she stirs the onion and adds salt. She's preparing Afghan food for a large catering order, and everything these women earn, they keep.

[Marmar Stewart]

It's for the first time they're making a paycheck.

[Emily Wu Pearson]

When refugee families are resettled to the U.S. often the husband finds work first. But this program helps give women independent skills. Sushma Barakoti, the executive director of the nonprofit, says the refugee woman came to her with the idea, saying, we have.

[Marmar Stewart]

Cooked for big families every day. We can use this skill and earn money.

[Emily Wu Pearson]

Under the Trump administration, refugee resettlement programs look a little different now. Barakoti says the Refugee Women's Network has already lost at least $100,000 in federal funding for the 2026 fiscal year.

[Marmar Stewart]

We know that our budget is going to be reduced budget, but at the same time we are looking at this.

[Emily Wu Pearson]

As an opportunity also, and Chef's Club creates that opportunity.

[Marmar Stewart]

Our Afghan cuisine is phenomenal because it is not restaurant quality is mother quality, grandmother quality.

[Emily Wu Pearson]

Alemi seasons the frying onions with bright spices. She's preparing kabelli rice, a savory Afghan pilaf mixed with caramelized julienned carrots and plump, juicy raisins. It'll get served alongside a salad, a saucy chicken and a savory eggplant dish called barani. Marmar Stewart interprets for Alemi. Here.

[Marmar Stewart]

She says, when I see people love my food, it makes me not tired at all anymore.

[Emily Wu Pearson]

Clients are not tired either. The catering business is steady and mostly through word of mouth. In Atlanta, I'm Emily Wu Pearson for Marketplace.

[Sabri Benishore]

And I'm Sabri Benishore with the Marketplace Morning Report from APM American Public Media.

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