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)

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.

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]

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]

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]

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 |

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.