The road less traveled (by bike)

Summary

Marketplace Morning Report: "The road less traveled (by bike)"

Date: April 8, 2026
Host: David Brancaccio
Guests: Dan Coatsworth (AJ Bell), Nancy Marshall Genser (Marketplace), Melody Scallion (Bike Oven, LA), Armando Ruiz, Reverend Joe

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Episode Overview

In this concise, information-rich episode, host David Brancaccio covers a range of economic headlines—from the ripple effects of a US-Iran ceasefire on oil markets and stock rallies, to a new tariff proposal from President Trump with global implications. The episode pivots mid-way for the “Business Envy” series, spotlighting LA’s Bike Oven, a unique, volunteer-run co-op empowering Angelenos to fix their own bikes, build community, and give back through refurbished rides.

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Key Discussion Points & Insights

1. Ceasefire Impacts Oil & Equity Markets

[00:31 – 01:56]

• Oil Price Drop:
  The US-Iran ceasefire causes oil prices to plunge, though they remain “only 40% higher than it was before the US airstrikes began.” (Brancaccio, 00:31)

  Quote (Dan Coatsworth, 00:58):
  “It’s pulled back, but it’s pulled back nowhere near as low as it was at the end of February. So it's still got quite a long way to fall again … markets are happy, but just because we've got a two week ceasefire doesn't mean to say this situation has been resolved.”

• Stock Market Reaction:
  An early relief rally is happening on equity markets, with doubts about whether optimism is overblown due to ongoing uncertainty.

  Quote (Brancaccio, 01:17):
  “One wonders if that early reaction is a bit overdone given the fact that so much uncertainty still swirls.” Quote (Coatsworth, 01:33):
  “Markets still are slightly nervous ... the market will need something new to latch onto to give them the confidence … there’s a really big question mark over what happens next.”

2. President Trump Threatens Sweeping New Tariffs

[01:56 – 03:00]

• Tariff Announcement:
  President Trump declares a 50% tariff on all goods from countries supplying weapons to Iran, specifically targeting China, with immediate effect (though legal constraints apply).
• Expert Analysis:
  Henrietta Treys points out the real impact will be on China; existing trade with Russia and North Korea is minimal.

  Quote (Nancy Marshall Genser, 02:09):
  “Trade with Russia is already quite limited and trade with North Korea is in the same boat. So if you’re going to tariff anything with an impact, it’s going to be China.”

  • Supreme Court rulings require investigation before imposing such duties.

3. Stock Market Update

[03:00]

• The Dow surges over 1,200 points (2.8%), while the VIX volatility index falls 22%.

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Feature Segment: Bike Oven—Community, Skills, and Empowerment

[04:49 – 09:11]

1. The Philosophy at Bike Oven

• Teach, Don’t Fix:
  Instead of doing repairs for clients, Bike Oven teaches people to fix bikes themselves, charging on a sliding, donation-based scale.

  Quote (Melody Scallion, 05:20):
  “What we do is instead of people dropping their bikes off to get fixed, we teach them how to do it.”

  • Recently received nonprofit tax-exempt status.
  • “It's not your hope that someone comes in and says please fix this … that's not the concept.” (Brancaccio, 05:42)

• Empowerment Model:

  Quote (Melody Scallion, 05:48):
  “We turn them away if they do that … What we want is for people to be empowered, to be their own mechanics.”

2. Volunteer & Community Experience

• Volunteer Journey:
  Melody’s background—learned through “vegan bike punks” in Pennsylvania, moved to LA, now shares her knowledge through volunteering and teaching.

  Quote (Melody Scallion, 06:02):
  “I knew enough to build a bike. That’s what allowed me to start volunteering. And now I’ve learned a lot more over the past three years.”

• Business as Community:

  Quote (Brancaccio, 06:26):
  “A business feels like a community to me ... fair enough?”
  Quote (Scallion, 06:34):
  “Absolutely fair enough … What we want more than anything is to bring people together.”

3. Programs & Skills at Bike Oven

• “Adopt a Bike” Program:
  Armando Ruiz describes a Metro partnership where bikes abandoned at stations are refurbished and donated free to kids.
• Essential Skills & Inside Jokes:
  Interview banter covers skills, bike lingo, and the ABCs of bike check: Air, Brakes, Chain.

  Quote (Scallion, 07:33):
  “No, that means air, brakes, chain. Those are the first three things that we check.”

  • Brancaccio self-evaluates his mechanic skills, gets a friendly B-minus/B-plus.
  • Truing a rim—a nuanced skill, best taught side-by-side.

4. How to Volunteer & Decision-Making

• Inclusive Volunteering:
  • Newcomers encouraged to "shop around" and find mentors and shifts they enjoy.
  • Monthly general meetings double as social and organizational hubs.

  Quote (Scallion, 08:11):
  “That’s another great way to get to know everybody and get involved … how we make decisions is almost as important as fixing people’s bikes.”

5. Community and Safety

• The Wider Bike Community:
  Reverend Joe highlights the diversity within LA’s cycling constituencies and the importance of unity:

  Quote (Reverend Joe, 08:43):
  “But I think what’s important to me is bringing the whole community together … to realize that we all are trying to ride our bikes safely in Los Angeles. And to do that, we just need to stick together.” Quote (Melody Scallion, 09:05):
  “You gotta stick together in LA on bikes. Those cars are trying to take us down.”

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Memorable Quotes

• Dan Coatsworth [00:58]:
  “Just because we’ve got a two week ceasefire doesn’t mean to say this situation has been resolved.”
• Henrietta Treys via Nancy Marshall Genser [02:09]:
  “If you’re going to tariff anything with an impact, it’s going to be China.”
• Melody Scallion [05:20]:
  “We teach them how to do it ... for people to be empowered, to be their own mechanics.”
• Reverend Joe [08:43]:
  “What’s important to me is bringing the whole community together ... we just need to stick together.”

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Important Timestamps

• Oil & Markets Update: 00:31 – 01:56
• Trump’s Tariff Announcement & Analysis: 01:56 – 03:00
• Stock Markets Snapshot: 03:00 – 03:25
• Bike Oven Feature Interview: 04:49 – 09:11

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Episode Takeaways

• The US-Iran ceasefire brings short-term volatility and a market rally, though deeper uncertainties remain.
• The latest US trade policy pronouncement targets China, but is bounded by legal hurdles.
• On the “Business Envy” series, Bike Oven exemplifies a different kind of enterprise—one rooted in empowerment, skill-sharing, and resilient community for Angelenos on two wheels.
• Uniting across divides—whether in the global economy or the city’s bike scene—remains a core, ongoing challenge.

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For More:
The episode encourages listeners to seek jobs or organizations that bring joy and meaning, like those featured in the “Business Envy” series, and to write in with their own experiences or questions.

Transcript

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[David Brancaccio]

The price of oil plunges with this US Iran cease fire and is now only 40% higher than it was before the US airstrikes began. I'm David Brancaccio in Los Angeles. Crude oil traded in New York is at $94 a barrel at the moment, down 17% in these early hours of a US and Iran cease fire. Dan Coatsworth is head of markets at AJ Bell in the UK it's pulled

[Dan Coatsworth]

back, but it's pulled back nowhere near as low as it was at the end of February. So it's still got quite a long way to fall again. And that's suggesting that markets are happy. But just because we've got a two week ceasefire doesn't mean to say this situation has been resolved.

[David Brancaccio]

Tell you what though, over out of the oil markets and into, you know, the equity markets, there is some kind of relief rally forming here. One wonders if that early reaction is a bit overdone given the fact that so much uncertainty still swirls.

[Dan Coatsworth]

I think that markets still are slightly nervous, but as we've seen time and time again, the market will need something new to latch onto to give them the confidence to say let's plow ahead. So there's a really big question mark over what happens next in the coming days on the financial markets.

[David Brancaccio]

Dan Coatsworth at The investment firm AJ Bell, President Trump said today he wants 50% taxes on goods from countries that might be sending weapons to Iran. Marketplace's Nancy Marshall Genser is following this development.

[Nancy Marshall Genser]

In a social media post this morning, President Trump said any country supplying weapons to Iran will face a 50% tariff on, quote, any and all goods sold to the US and there would be no exclusions or exemptions. Henrietta Treys, co founder of Veda Partners, says Russia, North Korea and China have all sent weapons to Iran, but the tariffs are aimed at Beijing. Trade with Russia is already quite limited and trade with North Korea is in the same boat. So if you're going to tariff anything with an impact, it's going to be China. But Trey says because of the Supreme Court's recent ruling on tariffs, the Trump administration would probably need to conduct an investigation before imposing these new duties, even though the President says they would take a effect immediately. I'm Nancy Marshall Genser for Marketplace again.

[David Brancaccio]

The Dow is up more than 1200 points 2.8% now with the Vix index of stock market volatility. The market so called fear or anxiety gauge is down 22%.

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[David Brancaccio]

You can do this as a 15 year old, a 75 year old or any year old. In between scouting for jobs that are a perfect fit for your skills and interests. I've been collecting mine for our Business Envy series this week, but you should too. We've heard from the company in Austin that electrifies vintage cars, the non toxic space rocket company in Maine, the coffee roaster that doesn't sell coffee in San Francisco. But today the bike shop in Los Angeles where they use the Teach a person to fish principle where Melody Scallion

[Melody Scallion]

is a volunteer bike oven is a cooperatively run bike shop. What we do is instead of people dropping their bikes off to get fixed, we teach them how to do it. We charge a sliding scale donation based fee. We sell people bikes for cheap. We recently got our tax exemption nonprofit status.

[David Brancaccio]

Congratulations.

[Melody Scallion]

Thank you.

[David Brancaccio]

It's not your hope that someone comes in and says please fix this. I'll be back in a day. That's not the concept.

[Melody Scallion]

We turn them away. If they do that, we are all Volunteers. It wouldn't make sense. We don't want to store their stuff either. What we want is for people to be empowered, to be their own mechanics.

[David Brancaccio]

How do you know about bikes?

[Melody Scallion]

I got into bikes through some vegan bike punks in where I grew up in Westchester, Pennsylvania. Learned how to work on bikes there, and then I moved out here in 2015. I've been working on bikes at the bike oven for about three years, and I knew enough to build a bike. That's what allowed me to start volunteering. And now I've learned a lot more over the past three years.

[David Brancaccio]

Feels like, all right, a business feels like a community to me, having been here only for a couple minutes. Fair enough.

[Melody Scallion]

Absolutely fair enough. Luckily, we do the business side well enough to keep the doors open, but absolutely what we want more than anything is to bring people together. People come in, they just got a bike off ebay, and they want us to check it out with them. And also, people come here as, like, a hub for group rides and for community organizing, for events.

[David Brancaccio]

Armando, what are you working on here? Is this. So I'm working on Adopt a Bikes. We have this program through Metro where essentially, bikes that get abandoned on the station, they give them to us and we refurbish them and we give them away to kids for free. All right, so listen, I know a bit about bikes, restored bikes. If I were to come over and volunteer a little bit, what would you want to know about me?

[Melody Scallion]

You know how to change a tire, David?

[David Brancaccio]

I can change a tire. I can change a tire.

[Melody Scallion]

Do you know what ABC stands for?

[David Brancaccio]

Always be. What? I have no idea what ABC is.

[Melody Scallion]

No, that means air brakes, chain. Those are the first three things that we check.

[David Brancaccio]

Okay, so I blew one already. I can. I'd give myself a B minus or B plus in truing a bent rim. Would that be a skill? That would be useful to teach someone who came in.

[Melody Scallion]

That would be a great skill and a nice one because it's time consuming and really easy to really mess up if you go in a little too confident. So if you could stand and hang out with that person while they do that, with your B minus ability, that would be very helpful.

[David Brancaccio]

If I wanted to volunteer, what do I do? Is there like a list?

[Melody Scallion]

We recommend that people shop around a bit, see who they like working with, what night works for them the best. And that's how you get into volunteering. Just as well, we have general meetings the first Monday of every month where we discuss the happenings of the month, announcements, plan events hang out, we serve food. And that's another great way to get to know everybody and get involved and get to know how we run. Because how we make decisions is almost as important as fixing people's bikes.

[David Brancaccio]

And your name, your Reverend, Reverend Joe

[Reverend Joe]

the thing about the bicycling community, it's so diverse. You've got the roadies, you've got the the fix c kids, you got so many different types of groups. But I think what's important to me is bringing the whole community together to remove those divisions, to realize that we all are trying to ride our bikes safely in Los Angeles. And to do that, we just need to stick together.

[Melody Scallion]

You gotta stick together in LA on bikes. Those cars are trying to take us down.

[David Brancaccio]

That was Melody Scallion and Armando Ruiz at Bike Oven in Los Angeles. Ever heard of a job so good you'd live for Monday mornings? Email us using morningreportketplace.org In Los Angeles, I'm David Brancaccia from APM, American Public Media. The economy moves fast and when headlines turn on a dime, it is essential that you feel informed rather than overwhelmed. Hey, I'm David Brancaccio, special correspondent for Marketplace and an avid reader of the Marketplace newsletter. Not that I'm partial. Every Friday, Marketplace curates must read stories from the week and delivers explainers right to your inbox. So if you want the latest from me and our team of award winning journalists, head over to Marketplace. Org Newsletters and sign up today.