The view of this economy from the boardroom

Summary

Marketplace Morning Report - March 10, 2026

Episode: "The view of this economy from the boardroom"

---

Brief Overview

This episode explores recent market fluctuations triggered by geopolitical events and features a detailed interview on CEO sentiment across large U.S. companies. Key topics include the impact of Middle Eastern tensions on oil and commodity markets, the acceleration of AI adoption in business strategy, the effects of policy uncertainty (tariffs, interest rates), and CEO perspectives on the U.S. economy's resilience.

---

Key Discussion Points and Insights

1. Oil and Markets Volatility

• Host Sabri Ben-Achour (00:31) provides a rapid update on recent oil price swings following escalating tensions in the Middle East. After spiking above $100, oil prices have retreated but remain elevated (Brent Crude is still 30% above pre-war levels).
• Guest: Ben Kumar, Head of Equity Strategy, Seven Investment Management
  • Explains the market reaction:
    • "No news is always taken as bad news." (01:28) Markets panicked amid uncertainty as ships faced challenges navigating the Strait of Hormuz—a crucial energy chokepoint for Asia.
    • "If you're Taiwan or South Korea or China, most of your oil or your gas comes through those straits..." (01:39) Highlights the real risk for Asian economies.

2. Broader Economic Ripples Beyond Oil

• Waiving of Sanctions:
  • Host references President Trump's consideration to waive some oil sanctions to manage prices.
  • Kumar downplays the move's popularity but flags an overlooked risk:
    • "The potential for longer lasting economic effects, actually, I think comes in the food space, not in the 'can you drive your car to work' space." (02:18)
• Fertilizer and Food Security:
  • "Something like 50% of the world's sulfur and...30 or 40% of the world's ammonia used in fertilizer is produced/refined in the Middle East." (02:41)
  • Disruption in fertilizer supply could result in agricultural shocks a year or more down the line.

3. CEO View from the Boardroom

• Interview: Tim Walsh, US CEO & Chair, KPMG (04:38)
  • Top Concern:
    • "The number one topic that CEOs are thinking about is the acceleration of AI in their businesses...It's not really discretionary, optional spend anymore, it's an absolute must have." (04:44)
  • AI and Jobs:
    • “I don’t think CEOs are automatically going to how many jobs I’m going to displace. But…AI will impact every single layer in the stack of employees at certainly almost every business I can think of.” (05:19)
  • Policy Uncertainty:
    • Prior to the Supreme Court striking down tariffs, CEOs were most concerned about uncertainty around tariffs and interest rates, which led to a pause in investment.
      • "It has held them back, but they're moving forward now...companies and CEOs are...becoming resilient to disruption and they're managing through it." (06:03)
  • Sentiment on the US Economy:
    • CEOs see the U.S. economy as "resilient" but remain "cautious".
      • "CEOs like certainty to some extent. CEOs like consistency because you can manage through that. And so the mood is cautious...they’re watching unemployment, we're watching inflation to see if any indicators would change strategy." (06:47)

---

Notable Quotes & Memorable Moments

• On Middle East chokepoints:

  • Ben Kumar: "The Strait of Hormuz is a difficult place to transit. You can't get insurance if you're an oil tanker. And that is an important economic choke point in the world." (01:50)

• On food security impact:

  • Ben Kumar: "...if you don't get fertilizer at the right time of the year when you're planting your crops, you end up with disruption a year down the line." (02:56)

• On AI's non-negotiable status:

  • Tim Walsh: "...it's not really discretionary. Optional spend anymore that it's an absolute must have...if you're not doing it, then you're, you're being left behind." (04:44)

• On investment returning:

  • Tim Walsh: "...that's part of what I think you're seeing with, you know, companies and CEOs are, they're becoming resilient to disruption and they're managing through it. And so you start seeing capital flows happening again." (06:20)

---

Timestamps for Important Segments

• Oil and Markets Update: 00:31 – 03:28
• Middle East and food/fertilizer discussion: 02:12 – 03:28
• KPMG CEO Survey – Tim Walsh interview: 04:38 – 07:18
  • AI in the boardroom: 04:44 – 05:42
  • Policy concerns/tariffs: 05:42 – 06:37
  • Economic outlook: 06:37 – 07:13

---

Summary Table

| Time | Topic | Speaker | Key Point/Quote | |----------|---------------------------------------|----------------|--------------------------------------------------------------------| | 00:31 | Oil market volatility | Sabri/Ben Kumar| "No news is always taken as bad news." (Ben Kumar) | | 02:18 | Oil waivers & food security | Ben Kumar | "Longer lasting economic effects...come in the food space." | | 02:41 | Fertilizer dependence | Ben Kumar | "50% of the world's sulfur...30-40% of ammonia is from Mideast." | | 04:44 | AI adoption necessity | Tim Walsh | "...it's an absolute must have...if you're not doing it...left behind."| | 05:19 | AI's workforce impact | Tim Walsh | "AI will impact every single layer in the stack of employees..." | | 06:03 | Policy uncertainty & investment | Tim Walsh | "It has held them back, but they're moving forward now..." | | 06:47 | CEO view on economic resilience | Tim Walsh | "The US economy has been resilient... [but] the mood is cautious." |

---

Conclusion

This episode delivers a concise pulse-check on turbulent oil markets, emerging economic concerns from boardrooms, and emphasizes the non-discretionary imperative for AI adoption across corporate America. CEOs surveyed are anxious but cautiously optimistic, moving forward amidst ongoing uncertainties. The underlying theme: businesses are learning to navigate through volatility with a focus on resilience and innovation.

Transcript

[Sabri Ben-Achour]

Lifelock. How can I help?

[Tim Walsh]

The IRS said I filed my return, but I haven't.

[Lifelock Announcer]

One in four tax paying Americans has paid the price of identity fraud.

[Tim Walsh]

What do I do? My refund though. I'm freaking out.

[Sabri Ben-Achour]

Don't worry, I can fix this.

[Lifelock Announcer]

Lifelock fixes identity theft guaranteed and gets your money back with up to $3 million in coverage.

[Ben Kumar]

I'm so relieved. No problem.

[Sabri Ben-Achour]

I'll be with you every step of the way.

[Lifelock Announcer]

One in four was a fraud paying American. Not anymore. Save up to 40% your first year. Visit lifelock.com Specialoffer terms apply.

[Sabri Ben-Achour]

Oil and markets are recovering some for now. From marketplace, I'm Sabri Ben, ashore in for David Brancaccio. Good morning everybody. If you are wondering where on the market roller coaster today has brought us, let me bring you up to speed. The price of oil after soaring early Monday morning has come back down. Some Brent Crude is still 30% more expensive than it was before the war though Marketplace markets after dropping sharply have come back up. With us to sort through it all is Ben Kumar. He's head of equity strategy at seven Investment Management. Hi, Ben.

[Ben Kumar]

Hello.

[Sabri Ben-Achour]

So oil end markets have been on a very wild ride. Yesterday they opened, things were looking very grim. Oil was well over $100. Now oil's back down around 90 or or less. Markets have recovered.

[Ben Kumar]

Why? I think there's definitely a case of no news is always taken as bad news. So over the course of the weekend, it was just enough time, couple of days to see this isn't de escalating. There is no quick solution to ensuring ships to pass through the Strait of Hormuz. And Asian markets opened and the oil price spiked and Asian markets tanked. And you know, I get why. If you're Taiwan or South Korea or China, most of your oil or your gas comes through those straits and, and the Strait of Hormuz is a difficult place to transit. You can't get insurance if you're an oil tanker. And that is an important economic choke point in the world.

[Sabri Ben-Achour]

President Trump has said he's considering waiving some oil sanctions on oil producers to keep energy prices down. Do you think that's a significant move?

[Ben Kumar]

I don't think it's going to be a very popular move other than in Russia perhaps. The thing that I think is actually interesting is a lot of the byproducts of oil that do come through the Middle east, whether it's sulfur, whether it's some of the other fertilizers and minerals, you know, those are much more difficult to Find replacements for, Therefore, the potential for, I don't know, longer lasting economic effects, actually, I think comes in the food space, not in the can you drive your car to work space.

[Sabri Ben-Achour]

Explain that a little further.

[Ben Kumar]

Sure. So it's something like 50% of the world's sulfur and something like 30 or 40% of the world's ammonia used in fertilizer is produced refined in the Middle east, used as a byproduct of refining oil. And if you are countries where you rely very, very heavily on fertilizer to make sure that your ground can produce food for your nation, you know, whether it's Dubai and the UAE who either import it or have to use fertilizer to grow it, or whether it's countries in Asia where you need to add nutrients to the soil in order to be able to grow everything you want, you know, that is a problem because if you don't get fertilizer at the right time of the year when you're planting your crops, you end up with disruption a year down the line. Now, I don't think we're at that stage yet, but that's the sort of thing where I, you know, you see how long lasting the ripples can be.

[Sabri Ben-Achour]

Ben Kumar, Head of Equity strategy at seven Investment Management. Thank you so much.

[Ben Kumar]

Thank you.

[Sabri Ben-Achour]

Lifelock, how can I help?

[Tim Walsh]

The IRS said I filed my return, but I haven't.

[Lifelock Announcer]

One in four tax paying Americans has paid the price of ident identity fraud.

[Tim Walsh]

What do I do? My refund though. I'm freaking out.

[Sabri Ben-Achour]

Don't worry, I can fix this.

[Lifelock Announcer]

Lifelock fixes identity theft, guaranteed and gets your money back with up to $3 million in coverage.

[Ben Kumar]

I'm so relieved.

[Lifelock Announcer]

No problem.

[Sabri Ben-Achour]

I'll be with you every step of the way.

[Lifelock Announcer]

One in four was a fraud paying American. Not anymore. Save up to 40% your first year. Visit lifelock.com Special offer terms apply.

[Sabri Ben-Achour]

We like to take the pulse of the American economy on this show by talking to all the different kinds of people living it. And today we talk to CEOs. A audit, tax and advisory firm, KPMG is out with its latest survey of CEOs. Tim Walsh is KPMG's US US CEO and he joins us. Hey, Tim.

[Tim Walsh]

Good morning.

[Sabri Ben-Achour]

So you've surveyed 100 CEOs at large companies. What is at the top of their minds right now?

[Tim Walsh]

There are a number of things. I would say the number one topic that CEOs are thinking about is the acceleration of AI in their businesses. And this concept that it's not really discretionary. Optional spend anymore that it's an absolute must have. And it's, it's about adopting. And if you're not doing it, then you're, you're being left behind.

[Sabri Ben-Achour]

Your competitors with AI, the major concern is, you know, is it going to take over people's jobs? Is that what CEOs are thinking when they think about AI right now, I

[Tim Walsh]

don't think CEOs are automatically going to how many jobs I'm going to displace. But since we've not seen this happen before, it is an unknown. And as the technology continues to change and accelerate, one thing is for sure that AI will impact every single layer in the, in the stack of employees at certainly almost every business I can think of.

[Sabri Ben-Achour]

So your survey closed just before the Supreme Court struck down many of President Trump's tariffs. But before that, a majority of the CEOs you surveyed said that policy uncertainty around tariffs and interest rates was already the top pressure driving their short term decisions. Is it holding them back?

[Tim Walsh]

The way I would answer that, Sabri, is it has held them back, but they're moving forward now. Over the last year or so, you saw sort of a pause in Investments as CEOs tried to determine what they could do with their supply chains, what they can move, how could they take costs out of their supply chains. And lastly, you know, what kind of pricing changes they might need to put into their systems. That's changed now. That's, that's part of what I think you're seeing with, you know, companies and CEOs are, they're becoming resilient to disruption and they're managing through it. And so you start seeing capital flows happening again.

[Sabri Ben-Achour]

Consumers have been kind of depressed about the labor market, about exactly what, how the US economy is doing. What do CEOs think?

[Tim Walsh]

US economy has been resilient. That's what CEOs think in every conversation that I'm having. That being said, CEOs like certainty to some extent. CEOs like consistency because you can manage through that. And so the mood is cautious. The mood is one that is watching closely. You know, they're watching unemployment, we're watching inflation to see if any indicators would change strategy.

[Sabri Ben-Achour]

Tim Walsh is chair and CEO@KPMG US. Thank you so much.

[Tim Walsh]

You're welcome, Sabri. Great to be here today.

[Sabri Ben-Achour]

This is the Marketplace morning report from American Public Media.

[David Brancaccio]

Hey, David Brancaccio here. I hope you're well and that your passport is up to date because I am hosting a trip to Italy this fall. And you, you are invited stay at a world class Tuscan villa, step into the world of the Medici, the formidable family whose influence and power helped give rise to the Renaissance and the art we still celebrate today, not to mention the banking system. We're going to visit the world's oldest bank, swim in the thermal spa waters in Montecatini and take in the art of the Uffizi. All of this. And then we'll try to put it all into context with great conversation over even better meals and wine tastings. Please join me and know this Buying into this trip will provide essential support for public media. Discover more about this fall's tuscany [e-mail] travel to reserve your spot today, that's marketplace.org travel.