Will homebuyers spring at lower rates?

Summary

Marketplace Podcast Summary: "Will Homebuyers Spring at Lower Rates?"

Host: Kai Ryssdal
Release Date: March 14, 2025

In this insightful episode of Marketplace, host Kai Ryssdal delves into the intricate dynamics of the current U.S. economy, focusing on the impact of global trade tensions, mortgage rate fluctuations, and the ramifications of ending federal support for local farms and food banks. Through engaging discussions with experts from Bloomberg and The New York Times, as well as on-the-ground stories, the episode paints a comprehensive picture of the economic landscape as spring approaches—a traditionally active season for the housing market.

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1. Global Economic Tensions and U.S.-China Trade Relations

The episode opens with Kai Ryssdal setting the stage amidst the backdrop of the recent G7 foreign ministers' meeting in Charlevoix, Quebec. David Gur from Bloomberg shares his observations, highlighting the "total stupefaction" among global leaders regarding the U.S.'s shifting trade policies (02:08). The absence of discussions on tariffs at the G7 meeting underscores the unexpectedness of the current economic maneuvers.

Anna Swanson from The New York Times provides further insight into President Trump's aggressive tariff strategies. She notes, “He has a very transactional view of the world” and emphasizes the resultant uncertainty faced by businesses and investors (03:06). The President's steadfast stance on tariffs without exemptions aims to leverage the U.S. market's dominance but has led to retaliatory measures from countries like China and members of the European Union.

Notable Quote:

David Gur: “Everyone was just kind of looking at their feet wondering how the geopolitical terrain had shifted and changed so much.” (02:08)

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2. Stock Market Reactions and the Real Economy

Transitioning to the stock market, Gur explains the volatility as a reflection of growing unease about the unpredictability of tariffs. “It’s telling us that there is this sense that things aren't happening the way that people want them to happen and can pull back even more” (05:33). This sentiment is echoed in the consumer confidence data from the University of Michigan, indicating heightened concerns about saving and economic prospects.

Anna Swanson underscores the paradox where the labor market remains ostensibly healthy, yet private hiring slows, fueling fears of a potential recession (08:20). The interplay between consumer sentiment and actual economic indicators suggests a prolonged adjustment period with lasting effects.

Notable Quote:

Anna Swanson: “Vibes translate into real economic activity from consumers and from businesses.” (08:57)

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3. Spring Home Buying Season Amid Fluctuating Mortgage Rates

As spring approaches—the most active season for real estate—Mortgage rates have recently declined from nearly 8% in late 2023 to around 6.6% (09:03). Despite this drop, high rates continue to pose significant barriers for many potential homebuyers. Zillow economist Orfeh Divongui points out that buyers now have more options compared to a year ago, yet the majority remain hesitant to act until rates dip below 5%—a scenario deemed unlikely in 2025.

Mitchell Hartman from Marketplace reports, “Any improvement in the economic outlook could push mortgage rates up again. His best guess is that rates settle close to 6% later this year.” This uncertainty affects both individual buyers and the broader housing market, creating a cautious environment for investment and purchasing.

Notable Quote:

Mitchell Hartman: “I'm Mitchell Hartman for Marketplace.” (11:24) (Note: The quote in the transcript is more of an identifier than a substantive statement.)

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4. The Fallout of Ending USDA Funding on Local Farms and Food Banks

A significant portion of the episode addresses the dire consequences of the Department of Agriculture canceling two key programs that provided over a billion dollars in contracts to small farmers and food banks. Emma Johnson of Buffalo Ridge Orchard in Iowa, a fourth-generation farmer, expresses the immediate strain as these contracts accounted for about 25% of her family's income (13:10).

E. Nicole Taylor, a food service supervisor in Pennsylvania, reflects on the challenges schools face in maintaining nutritious meal programs without federal support. “The meals that our students receive today are not the meals that I received,” she laments, highlighting the gap between past and present offerings (14:08).

Paco Velez of Feeding South Florida emphasizes the reduction in variety and quantity of fresh produce available to those relying on food banks, stating, “Without this USDA funding, the food bank will have less variety and just less food, period” (14:30).

Notable Quote:

Emma Johnson: “We have been selling a lot of their produce to local schools and food banks through these USDA programs… Now it’s suddenly no budget for those programs.” (13:19)

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5. Egg Price Inflation and Its Impact on Small Businesses

Addressing inflation, Kai Ryssdal shifts focus to the soaring cost of eggs, which have risen by approximately 170% since last year despite a recent 15% decline (22:48). This surge poses a significant threat to small businesses that rely heavily on affordable eggs, exemplified by the story of Café Jacqueline in San Francisco.

Chef Jacqueline Margulies, nearing her 89th birthday, shares her unwavering dedication to crafting exquisite soufflés despite the challenges posed by skyrocketing egg prices. “Shaqueleen needs the eggs. She raised prices a few months ago. $5 more per souffle. So far, not a single complaint,” Jacqueline states, illustrating the delicate balance between maintaining quality and managing costs (26:32).

The narrative highlights the resilience of small businesses and the tangible impacts of inflation on both producers and consumers. Jacqueline’s ability to adapt without losing patronage underscores the community's support but also hints at the broader sustainability issues facing artisanal establishments.

Notable Quote:

Chef Jacqueline Margulies: “When each delicate souffle is ready, it's all a wonder.” (24:40)

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6. Brief Update on Gold Prices

In a concise update, Kai Ryssdal mentions the significant rise in gold prices, noting that “Safe haven Gold topped $3,000 an ounce at one point today. Closed just shy the shiny yellow metal is up 14% year to date” (27:12). This surge reflects investors' search for stability amid economic uncertainties.

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Conclusion

This episode of Marketplace vividly captures the multifaceted challenges facing the U.S. economy, from international trade tensions and their ripple effects on the stock market to critical issues in the housing market and support for local agriculture and food security. Through expert analysis and personal stories, Kai Ryssdal provides listeners with a nuanced understanding of how interconnected global policies and domestic economic trends shape everyday lives.

Final Thought: As President Trump's tariff strategies continue to provoke global responses and economic reverberations, the episode underscores the importance of adaptability and resilience among businesses and consumers alike. Whether navigating rising costs in essential goods or the fluctuating tides of mortgage rates, the path forward remains uncertain yet pivotal for sustained economic health.

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Timestamps Reference:

• G7 Meeting & Global Trade: 02:08 - 06:59
• Stock Market & Consumer Confidence: 05:33 - 08:57
• Mortgage Rates & Home Buying: 09:03 - 12:31
• USDA Funding Impact: 12:56 - 21:59
• Egg Inflation & Cafe Jacqueline: 22:48 - 26:45
• Gold Prices Update: 27:12

Transcript

[Wanda Sykes]

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[Kai Rysdal]

It'S only been five days in this economy, right? Because it sure feels like longer. From American public Media, this is Marketplace.

[Jennifer Pak]

Foreign.

[Kai Rysdal]

In Los Angeles. I'm Kyle Rysdal. It is Friday today, the 14th of March. Good as always to have you along everybody. I think it's fair to say the economic weeks are all starting to run together. Can't really tell one from t'other, but by golly, we are going to try. David Gur is at Bloomberg. Anna Swanson is at the New York Times. Hey you two.

[David Gur]

Hey Kai.

[Anna Swanson]

Hey Kai.

[Kai Rysdal]

David, remind us where you are.

[David Gur]

I am in Charlevoix, Quebec, which is where the G7 foreign ministers were meeting this week. So I'm about two hours north of Quebec City on the St. Lawrence Seaway.

[Kai Rysdal]

Give us the global economic vibe, would you? Vis a vis these United States.

[David Gur]

Total stupefaction at what's happening here, mixed with outrage and bewilderment. You know, tariffs and trade policy were not on the official agenda for this meeting. A lot of focus on Russia, Ukraine, the Middle East. But this was the backdrop and everyone was just kind of looking at their feet wondering how the geopolitical terrain had shifted and changed so much. And also looking at the United States, this long standing ally of all of these countries, obviously member of this multilateral alliance and just wondering what's caused this, why is it happening and what's going to happen next? How much is this going to continue ratcheting up?

[Kai Rysdal]

Yeah, I laughed when you said stupefication because that's really the only word I can think of. Anna Swanson the question is, of course, with that as the backdrop, President Trump is playing a global game of chicken with the American economy as sort of the all in stakes. And I guess my question to you is, he keeps saying, I'm not gonna change my mind. No exclusions, no nothing. And the question is, really?

[Anna Swanson]

Yeah, yeah. Well, yeah, I mean, he is certainly full steam ahead on his tariff threats for now. He said that a lot more are on the way to in April, he's implying that really big global tariffs go into effect. But he said that exemptions undercut the power of his tariffs and he's vowed not to do that this time. But honestly, I think it's hard for the President to resist the deal making impulse. It's hard for him to resist trying to use tariffs as leverage. And it seems like he seems almost everything as a source of leverage in negotiations. He has a very transactional view of the world. So you've gotten into these situations where he is putting on very aggressive tariffs, but in some cases he's rolling them back, moving forward with them. And it's created just this very uncertain situation for businesses and for investors.

[Kai Rysdal]

David, to the stock market now. And of course, you know, the stock market is not the economy. They are, however, you know, very close cousins, it does seem to me. And look, the President's people all say, no, no, no, he's not watching the stock markets, which honestly I kind of don't believe. Let me rephrase that. I don't believe it at all. Forget the kind. They are mutually exclusive. Right. Keeping the markets calm and keeping these tariffs on or whatever he's doing. They are mutually exclusive.

[David Gur]

Yeah. I think what you're seeing in the stock market, and it's been a wild ride this week, is just increasing unease with what Ana was just describing. That is the President's affection for putting tariffs on and taking them off and threatening more of them. And I think you're seeing just kind of a general unease among people who are in the stock market, who are paying attention to the economy, just sort of wondering where all of this is headed. So you're right to issue your usual caveat about the stock market not being the economy. But I think that it's telling us that there is this sense that things aren't happening the way that people want them to happen and can pull back even more. We're hearing from big companies, from big box retailers, from grocers, that it doesn't take long for these tariffs to have real world effects and for companies to worry about getting access to certain products, getting access to materials, worried about how much they're going to cost and how that's going to be transmitted to consumers. So all of it's happening. And I think the stock market is a prism through which we can see the effect that's having not just on the economy, but on just regular folks who are kind of reckoning with what's happening here.

[Kai Rysdal]

So without extending the metaphor too far here, Ana, we're in a trade war. We have become the aggressors in this trade war. Nobody wins a trade war. But I guess my question to you is, what does losing a trade war look like?

[Anna Swanson]

Well, you know, there may not be any winners, but there are definitely winners. And some countries lose more, there are definitely losers, and some countries lose more than others. Right. And so I think that's the bet that the President is making, that other countries are more reliant on the American market than we are on them. And that's certainly true in the case of countries like Canada and Mexico. Like, unfortunately, they're just kind of saddled to the US Market and just very dependent for exports to the United States. It's a little bit less true when you're thinking about countries that are more distant and big, like the European Union and China. And so you have seen some countries that are willing to try to call the President's bluff by retaliating. China, Europe. You've also seen Canada, you know, kind of standing up for itself. Right. Probably maybe be more because of a domestic political situation. And so countries are taking different routes. Some are, you know, holding their firepower for now, others are retaliating. And you are getting into these tit for tat cycles of tariffs that are really quickly escalating. And those costs are, you know, adding up for, for companies that depend on trade.

[Kai Rysdal]

David. On that, on that, you know, those costs adding up. And let me get back to the stock market real quick here. Obviously, just the disclaimer, again, it's not the economy, but damage is being done to the real economy that is now manifesting in the markets. Do you agree or disagree?

[David Gur]

I agree with that. And I think you and I talk a lot about all different kinds of data. But I think the so called soft data, the sentiment data is really crucial here. And we got some of that today from the University of Michigan. And we're seeing consumers who are worried about their prospects for saving and for the economy more generally. And then I think what's really concerning beyond that is their sense of where inflation is headed, their sense that inflation is going to stay elevated, go higher. That's a really damning indicator and one I think obviously the Fed is going to take notice of as they kind of plot their next steps here. Yeah. Just having real ramifications and I think it's leading to more and more damage the longer this goes on. And we heard talk of an adjustment period or a period of transition. That sounds like something that's quick and immediate. But I think what we're beginning to see here kind of in contours is it might not be that fast. It might be something more prolonged that could have more lasting effect.

[Kai Rysdal]

Ana, on that consumer confidence number out of the University of Michigan. Interesting to me that the concern, one of the concerns expressed was concern about the labor market. I think the greatest concern about the labor market like since the Great Recession.

[Anna Swanson]

Yeah. And you know, it still seems like the labor market is fundamentally healthy, but private, but hiring has slowed. And you know, I think people think that growth could cool somewhat this year. There's also, you know, rising sort of predictions of the chance of a recession. You know, so as we're saying, you know, it's some of this is vibes, but vibes translate into real economic activity from consumers and from businesses. And so that that matters. And that could really determine some of the course of what we see over the coming months here.

[Kai Rysdal]

Vibes do matter. Ana Swanson at the New York Times, David Gurr at Bloomberg north of the Border this week. Thanks you two.

[Anna Swanson]

Thank you.

[David Gur]

Thank you.

[Kai Rysdal]

Have a nice weekend. Wall street on this Friday, up for the session, down for the week. Details, numbers when we get as we head into spring, traditionally the most active season for home buying and selling, there is some heartening news. Mortgage rates have fallen seven of the past eight weeks, down from just over 7% in mid January. And that itself was down from almost 8% in late 2023. While not wanting to look a gift horse in the mouth and acknowledging that the current 30 year fixed rate of 6.6 ish percent is still painful, what is going on? We asked Marketplace's Mitchell Hartman to find out.

[David Gur]

So how is this spring home buying season gonna go? Depends who you ask.

[Anna Swanson]

When we ask people to describe their local housing market.

[Wanda Sykes]

Doomed, inflated, crazy.

[David Gur]

That's Erica Giovannetti at U.S. news & World Report, which just released its spring homebuyer survey. What's most striking, she says the disconnect.

[Wanda Sykes]

Between where home buyers want rates to.

[Anna Swanson]

Be and where rates actually are.

[Wanda Sykes]

It is just simply unaffordable to buy at current rates and home prices.

[David Gur]

For many, many people, though, mortgage rates have edged down lately. Says Zillow economist Orfeh Divongui. And buyers have more options than they.

[Kai Rysdal]

Had a year ago.

[Anna Swanson]

It's the most homes for sale of.

[Kai Rysdal]

Any February since 2020.

[David Gur]

But remember, all real estate is local. Israel Hill is a broker in Portland, Oregon. What we're seeing here, a frenzy of activity, very limited inventory and multiple offers. Those that can't afford it are just saying, okay, you know what? I'm going to make my move. I've been waiting for too long. But at the national level, the U.S. news survey finds four out of five buyers won't act until rates fall further. And says Erica Giovannetti, a quarter of.

[Anna Swanson]

Those who are waiting want to see rates below 5%.

[Wanda Sykes]

That is not forecast to happen at all in 2025.

[David Gur]

It's challenging, to say the least, to figure out what direction mortgage rates will move in. Guy Sakala at Inside Mortgage Finance says right now mortgage rates are falling for a not very favorable reason, the stock market tanking as a result of the Trump administration's economic moves, particularly the tariffs. He says any improvement in the economic outlook could push mortgage rates up again. His best guess is that rates settle close to 6% later this year. And as for holding out for the rates we saw a few years ago, 3 or 4% mortgages, I don't think we're going to see that in the foreseeable future. I'm Mitchell Hartman for MarketPL.

[Kai Rysdal]

Schools and food banks around the country have been able to get tons of fresh produce and fresh meat from small local farms the past couple of years thanks to federal funding. But that money is coming to an end. The Department of Agriculture is canceling the two programs that paid for all that fresh local food, totaling more than a billion dollars worth of contracts for small farmers and ranchers and fishermen. Marketplace's Samantha Fields. How's that one?

[Samantha Fields]

Running a small family farm that turns a profit isn't easy. Emma Johnson's family has owned one for decades. I'm actually a fourth generation farmer. She and her husband run Buffalo Ridge Orchard with her parents on 80 acres in Central City, Iowa.

[Jennifer Pak]

We grow a lot of apples and we do grow some pears. And then we grow from A to Z all of the different vegetables.

[Samantha Fields]

Recently, they've been selling a lot of their produce to local schools and food banks through these USDA programs, about $65,000 worth. And this season we are anticipating for those numbers to grow because the budget had grown. Instead, there's suddenly no budget for those programs, which means Johnson and her family are scrambling to figure out where else they can sell all those fruits and vegetables. Their contracts with schools and food banks were going to be about 25% of their income this year.

[Jennifer Pak]

That's jobs, that's staff. That's our ability to even have a.

[Samantha Fields]

Profit for the season. In Pennsylvania, E. Nicole Taylor says she's also scrambling to figure out how the Great Valley School District, where she's a food service supervisor, is going to fill the sudden hole in its budget. They've been using federal funding to buy local meat, milk and produce for school lunches.

[Anna Swanson]

The meals that our students receive today.

[Jennifer Pak]

Are not the meals that I received.

[Wanda Sykes]

When I was growing up.

[Samantha Fields]

Now, she says they may have to shift their budget around, cut somewhere so they can afford some fresh local food.

[Anna Swanson]

But there are some things that we're.

[Jennifer Pak]

Just not going to be able to offer our students.

[Samantha Fields]

Families that rely on food banks will see a difference, too. Paco Velez runs Feeding South Florida, and he says buying locally has really changed what they can offer.

[David Gur]

You name it, it's grown here in Florida. We get asparagus, we get broccoli, we.

[Samantha Fields]

Get strawberries, we get blueberries, plus eggs, salmon and yogurt. Without this USDA funding, the food bank will have less variety and just less food, period.

[David Gur]

As the government starts pulling out, then it leaves a huge gap. So the first thing that came to mind is how are we going to do this? How are we going to ensure that as an organization we're doing everything that.

[Samantha Fields]

We can to fill that gap? I'm Samantha Fields for Marketplace.

[Wanda Sykes]

Coming up, the eggs, they went up, up, up, up, up.

[Kai Rysdal]

Egg prices have bakeries in a. All right, fine, I'll go there. Scramble. But first, let's do the numbers. Dow Industrials up 674 today. 1 1/2% finished at 41,004. 88. The NASDAQ added 451 points. 2.6%. Closed at 17,754. The S&P 500 gained 117 points. 2 and A 10%. 56 and 38 there for the five days gone by. We should change the music here, I think. The Dow fell 3 and a 10%. The Nasdaq subtracted 2 and 4, 10%. The S&P 500 down 2 and a quarter percent. PepsiCo bubbled up 2. 10% today after Bloomberg reported it's in advanced talks to buy the prebiotic soda brand Poppy for a billion and a half dollars. We just talked about that the other day. Poppy and the prebiotics Gut pops, I think they're called Rob of Coca Cola fizzed up about a tenth of 1%. Cosmetic retailer Ulta Beauty popped 13 and 2/3% today after reporting fourth quarter sales and profit came in above Wall street estimates thanks to strong holiday season demand. Bond prices fell. When that happens, the yield goes up. The Yield on the 10 year treasury note, 4.31% to end the week. And you are listening to Marketplace.

[Wanda Sykes]

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[David Gur]

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[Kai Rysdal]

This is Marketplace. I'm Kai Rysdal. The tariff retaliatory tariff life cycle is alive and well as you know, and it is thriving in the US China bilateral trade relationship. One extremely relevant factor though is that we buy way more stuff from China than China buys from us. The trade deficit last year was nearly $300 billion. President Trump has of course urged Chinese consumers to buy American, which would in turn boost U.S. exports. But getting those Chinese consumers to spend more is not easy. Marketplace's Jennifer Pack has more from Shanghai.

[Jennifer Pak]

At a Starbucks in Shanghai, Cathy Guo sips an iced lemon tea. Coming from the Chinese countryside. She says she couldn't afford to buy anything American until she got to college. It was a KFC meal. I had a part time job then. I remember how good the KFC sundae tasted but then immediately regretted it because I worked hours just to afford that meal. Her consumption upgraded after she entered the workforce in 2010, when trade between the US and China was booming. I used to buy iPhones. I've had the iPhone 4, 5, 6 and 7. When she became a mom, she pivoted to spend on her child Dutch milk powder, higher quality meat at Sam's Club, and even a trip to Shanghai Disneyland. But then Guo lost her office job in Shanghai. I said to my daughter, mommy doesn't have a job right now. Can we spend less if we go to the movie theater? How about we don't have a big meal afterwards and just eat noodles? High unemployment, trade tensions and the property crisis have made people spend more cautiously. Consumption last year contributed 45% to China's economic growth, down from 58% just before the pandemic. Officials have offered subsidies for people to upgrade anything from cars and fridges to cell phones. But, says Calvin Lam, senior China economist with Pantheon Macroeconomics in London, what they have done so far in terms of.

[Kai Rysdal]

Boosting domestic demand is always seen as.

[David Gur]

Underwhelming by market participants.

[Jennifer Pak]

He says investors shouldn't be surprised by this if they've paid attention to statements from China's leader Xi Jinping.

[Samantha Fields]

He prioritizes China developments by putting all the resources in narrowing the technology gap.

[Jennifer Pak]

Between China and the U.S. chinese officials have long preferred to help companies instead of handing out cash to consumers, says the China director of Eurasia Group, Wang Dan. They believe that companies can provide long term, steady stream of income, and if you subsidize consumers, they tend to become lazy.

[Kai Rysdal]

They enjoy using this phrase, we're not.

[Samantha Fields]

Going to raise lazy Chinese.

[Jennifer Pak]

When the US imposed new rounds of tariffs on Chinese exports this month, China's premier, Li Qiang announced in a government report that domestic demand should be a key driver of growth.

[Kai Rysdal]

We will vigorously boost consumption and investment.

[David Gur]

Returns and stimulate domestic demand across the board.

[Jennifer Pak]

He announced more subsidies like rebates to encourage people to buy more. But boosting consumption won't be easy. Chinese consumers tend to save a lot over 30% of their disposable income by some estimates, for education, housing, retirement and healthcare. Again, economist Kelvin Lam basically, China has.

[Samantha Fields]

Got very limited social safety nets.

[Jennifer Pak]

As for newly out of work Cathy Guo, she and her family now rely solely on her husband's salary. My husband used to save about 70% of his salary, but now that I don't have a job, we spend almost all of it on things like their mortgage, car loan and children's education, but not so much on buying stuff. Whether Chinese or American In Shanghai. I'm Jennifer Pak for Marketplace.

[Kai Rysdal]

The good news about egg inflation is that the price of a dozen is down about 15% over the past couple of weeks. The bad news about egg inflation is that even with that decline, the price of a dozen is still up about 170% from a year ago. Data courtesy of the U.S. department of Agriculture. So restaurants and bakeries are adapting their recipes and raising their prices. This next story is about a small business where eggs are their bread and butter. If I can mix my metaphors. It's a one of a kind cafe in a city famous for its restaurant scene. And it's a place that might soon be extinct. Not entirely, though, because of the price of eggs. Mary Beth Kirchner takes us there.

[Wanda Sykes]

At Cafe Jacqueline in San Francisco, the menu is all souffles, leek, mushroom a leek and mushroom, souffle, broccoli, brie, both entrees and desserts. We're gonna get gruyere and what's the dessert? Chocolate. An 88 year old chef, Jacqueline Margulies, whips up every single one. What does souffle mean in French? Really? Souffle is bleu, is something that puffs up, which is what glossy egg whites do like magic, elevating everyday eggs into a fragile, towering masterpiece. Jacqueline opened her cafe 45 years ago in a former shoe repair shop in San Francisco's storied North beach neighborhood, a hub of Italian restaurants and culture. Everybody said Italian neighborhood. You're going to put souffle. What is a souffle? Over four decades later, she's still making at least 25 exquisite souffles a night for her nine table restaurant.

[David Gur]

A hush falls over the table.

[Wanda Sykes]

Matt Weimer is the only waiter here. He's been a cafe Jacqueline for 30 years. Matt says he loves these moments when the conversation just stops.

[David Gur]

It's such a beautiful thing. They're in mid sentence. This thing sits on the table and they just. And I love that. Now you like me to serve or you like to dive right in?

[Wanda Sykes]

The menu, the decor, nothing's changed. There's no website. You have to leave a phone message on their answering machine to make a reservation. In San Francisco, a tech hub with 28 Michelin starred restaurants, Cafe Jacqueline is an anomaly. It's as low key and low tech as it gets. You have no website. Have you ever looked online to see. So look, they list the hours and then there are pictures of souffles. Look at these, Jacqueline.

[David Gur]

Wow. It's very nice.

[Wanda Sykes]

Jacqueline and Matt are busy with other priorities. It's almost 5:30. It's time to rock and roll. Jacqueline works in a galley sized kitchen. She's whisking, beating, folding for five hours a night without a break. She's tiny, 4 foot 11, and her oven is over 6ft tall. So when she opens the oven door for each souffle, it looks a bit like she's lifting a carry on into the overhead of an airplane. And when each delicate souffle is ready, it's all a wonder. Especially because Jacqueline fell and broke her shoulder just a few months ago. But within a couple weeks, the doctor said, oh, mondieu, she healing so well. Another week or so, you can go back to work. I said, that's very nice. And now her latest obstacle, the eggs. They went up, up, up, up, up. A case of eggs went from $75 a year ago to 230. Now that's over a 200% increase. Some loyal customers like Alex and Taggy Lee started to fret.

[Samantha Fields]

Somehow she manages to materialize her eggs.

[Wanda Sykes]

She, she has good juju.

[Anna Swanson]

Everyone else can go without their eggs.

[Wanda Sykes]

Shaqueleen needs the eggs. She raised prices a few months ago. $5 more per souffle. So far, not a single complaint.

[Anna Swanson]

I will be devastated when this isn't an option anymore.

[Wanda Sykes]

When will chef Jacqueline put down her whisk? I don't want to be falling into my eggs. I don't know when I will hang my apron is part of you. Jacqueline Margulies turns 89 next month. I'm Mary Beth Kirshner for Marketplace.

[Kai Rysdal]

This final note on the way out today. We don't do a whole lot of precious metals on this show, but here's a quick update on the original. Safe haven Gold topped $3,000 an ounce at one point today. Closed just shy the shiny yellow metal is up 14% year to date. As you know, things have been happening in this economy. Our theme music was composed by BJ Lederman. Marketplace's executive producer is Nancy Fargoli. Donna Tam is the executive editor. Neil Scarborough is vice president and general manager. And I'm Kai Rysdal. Have yourselves a great weekend, everybody. We will see you again on Monday. All right, this is APM.

[Jennifer Pak]

Consumer confidence had its sharpest monthly decline since 2021, which means we're all in our fields about money. And while uncertainty is the only constant these days, it's also a great reason to get serious about understanding personal finance. I'm Janelie Espinal, host of Financially Inclined, a podcast from Marketplace that makes learning about money simple. Learn about practical skills like negotiating job offers, dealing with money and friendship and love, entrepreneurship and student loans. Get serious about your money and build a life you've always dreamed of. Listen to financially inclined wherever you get your podcasts.