Crypto Cheers For US ‘Crypto Reserve’ & RIP Skype

Summary

Morning Brew Daily: Crypto Cheers For US ‘Crypto Reserve’ & RIP Skype

Release Date: March 3, 2025
Hosts: Neal Freyman and Toby Howell

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1. Neal Freyman Returns from Vietnam

After a refreshing week-long trip to Vietnam, Neal Freyman is back to co-host the Morning Brew Daily Show. Neal shares highlights from his journey, emphasizing the vibrant motorbike culture in Ho Chi Minh City and an enriching cooking class experience. He fondly recalls the breathtaking views from the peak in Hong Kong, stating, “It was probably the most breathtaking view I have ever seen. Better than the Grand Canyon” ([00:45]). However, the trip wasn’t without its downsides, as Neal mentions the “15-hour flight back from Hong Kong to New York City” being a significant challenge ([02:03]).

2. Trump’s Establishment of the US Strategic Crypto Reserve

A major highlight of the episode is President Trump’s groundbreaking announcement to establish a US Strategic Crypto Reserve, fulfilling a campaign promise aimed at positioning the US as the crypto capital of the world. This reserve includes major cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana, and Cardano, leading to a significant market rally. Neal notes, “Bitcoin had dipped below $80,000 to a three-month low, but jumped 10% on the back of the announcement” ([04:08]).

Market Reactions and Controversy:
The announcement triggered a surge in crypto valuations, pushing the total market cap back over $3 trillion. Cardano, in particular, saw an impressive increase of over 60%. However, this move sparked controversy within the crypto community. Neal critiques the inclusion of tokens like XRP and Solana, questioning the necessity of a crypto reserve for what many don’t consider “a critical resource” ([04:58]). Toby adds, “There is a conflict of interest there. There's a conflict of ethics there as well” ([05:51]), highlighting concerns about potential favoritism towards crypto donors linked to Trump’s campaign.

Industry Feedback:
Coinbase CEO Brian Armstrong expressed caution, stating he was “still sifting through the details” and suggested that perhaps only Bitcoin should have been included due to its relative stability compared to other more volatile cryptocurrencies ([05:51]).

3. Shifting US-Russia Relations and Corporate Implications

The hosts delve into the evolving dynamics between the US and Russia under the Trump administration. Despite past tensions and significant withdrawals of American companies from Russia, recent warming gestures suggest a potential thaw. Neal discusses the low likelihood of a mass return, citing economic challenges in Russia such as soaring inflation and high-interest rates ([09:41]). Toby concurs, noting that “Even energy companies are pretty scarred,” referencing ExxonMobil’s substantial financial losses from ceasing operations in Russia ([10:42]).

4. Microsoft Phases Out Skype

Microsoft has officially announced the sunsetting of Skype by May 2025, urging users to transition to Microsoft Teams instead. Neal reminisces about Skype’s early days, acknowledging its pioneering role in video conferencing but lamenting its inability to maintain market dominance against competitors like FaceTime and Zoom ([12:35]). Toby reflects on Skype’s impact, stating, “Even as recently as 2017 it was still being used in high-profile scenarios,” but acknowledges its decline in the face of more robust alternatives ([13:15]).

5. Weekend Highlights: Oscars and Mijue Ice Cream IPO

Oscars Recap:
The episode covers the recent Academy Awards, where the film "Anora" swept the top categories, including Best Picture, Best Original Screenplay, Best Film Editing, and Directing. Despite its accolades, Neal points out the film set a record for the “worst domestic box office performance for a best picture award” with only $15.6 million in North American ticket sales ([17:15]). Toby adds context, highlighting the shift in Best Picture winners, noting, “The best picture category has slowly shrunk over time” ([18:03]).

Mijue Ice Cream and Tea’s IPO:
Mijue Ice Cream and Tea, now the largest food and beverage chain globally with 45,000 locations, made a significant splash by going public in Hong Kong at a $10 billion valuation. Neal shares the impressive first-day trading jump of 40% and the founders' newfound billionaire status ([19:13]). Toby elaborates on the company’s business model, emphasizing their cost-competitive pricing and robust supply chain, which have been pivotal in their rapid expansion ([20:29]).

6. Upcoming Week’s Economic Outlook

The hosts anticipate a pivotal week dominated by President Trump’s enforcement of tariffs on China, Canada, and Mexico, set to take effect on March 4th. Neal cites concerns from industry leaders like Ford CEO Jim Farley, who warns that these tariffs will “blow a hole in the US Auto industry” ([22:41]). Toby mentions the Treasury Department’s consideration of an affordability council to mitigate potential inflationary impacts on consumers ([22:41]).

Additionally, the February jobs report is expected on Friday, serving as a critical indicator of the US economy’s health post-election. Retail giants like Target and Costco are slated to release their earnings, providing further insight into consumer confidence and spending trends ([23:12]).

Trump’s Upcoming Address:
On Friday evening, President Trump is set to deliver his first speech to a joint session of Congress. The hosts anticipate a blend of celebration for his administration’s early actions and potential drama reminiscent of past addresses, such as the 2020 State of the Union ([24:09]).

7. Cultural Events: South by Southwest and Mardi Gras

The episode briefly touches on significant cultural events happening that week. South by Southwest (SXSW) in Austin, Texas, is highlighted as a major convergence for film, media, tech, and music enthusiasts. Concurrently, Mardi Gras in New Orleans is poised to be a vibrant and chaotic celebration as the city gears up for Lent ([24:29]).

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Notable Quotes:

• Neal Freyman ([00:45]): “It was probably the most breathtaking view I have ever seen. Better than the Grand Canyon.”

• Neal Freyman ([04:08]): “Bitcoin had dipped below $80,000 to a three-month low, but jumped 10% on the back of the announcement.”

• Toby Howell ([05:51]): “There is a conflict of interest there. There's a conflict of ethics there as well.”

• Neal Freyman ([12:35]): “Microsoft is putting all of its eggs into Teams, which is what this is all about.”

• Toby Howell ([18:03]): “The best picture category has slowly shrunk over time.”

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Conclusion

This episode of Morning Brew Daily offers a comprehensive overview of significant developments in the cryptocurrency landscape, international trade relations, corporate strategy shifts, and cultural milestones. Neal and Toby provide insightful commentary on how these events shape the current economic and social environment, making the episode a valuable listen for those looking to stay informed on pressing issues.

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Transcript

[Neal Freyman]

Good morning Brew Daily Show. I'm Neal Freyman.

[Toby Howell]

And I'm Toby Howell.

[Neal Freyman]

Today pour one out for the OG video calling brand because Microsoft is killing off Skype.

[Toby Howell]

Then Trump is establishing a US strategic crypto reserve. Find out which tokens made the cut. It's Monday, March 3rd. Let's ride. Neil. Back in the saddle. I've been spreading lots of salacious rumors explaining your absence over the past. So if anyone asks how your time working as a backup dancer for Bruno Mars was, just roll with it. But in reality, glad you took a much deserved break that you spent on a week long trip to Vietnam. Give us a quick rose and thorn from your time away.

[Neal Freyman]

Okay, first of all, shout out to you and and for holding down the fort. You guys did a great job. So I have a couple of roses. Vietnam is an incredible country. I encourage everyone to go. The first is the motorbike and scooter culture of Ho Chi Minh City. It is crazy. It is as advertised. So when you call an Uber there, it's actually grab. It's not a car for the most part, it's a scooter. So some person comes and then you just hop on the back and it's a little nerve wracking as first but then you realize that it is the really the best way to get around the city. Then in another city we did a cooking class shout out van for your incredible teaching skills. We went to the market to get all these fresh ingredients came back and I learned how to cook. So I will definitely be cooking up some shaking beef for you, Toby. And then finally we did a quick stopover in Hong Kong on the way back. And a rose. There was definitely the peak. There's this mountaintop where you look over the city and it was probably the most breathtaking view I have ever seen. Better than the Grand Canyon. Better than anything else. It was, it was astonishing. And then I guess, okay, we'll talk about a thorn. That was the 15 hour flight back from Hong Kong to New York City. It is a long flight, but I tried to mitigate that by just crushing movies. I watched three Conclave Before Sunrise and Apocalypse Now. All three were excellent murders a row right there.

[Toby Howell]

Well, it is great to have you back. Glad you got some R and R. And yes, I will take you up on that shaking beef offer. Now a word from our sponsor, Invesco qq. Question for you, Neil. If you could time travel to the future, what's the first thing you do?

[Neal Freyman]

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Rethink possibility with Invesco QQQ before investing, consider the fund's investment objectives, risk charges and expenses. Visit Invesco.com for prospectus with this information. Read it carefully before investing. Full disclosures in the description of this podcast While the traditional finance world was sleeping over the weekend, Trump announced a move that set the crypto world on fire the establishment of a US Strategic crypto reserve. The announcement follows through on a campaign promise from Trump and furthers his pledge to position the US as the crypto capital of the world. It also provides a shot of adrenaline for the crypto market that had been in a post election funk. Bitcoin had dipped below $80,000 to a three month low, but jumped 10% on the back of the announcement. Etherium, XRP, Solana and Cardano also jumped double digits on the news that they were to be included in the reserve, with Cardona soaring more than 60% alone. If those names sound familiar, they're all part of the eight biggest cryptocurrencies by market cap, whose post announcement rallies helped push the total market cap of the industry back over $3 trillion. Neal After Trump took office there was all this enthusiasm around crypto, but outside of the SEC dropping some investigations and the launch of some meme coins, there wasn't a whole lot of action. But now here is some action along with some controversy.

[Neal Freyman]

Perhaps the timing was not a coincidence, with Bitcoin falling 28% from its peak. What even is a strategic reserve? Well, it's typically stock of a critical resource that you can tap during emergency times, times of crisis, when you need this, when you need access to this resource. Probably the best known example is the US Strategic Petroleum Reserve, which we set up after the Arab oil embargo in the mid-70s. That is oil. You know, it kind of runs our, runs our energy system and at the moment, so that is, you know, an example of something that you would probably have a strategic reserve of. Canada has a strategic reserve of maple syrup. China has one of pork, metals and grains. So the big question is why do we need a one for bitcoin, which I don't think anyone would consider a critical resource?

[Toby Howell]

It is more probably the fact that it was a campaign promise. This was floated over the campaign trail by Trump saying that maybe a strategic bitcoin reserve would, would be something that he would establish once in office. Which is why I said there's some controversy around this, because it's not just bitcoin. In this strategic reserve, there are coins like xrp, there are coins like Cardano Solana in it. And so that is leading to questions because those are not decentralized currencies at all. There's founding teams there, and there's a lot of crypto donors from those neck of the woods, essentially, that gave money to Trump's campaign. And now here he is turning around in essentially pumping those bags of those crypto holders, which led to a lot of pushback, saying, like, hey, these are the wealthy donors that helped propel you to a victory in the election. And now here you are including some of the tokens that will increase their wealth here. There is a conflict of interest there. There's a conflict of ethics there as well.

[Neal Freyman]

And even those, those criticisms were coming from people in the crypto community. Coinbase CEO Brian Armstrong tweeted after this, this news came out that he was still sifting through the details. And again, we don't know a ton of details. We're probably going to get more of those. On Friday, the Trump administration is hosting this big crypto summit at the White House, the first ever. And Brian Armstrong said, I probably would have just done bitcoin because it is the least volatile of these, of the crypt, of these crypto currencies. The ones you mentioned are quite volatile, though. They're smaller than bitcoin, and thought was that, that it would just be bitcoin. So, yeah, certainly pushback from the crypto community saying this is, you know, another setback for us in our, our, our goal to legitimize this industry.

[Toby Howell]

It does feel like Trump's pro crypto agenda has pretty much come into focus now. We have deregulation, we have the SEC dropping lawsuits. I mean, xrp, which, you know, is associated with Ripple, went from an SEC lawsuit to now part of a strategic crypto reserve in the span of a few months. So that's been a big 180. And then also you have just this establishment of a national reserve. So it seems like the boxes that he wanted to check when it comes to crypto have now been checked.

[Neal Freyman]

And meanwhile, yeah, crypto prices have skyrocketed in response to this. The total market cap of crypto gained $300 billion yesterday after this announcement. The weekend's news was dominated by the fallout from Ukrainian President Volodymyr Zelensky's astonishing and very public blow up with President Trump and Vice President J.D. vance in the Oval Office on Friday. Shell shocked. European leaders gathered on Sunday to craft a plan to provide security for Ukraine against Russia as the US Support for Kiev appears to have reached a low point under the Trump administration. Declaring we are at a crossroads in history, UK Prime Minister Keir Starmer said his country and France formed a coalition of the willing that would boost military spending and put boots on the ground to defend Ukraine in the event of a pause in fighting. Meanwhile in the US While Trump's team is lambasting Ukraine, they appear to be warming up to Russia as they work together on a cease fire deal that sidelines Europe. And this sudden thawing of an icy relationship raises an interesting question. Would American companies that pulled out of Russia when it invaded three years ago return? Trump and his top lieutenants seem to be hoping so. A week ago, Secretary of State Marco Rubio hyped up the quote, pretty unique, potentially historic economic partnerships between US Companies and Russia. Trump himself said, it's a great thing if we settle this. It's great for Russia too, because we could do deals there. Russian President Vladimir Putin also welcomed the idea, saying he'd be open to cooperation with US Companies. Toby this would be a stunning reversal. More than 1,000 multinational corporations scampered out of Russia in 2022. And Western countries have placed heavy economic sanctions on business dealings in Russia. Would American CEOs consider going back?

[Toby Howell]

Not that many companies seem too eager to reenter the market for a variety of reasons. One, Russia's government obviously still has incredible influence over the economic outcomes that happen in the country. To inflation is still rearing pretty unchecked there in this war environment, wartime environment. Interest rates are also uncomfortably high. They're pushing 21% right now to try to cool off and not send the country into hyperinflation. And there is some issues with just the rule of law. It only exists kind of in theory in Russia. So all of those are not that welcoming to a multinational corporation to set up shop and do business there. Really outside of the energy sector, there's not a ton of companies that are saying yippee ki yay, I want to get back into Russia here. So even though that we're hearing this dialogue floated, I don't know if we're going to see a flood of those thousands of multinational corporations reentering this market.

[Neal Freyman]

Most of those companies that left were doing, you know, about 1% of their global revenue in Russia before the war. I think the biggest one that I can think of is McDonald's, which had 9% of its global revenue in Ukraine and Russia. McDonald's severed ties. So did so many, you know, American brands that pulled out, so they weren't doing a ton of business in Russia beforehand. Now that the economy, you know, is, is soaring, inflation and interest rates are at 21%. It does not appear like, yeah, they're going to be rushing back. There could be opportunities for the energy industry, as you mentioned, to go. And they were the biggest multinational players in Russia even before the war started. And there are reports out from the Financial Times that a Putin ally and an ex Russian spy was courting American investors to restart or to start up the Nord Stream 2 pipeline, which delivered natural gas from Russia to Germany. So I have to watch what happens on the energy front, but I think.

[Toby Howell]

Even energy companies are pretty scarred. I mean, go back to 2022. ExxonMobil took a $4.6 billion charge against earnings in that year for discontinuing the work that it was doing in Russia. So even big oil companies are going high. There's just a lot of scar tissue there as well. And then even if we go back to before this war broke out, Russia was not that big of a trade partner for the United States in general. They have about the same amount of trade with the US that we do with Belgium. So it's not this massive, massive market, even though it is a large market in the global scheme of things. With the US there wasn't that much deal being done in 2021. There was $36 billion of trade, which again, resembles the trade that we do with Belgium. So who knows, even if there is this rhetoric coming from this administration that we do want to open up business in Russia again, I don't know if the juice is worth the squeeze when it comes to Russia. Just before the weekend, Microsoft announced that it is planning to sunset its video conferencing app Skype by May, telling its users to switch to teams instead. And I tell you what, Neal, I haven't seen someone blow a head start this badly since The warriors choked a 3:1 lead. Founded all the way back in 2003. Skype was Zoom before there was Zoom, offering high quality long distance voice and video calls. It made its way onto Oprah as her app of choice for video interviews and racked up millions of users before finding its way into Microsoft's loving corporate and base for eight and a half billion dollars, the biggest acquisition ever at the time. Unfortunately, it turned out to be more Internet explorer than YouTube in terms of success. Its overall glitchiness left it vulnerable to challengers like FaceTime and WhatsApp. And eventually Microsoft began phasing it out. Neal, in a world now dominated by teams. Google Meet Zoom, FaceTime, WhatsApp. Skype was the OG, but one that never quite hit its stride like many thought it would.

[Neal Freyman]

Yeah, the writing was on the wall here. Microsoft CEO Satya Nadella, who wasn't the one who bought Skype, that was Steve Ballmer. He hadn't mentioned Skype on an earnings call since 2017. This was a long sunset period, like those long winter sunsets. And you know, Microsoft, you mentioned teams, that this is what this is all about. Microsoft is putting all of its eggs into teams, which is the workplace messaging software that saw a big bump during COVID and it's leaning, you know, it's basically just bundling everything into that, which is what Microsoft does. So if you are not a fan of teams, then get on board because everything that Microsoft does is getting thrown into teams at this point.

[Toby Howell]

I do just want to give Skype its props though, because in our current world we don't even realize the fact that it is pretty magical that you can talk to someone across the world with really high quality voice and video calls. But at the time it was this huge unlock for startups because it was usually only Fortune 500 companies that could afford the setups that could have good quality video with someone across the world. But now here was this very cheap option and it was supposed to supercharge productivity, which it did to an extent. Ebay actually originally bought it. It wanted to use it to help, you know, buyers and sellers connect. They thought it would lubricate, you know, this online economy and it didn't quite work. That was also considered a pretty big write down for the business. And then Microsoft swept in because they saw like a similar vision for it and it just didn't quite hit its stride. So even though I will say even as recently as 2017 it was still being used. Trump used it to field questions from journalists at the White House. So as recently as 2017 it was still being used in high profile scenarios. But now you're right, it's just been eaten alive by Microsoft. Teams has been eaten alive by WhatsApp, eaten alive by Facebook or Facetime so it had a big peak but you know poor one out for for Skype. Up next, it is time for our winners of the weekend.

[Neal Freyman]

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[Toby Howell]

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[Neal Freyman]

In my experience, a few things stand out like leading by example, taking risks and being passionate.

[Toby Howell]

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[Neal Freyman]

That's definitely a match made in heaven.

[Toby Howell]

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[Neal Freyman]

Explore the Range Rover Sport at range Rover.com US/Sport that's rang range Rover.com/US/Sport welcome.

[Toby Howell]

To our Winners of the Weekend segment where Neil and I picked two stories that had a better weekend than Neil drinking in the sights and sounds of Ho Chi Minh City. Neil, I won the pre show contest of who did the most shows last week, so I am up first. My winner of the weekend is a Nora because the Academy Awards were last night, but they may as well have been renamed the ANORA Awards. The movie took home the night's top prize for Best picture while also snagging Best Original Screenplay, Best Film Editing and Directing, making director Sean Baker the first to win four Oscars in one night for the same film, including Best Picture. And on top of all that, 25 year old Mikey Madison also won Best Actress for her role in the film. Though it may not have felt like it. Other movies were honored last night. Adrian Brody won Best Actor for his role in the Brutalist. Kieran Culkin won Best Supporting Actor, meaning he is suddenly halfway to an egot. Zoe Saldana Won best supporting actress for her role in Amelia Perez, which had a muted night outside of winning best original song as well. And box office hits Wicked and Dune 2 snuck in to win two awards each. Neal Conan was pretty funny. The movies were good this year and we'll have to see about the viewership numbers, but it seemed like overall a pretty solid night for the Oscars.

[Neal Freyman]

Well, congrats to Anora. The big problem is that no one saw it. It actually set the record for the worst domestic box office performance for a best picture award. Outside of the pandemic, it brought in $15.6 million in ticket sales here in North America. And that is not a lot at all. There is a glaring absence of big blockbusters in the best picture category. The only two that brought in, you know, sizable ticket sales were Wicked and Dune too. And then the other big blockbuster of the year, which was inside out to brought in $1.7 billion. It was beat by by a much, much, much smaller movie flow for best animated picture. So that was. That is the big cloud hanging over the Oscars that will anyone watch? Because no one watched the movies that they were being honored.

[Toby Howell]

I know. How about this stat courtesy of the Big picture podcast. From 1997 to 2004, every Best Picture winner gross at least $100 million at the domestic box office. In the 20 years since then, only five movies have made that much. So you are right, the best picture category has slowly shrunk over time. That being said, though, Anora was made on a $6 million budget. That is the third lowest ever, adjusting for inflation. The only ones lower are Marty, which was this film back in 1955, and moonlight in 2016. So it's not a financial failure. It just was a small budget movie that had a small, you know, domestic footprint. That being said, though, I do think there was some excitement around this. I mean, Wicked and Dune too were two large films there. They didn't win as many awards as, you know, I wanted them to. I think Dune 2 should have been up for a lot more nominations. Timothy Chalamet was way better than in that, than a complete unknown. So that's just my own personal horse there as well. And Conclave, which is the movie you saw, we both agreed should have won a little bit more. But I think overall it was a pretty solid night. People liked Conan. He kept the show moving, was funny. So I think this will be seen as a relative success for the Oscars.

[Neal Freyman]

My winner of the week is Mishway. And if you're wondering what the Heck, Amish way is a, you don't live in China, and B, it's recently become the biggest food and beverage chain in the world. Mijue Ice cream and tea has expanded to 45,000 locations across Asia and Australia by the end of last year, toppling McDonald's and Starbucks as the fast food chain with the most stores in the world. And today it aimed to supercharge that growth by going public in Hong Kong at a valuation of about $10 billion, the biggest in a series of bubble tea companies that have IPO'd in recent years. So what do you get when you order from Michael? Really sugary drinks and ice cream on the cheap. Like really cheap. Its signature products, like lemon water and a fresh ice cream cone start at about 25 cents, delivering value at a time when Chinese consumers and college students in particular are tightening their wallets and looking for discounts. And it also helps that Mishra has got a lovable mascot, Snow King, which the Wall Street Journal describes as a lovechild of Frosty the Snowman and Michelin man. Similar to McDonald's Grimace, Snow King has become a favorite subject of memes on social media, allowing the company to embed itself in Chinese pop culture. Toby the only thing that could derail this company is broken ice cream machines.

[Toby Howell]

This is an incredible company. I mean, it's reviving hopes that Hong Kong can have a solid IPO market again. There was a ton of demand for this ipo and I do think that it is just a company that a lot of people should begin to know about it. I haven't heard of me say before this, but 45,000 shops across the world is a massive. Generally what they do is on the compete on price. They're about half as expensive as most of its peers for, you know, similar product. But also they're just a supply chain juggernaut. Since 2007, they've been establishing these raw material factories across, you know, China. They've built out these robust production factories. They also grow their own fruit. All of this in the hopes of just creating a supply chain that can get product to anywhere in China within 12 hours. When you have 45,000 stores, you do need that supply chain mastery. So that is essentially its business model is they sell straws to their own franchisees, they send equip equipment to their own franchisees, and that is where they're getting most of their money from. So expansion is the name of the game for them. And expand they have.

[Neal Freyman]

And the their first day was off to a great start. They jumped 40% in their first day of trading in Hong Kong. And these two brothers who run this company and the one guy who started it are now filthy rich. They are absolutely bubble tea billionaires. They are worth a combined $8.1 billion after this IPO. That's more than former Starbucks CEO Howard Schultz. Okay, on Wednesdays we wear pink, and on Mondays, we preview the week ahead. And let's dive right in, because the upcoming week could be seismic for the global economy. President Trump's tariffs on China, Canada and Mexico, which had been delayed for a month, are scheduled to go into effect tomorrow, March 4th. Canada and Mexico have been feverishly trying to make Trump happy to avoid crippling 25% tariffs. And it may be working because yesterday Commerce Secretary Howard Lutnick implied those rates could be lower, calling it a fluid situation depending on the extent of the tariffs. Supply chain chaos is expected for many American companies, especially for carmakers. Ford CEO Jim Farley said that tariffs on Mexico and Canada would, quote, blow a hole in the US Auto industry.

[Toby Howell]

Yeah. Scott Bessant also said the Treasury Department is looking into potentially appointing an affordability SAR to address some of these inflationary pressures. So there is always the fear that these tariffs will jack up prices for consumers. So they're trying to. The Trump administration is trying to say, hey, we are looking into creating an affordability council to make sure that these tariffs don't hit everyday Americans that hard. But again, there's always the asterisks here. Let's see if these tariffs actually go into effect or if they're just another device to gain concessions from trade partners like Canada and Mexico.

[Neal Freyman]

And even without tariffs, it'll be a key week for gauging the health of the US Economy. The February jobs report drops on Friday, the first since Doge has taken a chainsaw to the federal workforce. And retailers like Target and Costco will report earnings at a time when consumer confidence is fading.

[Toby Howell]

We had this all you can eat buffet of economic data last week. Existing home sales, jobless claims, GDP data, consumer confidence. It all painted a rather uncertain picture. Now, let's throw in a jobs report and some bellwethers of consumer spending like Target and Costco. It should be a fun week.

[Neal Freyman]

Tomorrow evening, President Trump will deliver his first speech to a joint session of Congress. This would typically be known as the State of the Union address, but it's not officially officially designated as that for a president's first speech to Congress. Little civic lesson for you in the address. Trump is expected to celebrate the shakeup he's given Washington in his first 40 days in office and lay out his plans for the year ahead. But if his last State of the Union is any indication, it could get a little rowdy.

[Toby Howell]

Yeah, there will be some pageantry. There will be some made for TV moments. If you recall last State of the Union like you mentioned in 2018, there was Trump kind of avoiding Nancy Pelosi's handshake and then Pelosi theatrically ripping up Trump's remarks behind them. So you are right, there will be some drama if there's any indication based off of, you know, his previous state.

[Neal Freyman]

That was in 2020. The timeline is true. Two very different festivals are taking place this week. First is south by Southwest, the film, media, tech and music festival in Austin, Texas that your friend with the job title of creative director is probably going to. And tomorrow is Mardi Gras, the last day before the start of Lent. So New Orleans is going to be a madhouse.

[Toby Howell]

Who is the person who is going to both? I want to be that person actually. Just a little south by Southwest and then a lot of Mardi Gras.

[Neal Freyman]

Let's wrap it up there. Thanks so much for starting your morning with us and have an awesome start to the week. For any questions, comments or feedback, send an email to Morning Brew daily@morning brew.com and if you're enjoying the show, share it with a friend, a family member or coworker. Toby who should everyone listening share it with today?

[Toby Howell]

I want you to share the podcast with a friend you haven't seen in a while, maybe a week when they are in Vietnam or if they're just someone you haven't seen in general. Send the pod as a chance to reconnect.

[Neal Freyman]

Let's roll the credits. Emily Milian is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Eugen is our technical director. Garrett Peck is on audio, hair and makeup. Missed out on an Oscar last night. You'll get him next time. Devin Emery is our Chief Content Officer and our show is a production of Morning Brew.

[Toby Howell]

Great show today, Neil. Let's run it back tomorrow.