Wells Fargo Can Grow Again & Google Sounds Alarm on Salesforce Hackers

Summary

Morning Brew Daily: Episode Summary Release Date: June 5, 2025

Hosted by Neal Freyman and Toby Howell, this episode of Morning Brew Daily delves into significant developments in the business world, including Wells Fargo's resurgence, a looming rare earth mineral crisis affecting the automotive industry, and cybersecurity threats targeting major retailers. Additionally, the show explores intriguing statistics in their "Numbers" segment and wraps up with critical national and international headlines.

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Wells Fargo's Comeback: Lifting the Asset Cap

After seven tumultuous years marked by regulatory penalties and internal scandals, Wells Fargo has been granted relief by the Federal Reserve. The Fed has lifted its asset restrictions, effectively ending a punitive measure that had limited the bank's growth and cost it an estimated $39 billion in profits.

Neal Freyman provides an overview:
"After more than seven years on the Federal Reserve's naughty list, Wells Fargo is finally free. Starting this week, the Fed lifted its asset restrictions on the bank, ending a rare and long-running penalty that had stunted its ability to expand and cost the bank an estimated $39 billion in profits." [04:34]

The asset cap had been imposed since 2015 following revelations that Wells Fargo employees had opened approximately 3.5 million unauthorized customer accounts to meet aggressive sales targets. This misconduct led to severe regulatory scrutiny and a damaged reputation.

Under the leadership of CEO Charlie Scharf, a protege of JP Morgan CEO Jamie Dimon, Wells Fargo has restructured its operations and culture. Neal adds:
"Jamie Dimon said, 'I'm very bullish on Wells Fargo. This is not only good for Wells Fargo, but for the industry overall.'" [06:45]

Despite overcoming these hurdles, Wells Fargo faces the challenge of catching up with its peers, as it missed out on significant growth opportunities during its restricted period. However, with the new leadership and lifted restrictions, the bank is poised to become a more profitable entity within Wall Street.

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Rare Earth Minerals Shortage Threatens Auto Production

A critical shortage of rare earth minerals, essential for manufacturing magnets used in electric vehicles and other advanced electronics, is causing global automakers to brace for production halts. China, which controls over 90% of the rare earth mineral market, has ceased exports of these vital components since April, citing retaliation against U.S. tariffs.

Neal Freyman highlights the severity:
"Without the magnets, they simply can't make cars and would have to send workers home and turn the lights off." [10:18]

This shortage mirrors the 2021 semiconductor crisis, but with potentially broader implications across multiple industries. Major manufacturers like Ford have already been impacted, with temporary closures of key plants. The automotive sector is particularly vulnerable, given its reliance on these magnets for electric vehicle motors and other essential features.

Toby Howell discusses potential workarounds:
"One option is you literally just start building engines over there. Another option which is just a horrible option is you partially finish an engine, send the whole engine over to China, have just a dime or nickel size rare earth magnet installed, and then send that back to the US..." [09:23]

These solutions, however, conflict with U.S. policies aimed at reshoring manufacturing and reducing dependency on Chinese imports. Automakers are thus caught in a dilemma, balancing supply chain constraints with national economic goals.

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Google Alerts: Salesforce Hackers Targeting Retailers

Google's Threat Intelligence Group has issued a warning regarding a sophisticated hacking campaign targeting Salesforce users. The hacking group employs voice phishing (vishing) tactics to deceive employees into revealing login credentials or installing malicious versions of Salesforce tools.

Neal Freyman explains the impact:
"Retailers are taking a massive hit from these hacks. Marks and Spencer expects to lose $400 million in operating profit because it can't sell anything online." [12:54]

Companies such as Adidas, Victoria’s Secret, Cartier, and North Face have reported similar attacks, leading to significant financial losses and operational disruptions. The nature of these attacks—relying on social engineering rather than exploiting software vulnerabilities—highlights the ongoing challenge of securing human elements within cybersecurity frameworks.

Toby Howell adds:
"Hackers are not easy to get rid of once they've wormed their way into your business. You may have to completely shut down and rebuild systems to eliminate threats." [14:38]

This situation underscores the importance of comprehensive cybersecurity measures that include employee training and robust verification processes to prevent such breaches.

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Numbers Segment: Fascinating Statistics

Scottsdale, Arizona: The Fastest Growing Millionaire Hub

Scottsdale has surged to become the fastest-growing millionaire hub in the United States, with its high net worth population increasing by 125% between 2014 and 2024. Supported by the booming tech industry, companies like GoDaddy, Carvana, Intel, and TSMC have established strong presences in the area.

Neal Freyman notes:
"Scottsdale also has leisure amenities loved by wealthy retirees like sunny weather, an infinite number of places to get plastered resorts and elite golf courses." [17:38]

In contrast, Austin, Texas, previously the top contender, has fallen out of the top five due to a tech slowdown and increased competition from other cities.

Surge in Cannabis Use Among Older Americans

Cannabis consumption among individuals aged 65 and older has skyrocketed by nearly 46% from 2021 to 2023. The increase is particularly notable among women and those with annual incomes exceeding $75,000, indicating a shift in social perceptions and lifestyle choices.

Toby Howell observes:
"It's not just for the youth as well, because teenagers' use has remained flat while other age groups have seen significant growth." [20:00]

Health experts caution about the potential risks, including interactions with medications and impaired cognitive functions, emphasizing the need for further research.

Sherwin Williams’ Least Popular Hue: Radiant Lilac SW0074

Sherwin Williams has spotlighted its least popular paint color of 2025, Radiant Lilac SW0074. Despite its rich and inviting shade, the color saw fewer than 1,000 gallons sold last year, attributed to homeowners' reluctance to adopt bold color choices.

Neal Freyman comments:
"Radiant Lilac had the fewest gallons sold of any hue in the Sherwin Williams portfolio last year." [22:05]

Design experts suggest that while Radiant Lilac may not align with current trends favoring natural and organic tones, it holds potential in specific design styles such as 70s retro and bold minimalism.

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Final Headlines

President Trump's Tax Bill Faces Scrutiny

The Congressional Budget Office (CBO) has projected that President Trump's expansive tax cuts and spending package will add $2.4 trillion to the U.S. debt by 2034. The bill’s implications include a significant reduction in tax revenues and an increase in the number of uninsured Americans due to cuts in Medicaid.

Neal Freyman summarizes:
"The CBO found that the bill would cut spending by $1.3 trillion in the coming decade, but reduce tax revenues far more than that." [23:07]

Despite passing narrowly in the House, the bill faces substantial opposition in the Senate, with some GOP lawmakers criticizing its potential to exacerbate national debt and economic instability.

Trump Administration Implements New Travel Ban

President Trump has announced a travel ban affecting citizens from 12 countries, including Afghanistan, Haiti, and Iran, aiming to enhance national security and combat terrorism. The ban excludes current visa holders, lawful permanent residents, and travelers participating in upcoming international events like the World Cup or Olympics.

Toby Howell explains:
"The proclamation won't apply to current visa holders, lawful permanent residents, or travelers coming to the US for the upcoming World Cup or Olympics." [24:06]

This move is anticipated to face legal challenges but differs from previous implementations through more meticulous legal preparations to withstand judicial scrutiny.

Unexpected Evacuation in Cologne, Germany Due to WWII Bombs

Residents of Cologne experienced a large-scale evacuation when three unexploded World War II bombs were discovered in the city center. Over 20,000 people were relocated to ensure safety as specialists worked to defuse the devices.

Neal Freyman recounts:
"More than 20,000 people were evacuated from part of the city so that specialists could come in and defuse the three unexploded US bombs from World War II." [27:34]

While such discoveries are not uncommon in Germany, the scale of this evacuation was unprecedented since the war's end, causing significant disruptions, including the postponement of numerous weddings.

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Conclusion

This episode of Morning Brew Daily provides a comprehensive look at pivotal events shaping the business and economic landscape. From the rebirth of a banking giant and the vulnerabilities in global supply chains to emerging cybersecurity threats and intriguing societal shifts, hosts Neal Freyman and Toby Howell deliver insightful analysis and engaging discussions to keep listeners informed and ahead of the curve.

Transcript

[Toby Howell]

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[Neal Freyman]

Good Morning Brew Daily Show I'm Neal Freyman.

[Toby Howell]

And I'm Toby Howell.

[Neal Freyman]

Today, after seven years of sleeping in the garage, Wells Fargo gets invited back into the house.

[Toby Howell]

Then hackers have been using a sophisticated voice phishing operation to steal customer data from retail companies. It's Thursday, June 5th. Let's ride.

[Neal Freyman]

Happy Switch to release day Nintendo's highly anticipated follow follow up to its best selling Switch console hit websites and stores around the world at midnight. And if you do not have one in your hands right now, you might be out of luck. Walmart, GameStop and BJ's have apparently sold out of their inventory, at least online, but they in Target say they'll have limited stock in physical stores. Over in Japan, the frenzy is even bigger. About 2.2 million people in that country alone entered a lottery system to secure a preorder, and that was after imposing rules like you needed to log 50 hours of gameplay on the Switch to even participate. Toby, find someone who looks like you. The way Nintendo fans look at the Switch too.

[Toby Howell]

They are coming out in droves for this thing. A Verge writer who lives in a town with a population of just 65,000 people documented his experience waiting in line to get his Nintendo Switch, and he said his local Best Buy had a line 400 people deep before the Switch even came out. That is some crazy demand. Nintendo expects to sell 15 million units in one year, but you might want to take the over on that. It's great news for electronics retailers too. Like BJ's, like Walmart, like Best Buy. It's their Super Bowl. They're having all these people come out in droves if the super bowl only happened once every eight years and now a word from our sponsor LinkedIn ads. All right, Neil, quiz time. What's the difference between an ad that gets ignored and one that drives results better creative? That's part of it, but the other part is who the audience is. You can have the best creative in the world, but but if you're barking up the wrong tree, you're not going to see any conversions.

[Neal Freyman]

That is where LinkedIn comes in. With 130 million decision makers and 10 million C level execs, all part of LinkedIn's 1 billion member network, you have a lot of trees to bark up.

[Toby Howell]

And since you can filter by job title, company, industry and even seniority, you can slice and dice your audience to make sure you're finding the trees that you want.

[Neal Freyman]

It strips down guesswork so you can get higher return on ad spend and cut out annoying advertising waste.

[Toby Howell]

Save those vocal cords. Don't bark up the wrong tree and go to LinkedIn.com/me to learn more. That's LinkedIn.com MBD after more than seven years on the Federal Reserve's naughty list, Wells Fargo is finally free. Starting this week, the Fed lifted its asset restrictions on the bank, ending a rare and long running penalty that had stunted its ability to expand and cost the bank an estimated $39 billion in profits. This saga dates back to 2015, when Wells Fargo was the bell of the banking world. Its rise to become the country's most viable bank was fueled by a high pressure sales culture where compensation was tied to revenue goals. But aggressive sales targets ultimately incentivize employees to open around 3 1/2 million fake or unauthorized customer accounts from 2009 to 2016. What followed was an unprecedented tidal wave of regulatory crackdowns, the harshest being the Fed imposed asset cap that barred the bank from growing its balance sheet beyond $2 trillion until it was able to clean up its act. It took a while, but Wells Fargo has gotten its act together under a new CEO, Charlie Scharf, earning the Fed's blessing to get back to business as usual. That means the now fourth largest bank in the country can freely take deposits, make more loans and look into acquiring companies once more. Now, this has been a long comeback for Wells Fargo that has involved rebuilding its tarnished reputation and fixing deep rooted cultural issues at the bank. Now we'll see if it has any gas left in the tank after years of being stuck in neutral, because it sure has a lot of ground to make up.

[Neal Freyman]

I mean, observers say this was the harshest penalty ever doled out on Wall street, capping your growth. And it really did cap Wells Fargo's growth because over the years when it was under this penalty, banks grew immensely. Average annual deposits at US banks grew by more than a third from 2019 through 2024. Meanwhile, wells average annual deposits because it couldn't grow. Them were just up over that same time frame. Remember, this was when the Fed issued unprecedented amount of stimulus during the COVID 19 pandemic. This was the 2023 regional banking crisis when a several smaller mid sized banks went under and JP Morgan and the bigger banks were there to swoop in more deposits. Wells Fargo missed out on all of that and now it is far behind its trading revenue. Investment banking fees last year were about the same as what J.P. morgan earned from those same businesses in just the fourth quarter. Al, it's got some catching up to do, but it does seem like in a prime position to be now one of the more profitable banks on Wall street now that it has its ducks in order.

[Toby Howell]

I do just want to go back to when this punishment was handed down. An analyst at Piper Sandler said it was almost like a ghost story you would tell children to scare them, but not something you would actually see in practice. This asset cap was just a very scary thing. And initially, actually it was thought to be maybe this quick undertaking where Wells Fargo could get its actual back in order relatively quickly. And actually after the punishment was handed down, some analysts actually upgraded the stock because they thought they would be done and dusted within the year. It drew on much longer than that. More and more things started coming out about how rotten the Wells Fargo Fargo culture was. They got hit with a $1.7 billion fine from the Consumer Financial Protection Bureau as well for how they were handling mortgage and auto loans. So it was just this whole thing where they needed to switch the culture out, stop incentivizing these employees to fabricate these customer accounts and just get back to becoming a bank that people could trust once more. And so it's taken seven long years, but they're finally back to the point where they feel like they can reset and start growing their business again.

[Neal Freyman]

And the prognosis looks pretty good if you listen to Jamie Dimon, who's the JP Morgan CEO. He actually handpicked the Wells Fargo CEO Charlie Scharf out of college to be his protege. He worked with diamond to build what is now the modern JP Morgan, the biggest bank in the world. Charlie Scharf then went to Visa where he doubled that stock price in four years and he went to BNY Mellon and then he went to Wells Fargo for this cleanup job. So he is going, he has been in the background perhaps of Wells of Wall Street CEOs just because he's been mopping the floors for seven years now. He's ready to hit the stage he's 60. And Jamie Dimon said, I'm very bul on Wells Fargo. This is not only good for Wells Fargo, but for the industry overall. But you have to think in the back of his mind, he's saying, well, we have a serious competitor now to deal with.

[Toby Howell]

Yeah, I do think that the biggest thing that Wells Fargo can do now to get back on its feet is cut down some costs. The bank had hired 10,000 employees across its risk and control groups to try to address some of these regulatory issues. So last year, it spent two and a half billion dollars more on those groups than compared to 2018. So they can finally trim that headcount down. They don't need so many people working on these regulatory issues, and they can actually start making money for the business instead.

[Neal Freyman]

Moving on. Honk if you need rare earth minerals. Global automakers are leaning on their horns to get anyone to pay attention to an impending crisis. They're going to have to pause production at plants in the coming days and weeks because they're running out of the magnets made by rare earth minerals necessary to make cars. This impending manufacturing catastrophe be back in April when China halted exports of rare earth magnets, a key input for literally every piece of advanced electronics in the world. Cars, planes, cell phones, robots, data centers, weapons. If it has a motor, generator or sensor, it requires a magnet made by rare earth minerals. The problem is that China has a stranglehold on these components, controlling more than 90% of the market. And the Chinese stopped shipping those internationally two months ago, reportedly in retaliation for Trump's tariffs. Now companies stockpiles are dwindling, dwindling, and without new supply, they say they're going to have to shut down factories imminently. The rare earth shortage would be most devastating to the auto sector, the largest buyer of these magnets. Without the magnets, they simply can't make cars and would have to send workers home and turn the lights off. It's already happening. Last week, Ford temporarily closed its Ford Explorer SUV factory near Chicago due to a lack of magnets. Toby, shades of the 2021 chip shortage here that devastated auto production. Are there any workarounds?

[Toby Howell]

Yeah, the workaround here is you need rare earths. China is not sending you them. So what do you do? You go and set up manufacturing for auto parts in China. You start building your engines over in China, which is diametrically opposed to, you know, the Trump administration's goal of reshoring American manufacturing. But when you have such a critical component of the supply chain being kind of constricted by China, you're going to have to get creative with it. So one option is you literally just start building engines over there. Another option which is just a horrible option is you partially finish an engine, send the whole engine over to China, have just a dime or nickel size rare earth magnet installed, and then send that back to the US which again is not cost effective, not efficient whatsoever. So these workarounds are pretty much working very much against the U.S. administration's goals of trying to bolster auto manufacturing inside our borders.

[Neal Freyman]

And it's just incredible what these magnets go into. It's literally everything. There are as many as 12 magnets in a single luxury car seat. They're also into high end speaker systems. So it's potentially, you know, automakers could just say, okay, well we can't make, you know, souped up cars anymore. You're not getting adjustable seats, you're getting downgraded speakers. Because we just simply can't make these cars with the necessary requirements because we don't have magnets. So they are pleading. And it's not just the United States automakers. European automakers have also had to idle factories over the past few weeks because China's halted these shipments, not just to the United States, but all around the world. So they are pleading with China to open up these shipments back. But it just shows, this goes to show how incredible a hand China has in this trade war because I mean, there's nothing more powerful than holding these magnets because they are the entire world's Achilles heel. Without them, you can't make a single piece of advanced electronics.

[Toby Howell]

Yeah, and that's maybe what will happen is that you'll start downgrading your electronics. One option is to revert back to older electric vehicle motor technology, which is less efficient. Efficient and less cost effective, but doesn't rely as much on rare earth magnets. So that's not a great solution. And the other solution is just produce more gas powered cars, which also necessarily isn't great for companies who have fuel economy standards to try to meet emissions standards to try to meet. So they are between a rock, a hard place and a rare earth mineral. And right now, China does hold all the cards. Google's Threat Intelligence Group is sort of like an IT department for the whole Internet. And IT just issued a warning telling companies to be on the lookout for a sophisticated hack. Hitting 20 businesses across the US and UK in recent weeks, a hacking group has been impersonating IT personnel in tricking people into revealing login info or installing a copycat malicious version of a Salesforce tool. So far, the Network has attacked 20 companies, mostly by calling up employees, pretending to be their friends over at IT Support and nicking some sensitive credentials in the process. Google's report didn't name specific companies, but it follows a rash of reports from Adidas, Victoria's Secret, Cartier and North Face that they've been facing cyber attacks in recent weeks. Now, if you're a frequent Salesforce tool user, don't be alarmed. The issue isn't tied to any inherent vulnerability in its software. It's more tied to inherent vulnerabilities and humanity software as the hackers have relied on voice phishing campaigns and social engineering to gain access to customer info. So, Neil, Google has put out the bat signal here to remain vigilant as these hacks keep coming and they don't stop coming.

[Neal Freyman]

I mean, these retailers are taking a massive hit from these hacks. Marks and Spencer, which is a UK retail retailer, expects to lose $400 million in operating profit because it can't sell anything online. It's been going on for weeks and it doesn't expect its e commerce site to get back up until July. So that whole area of its business is just completely offline. Victoria's Secret website had been offline for multiple days. It just got it up recently, but it just lost millions of dollars in sales. Retailers are kind of a sitting duck in the cybersecurity space. They are very ripe for hacking. They're going to target any industry with high transaction volumes, which retailers have. They have tight margins as well, so they're not going to maybe invest in cybersecurity the way other companies would, and they just have tons of customer information because what do you do every single time you buy something? You type in all of your personal information so they can send it to you and you give them your credit card information. So retailers are, are just kind of sitting there, right, for, for hacking. And Google is putting out this call saying, stay vigilant. Yeah, the damage is already done.

[Toby Howell]

And the issue here too is that it's not easy to get these hackers out of the system once they've gained access through legitimate credentials. And so you are seeing companies literally turning things off and turning them back on again, like Victoria's Secret, who had to take their website down because you can't necessarily fix things. You have to stop attackers from getting deeper into your network. So you oftentimes do just shut down and totally delete systems basically to reset and build them back up. So, yeah, it is a massive headache because hackers are not easy to get rid of once they've wormed their way into your business. Up next, We Got News Number.

[Neal Freyman]

Have you ever been served an ad that you were just the absolute wrong audience for?

[Toby Howell]

Absolutely. That ad for a lawnmower, as someone who lives in a yardless New York City apartment, definitely wasn't meant for me.

[Neal Freyman]

Well, you may have seen your last one of those. It's all thanks to LinkedIn ads, which help marketers reach the right professionals with the right ads.

[Toby Howell]

With LinkedIn ads, you'll get access to their network of 1 billion plus professionals and you can even target your buyers by job title, industry, role, seniority and company.

[Neal Freyman]

And you'll reduce ad waste, which saves you a lot of time and money.

[Toby Howell]

Try it out for yourself. LinkedIn will even give you a $100 credit. To help you get started. Just go to LinkedIn.commbd that's LinkedIn.commbd this message is a paid partnership with Apple Card I'm a person who really appreciates simplicity, and when it comes to credit card rewards, the simpler the better. That's one of the many reasons I have an Apple Card. The rewards are super straightforward. I earn up to 3% d cash back on my everyday purchases. There are no points to calculate, no limits or deadlines. Plus it's super easy to access my card and make payments from the Wallet app of my iPhone. If that sounds like the kind of simplicity you want in a credit card, apply for Apple Card in the Wallet app on your iPhone. Subject to credit approval. Apple Card issued by Goldman Sachs Bank USA Salt Lake City brands, terms and.

[Neal Freyman]

[e-mail] welcome to Neil's Numbers, the segment where I share three stats from the week's news that will have you going well actually to your friends all weekend. My first number is the fastest growing millionaire hub in the country. Think you know what city it is? Scottsdale, Arizona According to a new report by Henley and Partners, the bachelor party capital of the United States is also home to the fastest growing millionaire population of any American city, with its population of high net worth individuals growing by 125% between 2014 and 2024. The desert city near Phoenix has gained thousands of new millionaires thanks in part to the growth of the tech industry in the region. Godaddy and Carvana are headquartered in the area, and intel and TSMC have growing presences. Scottsdale also has leisure amenities loved by wealthy retirees like sunny weather, an infinite number of places to get plastered resorts and elite golf courses. But perhaps Just as interesting as Scottsdale. Topping the list is noting which city was replaced. Austin, Texas. Last year, Austin was named the fastest growing millionaire hub in the country. However, it's not even in the top five this year. Texas is capital boomed during the pandemic as a number of tech companies opened up offices there. But it's lost some of its luster due to the tech slowdown and more competition from places like Scottsdale and Tampa. You can see this playing out in the luxury home market. During the time period studied in the report, about one in four homes in Austin was listed in for $1 million or more, compared to the more than 50% of properties listed for $1 million or more in Scottsdale. Toby, a Phoenix suburb is rising.

[Toby Howell]

It is rising right now and it does have a lot of millionaire residents. 14,800 by Henley and Partners estimation, which is solid. That's more than West Palm beach, which was second place over the last decade with 112% growth in high net worth individuals. But then if you just zoom out and you look at like the true concentrations of where millionaires actually live, you look at the Bay Area, which came in at number three on the list, which is so impressive because that the bay area has 342,000 millionaires who live there, 82 billionaires, 756 centi millionaires as well. So just in terms of the scale, that's a lot of Scottsdale's worth of millionaires that are living in the Bay Area.

[Neal Freyman]

This report measured the fastest growing ones in Scottsdale is truly rising. What is not rising besides Austin, Texas is Connecticut for Connecticut, Greenwich and Darien. They were on these lists for many, many years, but they've been. They've completely dropped off the list entirely. And that's because people are just going to Florida. West Palm beach was the second fastest growing one. Miami was number four. So you're seeing this exodus of richer people from Greenwich and Darien down to the east coast of Florida and the desert of Arizona. My next number may explain why visits to your nana increasingly include ripping a bong. U.S. marijuana use among people age 65 or older surged nearly 46% from 2021 to 2023, according to a new study in JAMA Internal Medicine. Seven percent of older Americans say they use cannabis in the past month, compared to 5.2% in 2022, 4.8% in 2021, and less than 1% in the mid-2000s. The upswing can probably be explained by cannabis being legalized in more states as well as the social Stigma wearing off for taking cannabis to deal with chronic pain, stress, or other conditions afflicting America's seniors, health experts are warning this increased use comes with risk. After all, there's a lot more THC in cannabis nowadays than when boomers were toking up at Woodstock as teenagers decades ago. In an editor's note accompanying the study, three geriatricians wrote that cannabis can complicate the management of chronic diseases, interfere with other drugs people are taking, and impair the senses and cause accidents. So more research into the benefits and risks are needed. But one thing's clear, Toby Pot is just not for the youth anymore.

[Toby Howell]

It's not just for the youth. It's increasingly for older, richer women specifically, too, because the increase was more pronounced among women than men and was also more pronounced among among adults with annual incomes over $75,000. So it does really look like that stigma factor has totally changed. And now, you know, these older women are just kind of sitting on their porch and smoking some weed, whether medicinally or recreationally. It is not just for the youth as well, because there was this other survey that found that cannabis use in the US has been increasing, but not actually amongst teenagers. This research looked at data on more than 500,000 people's cannabis habits during different time periods from 2013 to 2022, and teenagers was flat while everybody else's cannabis use was growing as well. So it is this fascinating thing where it is making its way upwards in the AIDS ranks and staying the same or even dwindling amongst the youths.

[Neal Freyman]

My final number is a listener submission from Valeria, so you have her to thank for this one. And she alerted us to the fact that Sherwin Williams, the paint company, has begun to spotlight its loneliest hue of the year, meaning the hues that were the least popular among customers. For 2025. That hue was Radiant Lilac SW0074. Despite being a rich, inviting purple, Radiant Lilac had the fewest gallons sold of any hue in the Sherwin Williams portfolio last year. Out of the millions of paint gallons the company tints per year, there were less than 1,000 gallons of radiant Lilac made. Design experts say it's probably because homeowners are a cautious bunch and purple is a bold choice that's hard to pull off. Like, if you do purple wrong, people may never come over your house again. Still, the folks at Sherwin Williams think Radiant Lilac shouldn't scare you off if you are thoughtful about it. This hue works really well if you're going for a 70s retro vibe. Paired with olive and mustard yellows and walnut wood tones. Radiant Lilac would also shine in design styles ranging from Art Deco, mid century modern, Scandinavian, and bold minimalism. Toby, I really like this marketing initiative. It's smart to highlight the ugly duckling, but explain why it's been overlooked.

[Toby Howell]

Looked. Yeah, I don't like this at all.

[Neal Freyman]

I love it.

[Toby Howell]

A lot of designers kind of, once this press release came out, started saying how they would use it, and some of them said Radiant Lilac is terminally outdated. Obviously, it's very intimidating, too, to try to put this outdated color in multiple places. Also, it's just not trendy at all right now. These kind of pastel shades are very much out. There's very much more of a focus on these natural, organic tones, you know, deeper greens, deeper browns, etc. And radiant lilac just doesn't fit at all with that. The other color story that we've talked about on the show before, though, is Pantone names a color of the year each year, and this year it's Peach Fuzz. And so I started looking at color Theory, and Peach Fuzz and Radiant Lilac actually pair quite well together. They're both sort of muted. Their low saturation levels help them blend without clashing. Also, it's a nice warm and cool balance. So you can take the most popular color of the year year and the least popular color of the year and actually make some magic out of that. And I kind of like that that is the case here.

[Neal Freyman]

I'd probably need to call up a professional because those two together, oh, my God, it would be a disaster. Okay, let's sprint to the finish with some final headlines. The hits keep coming to President Trump's big, beautiful bill. The nonpartisan Congressional Budget Office calculated that the massive tax cuts and spending package would add $2.4 trillion to US debt by 2034, giving more ammo to critics like Elon Musk who say the bill would bankrupt the country for future generations. Specifically, the bean counters at the CBO found that the bill would cut spending by 1.3 trillion in the coming decade, but reduce tax revenues far more than that. 3.75 trillion would also cause the number of people without health insurance to rise by 10.9 million from cuts to Medicaid. The new figures may dim the bill's chances in the Senate, where it can't lose many Republican votes votes. But some GOP lawmakers already say they're voting against it, with Senator Ron Johnson yesterday calling the bill immoral and grotesque and demanding changes.

[Toby Howell]

Yeah, the Trump administration has kind of repeatedly dismissed this CBO estimates. They're saying it's inaccurate because they are saying it doesn't account for any boosts to the economy that the bill might create through these tax cuts, which could offset some of those revenue losses. I mean, Treasury Secretary Scott Besant said last month, I'm not worried about the US Debt dynamics because a swelling GDP will ease the burden. So he's projecting higher growth can help offset some of these things. But, yeah, this bill narrowly passed the House last month. It now faces a lot of opposition in the Senate. It's probably going to look like a totally different bill by the time it gets out there. But the CBO is one other data point that critics can take and say, hey, this is going to increase our debt too much. We don't necessarily want this. We don't want to. We want to do more for deficit reduction. We don't want to add to the deficit. President Trump also announced a travel ban on 12 countries yesterday and a partial ban on seven others, saying it was necessary to bolster national security and combat terrorism. The ban will fully restrict citizens from the likes of Afghanistan, Haiti, Iran and other mainly African nations, while Cuba, Turkmenistan, Venezuela and others will have a partial restriction. The White House says that the countries targeted by the ban either have high visa overstay rates or don't adequately vet or share security information about their citizens when traveling to the U.S. the proclamation won't apply to current visa holders, lawful permanent residents, or travelers coming to the US for the upcoming World cup or Olympics. The organizers have grown increasingly uneasy about Trump's immigration policies. Neil, this is likely to face legal challenges, just as a similar order did from his first term. But until then, the travel ban is set to go into effect on Monday the 9th.

[Neal Freyman]

This is a little different than the last time they did this. Seems like they have their legal ducks a little more in order. They Trump, one week into office, ordered this travel ban from majority Muslim countries. And it was, remember, it was chaos at the airports. No one knew what was going on because it was implemented so hastily that went through years of litigation. The Supreme Court upheld the legality once the Trump administration provided justification for it. It looks like they're taking their time and getting their legal ducks in a row so that it will survive more legal challenges here. Of course, human rights advocates are still upset about this, especially from places like Sudan, which is engulfed in a civil war. And you have people who are leading Sudanese human rights organizations saying it was just another indication of the Trump administration being inconsiderate to the suffering of those people. So, yes, it may say it may face legal challenges, but it's not like the first time with all of that travel chaos we saw at airports and other ports of entry for the United States. Finally, imagine getting an evacuation notice because authorities found World War II bombs in your neighborhood. Well, that was the reality for residents of Cologne, Germany, yesterday, when more than 20,000 people were evacuated from part of the city so that specialists could come in and defuse the three unexploded US bombs from World War II they discovered earlier this week. It's not particularly rare to find World War II bombs in cities around Germany 80 years after the war ended, but an evacuation of this scale was the largest since 1945. The city basically had a snow day since the evac area contained 58 hotels, nine schools, a couple of museums and office buildings. The good news is that the three bombs were successfully defused.

[Toby Howell]

That is the good news. But the bad news is that more than a dozen couples that were scheduled scheduled to have their wedding at Colon City hall had to relocate their ceremonies. Can you imagine? You plan this for this big old day and then they find unexploded World War II bombs and you have to reschedule everything.

[Neal Freyman]

It's a good story.

[Toby Howell]

It is a good story, but that sounds like a nightmare right there. I didn't realize how prevalent this was. 1500-2000 unexploded World War II bombs are found every year in the north, the North Rhine Westphalia region, which is where Cologne is located. So this is not an unusual occurrence by any means. It is unusual occurrence to have them just so close to a city center in a population center like Cologne. So very tough story for your wedding guests, though, to say, like, sorry, guys, this wedding is literally off to a bad start because some bombs are found.

[Neal Freyman]

All right, that is all the time we have. Thanks so much for starting your morning with us and have a wonderful Thursday. If any thoughts on today's episode, send an email with questions, comments or feedback to Morning Brew Daily at Morning Broadcom. Let's roll the credits. Emily Milian is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Hair and makeup is standing in line at GameStop. Devin Emery is our president and our show is a production of Morning Brew.

[Toby Howell]

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

[C]

Oh, hello, Morning Brew Daily. It's money with Katie here. When I first learning about money, I heard all about the best practices, right? Spend less than you earn, max out your 401k pay off high interest debt. All good advice, but most personal finance content didn't address one major theme that women experience money differently. From the hot girl hamster wheel of paying monthly for beauty regimens to the way women are more likely to leave the workforce to take care of children or aging parents or or even that women just simply live longer and therefore need to invest more aggressively, no one was really talking about the ways in which women need a different strategy. So that's what I have spent the last five years tackling at money with Katie. And now I've taken everything I've learned and put it into my book, Rich Girl Nation, coming out June 10th. You'll learn how to build wealth for yourself, but you'll also see how we can rewrite the rules of money for women once and for all. See why personal finance pros like Paula Pant, Farnoosh Tarabi and Jael Collins recommend Rich Girl Nation. And grab your copy [e-mail] RichGirl Nation it's time to revolutionize how we think about money.