Jobs Report, White House Crypto Summit, Gaza Ceasefire Uncertainty

Summary

Podcast Summary: Up First from NPR
Episode: Jobs Report, White House Crypto Summit, Gaza Ceasefire Uncertainty
Release Date: March 7, 2025

NPR's Up First delivers a comprehensive morning briefing, covering the latest developments in the U.S. job market, the White House's initiatives in the cryptocurrency arena, and the ongoing complexities surrounding the ceasefire in Gaza. Hosted by Steve Inskeep and A. Martinez, the episode provides insightful analysis and expert commentary to keep listeners informed and engaged.

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1. Jobs Report

Overview:
The episode opens with a deep dive into the latest employment data released by the U.S. Labor Department. Despite recent economic turbulence, the report is expected to indicate solid job growth. However, hidden beneath the surface are signs of underlying economic stress, including federal job cuts and the impact of fluctuating U.S. trade policies.

Key Points:

• Timing of Job Cuts:
  Steve Inskeep highlights that Scott Horsley explains the discrepancy between the employment report and the actual job cuts occurring. "A lot of the federal job cuts began around February 14, referred to as the 'St. Valentine's Day Massacre,' but the jobs report is based on a survey from the week before," (03:10).

• Federal Workforce Reductions:
  Significant layoffs are taking place within the federal government, with plans to downsize agencies like the Veterans Administration and the IRS. Scott Horsley notes, "The Trump administration reportedly wants to cut tens of thousands of jobs from both the Veterans administration and the IRS," (04:47).

• Private Sector Uncertainty:
  The instability in trade policies is causing uncertainty among private sector businesses, leading to cautious hiring practices. Horsley states, "A lot of private sector businesses are considering their own job cuts due to the uncertainty around tariffs and potential trade wars," (05:57).

• Impact on Workers:
  Personal accounts reveal the human side of these economic shifts. Steve Inskeep shares concerns from affected workers: "How am I going to survive? I'm a single mom," (05:16).

Quotes:

• "Even if the report does look good on the surface, though, there are some warning signs on the horizon," — Scott Horsley (03:49)

• "This is a really big number in terms of what we've ever recorded," — Steve Inskeep on the scale of job cuts (04:21)

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2. White House Crypto Summit

Overview:
The episode transitions to the White House's latest efforts to position the United States as a leader in the cryptocurrency industry. President Trump's administration has introduced a strategic Bitcoin reserve and is convening a summit to discuss the future regulatory framework for digital assets.

Key Points:

• Strategic Bitcoin Reserve:
  President Trump has signed an executive order to create a strategic Bitcoin reserve, aiming to manage seized bitcoins from court proceedings. Aya Batrawi explains, "The government has about 200,000 Bitcoins, worth roughly $17 billion, intended to serve as a 'digital Fort Knox,'" (07:11).

• Regulatory Framework:
  The upcoming summit seeks to establish regulatory guidelines for the cryptocurrency market, balancing innovation with consumer protection. Batrawi mentions, "There's a desire here to build a regulatory framework that addresses the volatility and risks in the crypto space," (07:50).

• Shift from Previous Administration:
  The Trump administration is moving away from the Biden administration's enforcement-heavy approach, instead focusing on facilitating industry growth. Campbell Harvey, a finance professor, is quoted: "The regulatory complex has been very combative... it's time to step back and look at the possible benefits of this new technology," (09:10).

• Conflict of Interest Concerns:
  Questions arise about potential conflicts of interest, as the President has personal financial stakes in cryptocurrency ventures. Batrawi points out, "Trump has a substantial financial stake in his crypto venture, World Liberty Financial, raising concerns about conflicts of interest," (09:53).

Quotes:

• "The White House hasn't shared a lot of details about who's attending today, but the main focus is on establishing rules for cryptocurrency," — Aya Batrawi (07:59)

• "This summit is seen as the first step in making a framework for cryptocurrency that balances innovation with consumer protection," — Campbell Harvey (09:35)

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3. Gaza Ceasefire Uncertainty

Overview:
The final segment addresses the fragile ceasefire between Israel and Hamas in Gaza, highlighting the challenges in reaching a lasting peace agreement. NPR international correspondent Aya Batrawi provides on-the-ground insights from Dubai.

Key Points:

• Ceasefire Breakdown:
  The initial six-week ceasefire has expired without a comprehensive agreement. President Trump has issued a final warning to Hamas, intensifying the pressure for a renewed ceasefire. Batrawi explains, "Israeli Prime Minister Netanyahu is seeking a different deal that focuses on freeing more hostages rather than ending the war permanently," (11:07).

• Israeli and U.S. Negotiations:
  Steve Witkoff, Trump's Mideast envoy, has proposed a new plan aimed at pressuring Hamas by blocking food, fuel, and aid into Gaza. Critics argue this violates international humanitarian law. Batrawi states, "Countries and aid organizations warn that blocking essential supplies undermines humanitarian efforts," (11:54).

• Alternative Reconstruction Plans:
  Egypt has introduced its own reconstruction plan for Gaza, which received backing from Arab states but was criticized by Israel and the U.S. Batrawi notes, "Egypt's plan excludes Hamas from governance and has the support of all Arab states, contrasting with the U.S. and Israel's approach," (12:02).

• Future Prospects:
  The likelihood of a permanent ceasefire remains uncertain, with Netanyahu’s government facing internal pressures and skepticism about the feasibility of long-term peace. Batrawi adds, "Netanyahu is in a bind, having vowed to return all hostages and eliminate Hamas, making a return to war a precarious outcome," (12:38).

Quotes:

• "The original ceasefire would have ended the war with a lasting truce, but the new proposal focuses on releasing half the hostages with a promise to negotiate peace later," — Deepa Shivaram explaining the Witkoff plan (12:02)

• "Egypt's detailed reconstruction plan for Gaza has been rejected by the U.S. and Israel but supported by Arab states," — Batrawi (13:34)

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Looking Ahead

The episode concludes with a teaser for the upcoming Sunday Story, which will explore the contentious issue of birthright citizenship in the United States, tracing its historical roots and contemporary implications.

Closing Remarks:
Up First wraps up by acknowledging the efforts of the production team and inviting listeners to engage with future episodes, ensuring that audiences stay informed on pivotal national and international issues.

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Notable Production Credits:

• Edited by: Raphael Nam, Roberta Rampton, Russell Lewis, Alice Wolfley, Mohamed El Bardisi
• Produced by: Ziad Buch, Nia Dumas, Christopher Thomas
• Engineering Support: Nisha Hyness
• Technical Director: Carly Strange
• Executive Producer: Jay Shaler

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Stay informed with NPR's Up First by subscribing and supporting your local NPR station at donate.npr.org.

Transcript

[Steve Inskeep]

Good morning, sir. Hey, you were left out last night.

[A. Martinez]

Left out?

[Steve Inskeep]

Yes. You were the only host not invited to the RTNDA First Amendment Awards here in Washington, D.C. dang it. Sorry about that.

[A. Martinez]

Dang it.

[Steve Inskeep]

I would have invited you had you been within 3,000 miles.

[A. Martinez]

Unfortunately, I was not.

[Steve Inskeep]

Unfortunately you were not.

[A. Martinez]

We get a picture today of employment, a snapshot slightly out of date.

[Steve Inskeep]

Future job reports will reflect federal job cuts and employers who paused as US Trade policy keeps changing. Where's the economy heading?

[A. Martinez]

I'm A. Martinez. That's Steve Inskeep. And this is up first from NPR News. The president takes an opportunity today to promote cryptocurrency.

[Steve Inskeep]

Bitcoin has set multiple all time record highs because everyone knows that I'm committed to making America the crypto capital we want.

[A. Martinez]

Trump himself has invested in crypto. So how does he plan for the government to promote it?

[Steve Inskeep]

Also, why did Israel change its terms for extending a ceasefire in Gaza with US Help? Israelis are pressing Hamas to accept a different deal and withholding food and fuel. Stay with us. We've got the news you need to start your day.

[Sarah Levy]

Support for NPR and the following message come from Betterment, the automated investing and savings app. CEO Sarah Levy shares how Betterment utilizes tech tools powered by human advice.

[Deepa Shivaram]

Betterment is here to help customers build wealth their way and we provide powerful.

[A. Martinez]

Technology and complete human support where technology.

[Deepa Shivaram]

Can deliver ease of use and affordability.

[A. Martinez]

And the people behind that technology can.

[Deepa Shivaram]

Provide advice and guidance.

[Sarah Levy]

Learn [e-mail] investing involves risk performance not guaranteed. This message comes from Pemco Mutual Insurance Company. You know that moment when things take an unexpected turn and you get that sudden sinking feeling that maybe it could have been avoided? Pemco Insurance wants to help you avoid that feeling by sharing prevention tips that empower you to prevent some of life's preventable pitfalls. Because Pemco's commitment to their customers goes beyond the moment of acclaim, it's about being with their customers every day. [e-mail] Prevention this message comes from BetterHelp.

[Scott Horsley]

Think about the people who inspire you most. They don't have all the answers, but they probably do know how to ask for support when they need it. Therapy can be a great way to find that support. BetterHelp has experienced therapists who can help with challenges ranging from clinical issues to everyday stressors. Build your support [e-mail] NPR today to.

[Steve Inskeep]

Get 10% off your first month. Today we get a picture of how the job market looked just before the economic chaos of recent weeks. Yeah.

[A. Martinez]

The Labor Department will give a report on employment. It's a expected to show relatively solid growth, though it will not include many firings in the federal government or the economic disruptions of recent days over tariffs.

[Steve Inskeep]

That is. NPR's Scott Horsley is here. Scott, good morning.

[Scott Horsley]

Good morning, Steve.

[Steve Inskeep]

Why would we not see those developments in this latest employment report?

[Scott Horsley]

Well, it's all about timing. You know, a lot of the federal job cuts began around February 14, the Friday, which some have referred to as St. Valentine's Day Massacre. But the jobs report is based on a survey that was done during the week leading up to that. So if you got your walking papers that Friday, you're still counted as employed in this February jobs report. And the report's actually expected to show somewhat more jobs added in February than in January, when cold, snowy weather was blanketing much of the country, keeping a lot of outdoor work in limbo. Even if the report does look good on the surface, though, there are some warning signs on the horizon.

[Steve Inskeep]

Well, let's talk that through. I mean, I've been following the stock market, but it's been gyrating. And you're watching employment. What's going on there?

[Scott Horsley]

Well, the outplacement firm Challenger Grand Christmas keeps a running tally of layoff announcements, and its February tally shows the biggest job cut since 2020. In the early months of the pandemic, Andrew Challenger says there were 172,000 layoffs announced last month, including more than 62,000 in the federal government.

[Steve Inskeep]

This is a really big number in.

[Scott Horsley]

Terms of what we've ever recorded.

[Steve Inskeep]

The fact that we've reached that level.

[Scott Horsley]

So quickly this year is surprising to us and certainly something worth taking note of. Now, most of the federal workers who've been laid off so far were new hires who don't have a lot of job protection. But we know the Trump administration has plans for more widespread layoffs as it seeks to radically downsize the federal workforce.

[Steve Inskeep]

Okay. What would that radical downsizing look like?

[Scott Horsley]

Well, just for an example, the Trump administration reportedly wants to cut tens of thousands of jobs from both the Veterans administration and the IRS. The tax collection agencies already cut more than 6000 workers in February. Eddie Walker represents about 1500 unionized IRS workers in Austin, Texas.

[Steve Inskeep]

Of course, there's a lot of crying. I'm looking at some of the emails and stuff I've got like they are ripping apart my work family. I left a job of 13 years.

[Scott Horsley]

To come here and what do I get?

[Steve Inskeep]

How am I going to survive? I'm a single mom.

[Scott Horsley]

Obviously, this is very painful for the affected workers. For some context, though, the federal government is a fairly small part of the overall job market. There are about 2.4 million federal workers, not counting the military and the post office. That's about 1.5% of the country's overall workforce.

[Steve Inskeep]

Well, what's happening among the many, many more millions who work in the private sector then? Yeah.

[Scott Horsley]

Here again, there are some signs of weakness. There's been a lot of whiplash around trade policy. Just this week, we've seen tariffs imposed, then relaxed, then mostly suspended on imports from Mexico and Canada. Andy Challenger says a lot of private sector businesses are considering their own job cuts.

[Steve Inskeep]

There's just been this extra uncertainty that's.

[Scott Horsley]

Entered into some industries around tariffs, around potential trade wars. We're seeing big announcements from very large.

[Steve Inskeep]

Fortune 500 companies this month that are.

[Scott Horsley]

Tuning down their growth forecasts for the.

[Steve Inskeep]

Next three or four years.

[Scott Horsley]

It's just not an environment that's conducive to a lot of robust hiring.

[Steve Inskeep]

Scott, thanks so much for the update. Really appreciate it.

[Scott Horsley]

You're welcome.

[Steve Inskeep]

Npr. Scott horsley, when he was campaigning for office, the president promised to make the United States the crypto capital of the planet. And he's taken major steps this week when it comes to digital assets.

[Scott Horsley]

Yeah.

[A. Martinez]

Last night, the president signed an executive order creating a strategic bitcoin reserve. He's expected to speak about it at a summit the White House is hosting today on cryptocurrency.

[Steve Inskeep]

NPR White House correspondent Deepa Shivram has more on this. Good morning.

[Aya Batrawi]

Good morning.

[Steve Inskeep]

Would you just explain for me, I mean, I can understand why the US Needs a strategic petroleum reserve if there's a shortage of petroleum. Trolling them, you let some out. Supply and demand keeps the price down. But why would Americans need a crypto reserve?

[Aya Batrawi]

Yeah. The argument the White House is making is that the US Is losing money by selling the bitcoin they already have seized from court proceedings. So Trump's crypto czar, David Sacks said on social media last night that the government has about 200,000 in Bitcoin, which is worth about $17 billion. And the idea is that the reserve will be a, quote, digital Fort Knox. All of that bitcoin just stays there. And that was a campaign promise from President Trump. But the idea of having a crypto reserve is pretty controversial, even among those in the crypto space. Coming down to details like which cryptocurrencies do you keep in the reserve and why is the president picking some over others? So there's a lot of lingering questions.

[Steve Inskeep]

Yeah. And of course, it's, it's a. It's an industry in which he's invested. So this is just one move the President is making. There's this summit coming today. What's. What's going on?

[Aya Batrawi]

Yeah. The White House hasn't shared a lot of details about who's attending today, who's going to be speaking, though we do expect the President to make room remarks. But I will say the big overarching thing that people are expecting from this summit is a pretty wide open question, which is what are the rules when it comes to cryptocurrency? This is a space that involves trillions of dollars, so many players and a lot of opportunity, but also a lot of volatility and risk and bad actors. So there's a desire here to build a regulatory framework. And a lot of folks in the crypto space see this summit as an opportunity to get the ball rolling on those discussions, especially because there are a lot of conversations like this that they feel weren't happening under the Biden administration.

[Steve Inskeep]

Well, what was Biden doing then?

[Aya Batrawi]

The Biden administration focused on enforcement in trying to crack down on cryptocurrency, rather than coming up with the new rules of the road to help the industry and help consumers. Trump's approach so far has been to undo that. In the last few weeks, his administration has backed away from a lot of the lawsuits and investigations that the sec, which is the securities and Exchange Commission, had been doing on crypto businesses. I talked to Campbell Harvey, he's a finance professor at Duke University, about the change in approach to crypto.

[Scott Horsley]

Over the past four years, at least, the regulatory complex has been very combative, almost in a warlike situation against the innovators in the space. So it's time to step back and to look at the possible benefits of this new technology and weigh them against the cost.

[Aya Batrawi]

And he says the summit happening today is important because it's a first step in making a framework for cryptocurrency that balances that innovation with protection for consumers.

[Steve Inskeep]

I'm just thinking, though, when the government changes the rules, there are winners, there are losers. You may be picking winners and losers. And doesn't the President himself have a financial stake here?

[Aya Batrawi]

Correct. That's very important to point out. Trump was seen as a very crypto friendly presidential candidate. He received a lot of financial support from people in the crypto industry who also invested in down ballot races. And during the campaign, Trump also rolled out his own crypto venture called World Liberty Financial that's run by Trump's kids, but he has a sizable financial stake in it. And right before inauguration, Trump and first lady Melania Trump rolled out their own meme coins. That's a kind of cryptocurrency that the SEC recently said is not subject to oversight, which has raised questions about conflicts of interest.

[Steve Inskeep]

NPR's Deepa Shivaram, who so far as we know has not yet released the deeper coin. But we'll look forward to that.

[Aya Batrawi]

Stay tuned.

[Steve Inskeep]

Thanks so much. Thank you.

[Aya Batrawi]

Thank you.

[Steve Inskeep]

President Trump says his own threats forced a ceasefire in the war in Gaza.

[A. Martinez]

But that was six weeks ago. And that phase of the ceasefire deal ended with no agreement between Israel and Hamas on what comes next. Now, this week, the president issued what he called the last warning to Hamas after meeting with former Israeli hostages.

[Steve Inskeep]

NPR international correspondent Aya Batraoui joins us now from Dubai to explain. Hi there.

[Deepa Shivaram]

Hey, Steve.

[Steve Inskeep]

I'm just trying to think this through. There was a ceasefire that lasted six weeks. Hamas released some hostages in exchange for Israel freeing some Palestinians. But why haven't they agreed to the second phase yet?

[Deepa Shivaram]

Well, Israeli Prime Minister Benjamin Netanyahu, he never actually sent negotiators to hammer out the details of a second phase. And he wants a different deal now that does not permanently end the war, but frees more hostages taken in the Hamas attack on Israel in 2023. So instead of proceeding with the original deal, Trump's Mideast envoy, Steve Witkoff, came up with a different plan in recent days that gives Netanyahu what he wants. And to pressure Hamas into this new deal, Israel's blocked all food, fuel and aid into Gaza for six days now. Now, countries around the world, aid organizations and several Israeli rights groups say this violates international humanitarian law.

[Steve Inskeep]

So how again is this plan, this proposal from the Israelis and from the United States, different from what was expected?

[Deepa Shivaram]

So the main difference is the original deal agreed to would have ended the war now, basically an agreement to lasting truce. And then all remaining Israeli hostages still alive would be freed over the next six weeks and Israeli troops would withdraw from Gaza and more Palestinian prisoners would be freed. In contrast, the Witkoff plan would have Hamas release half the remaining hostages still held in Gaza now with only the promise to negotiate a lasting end to the war after six weeks. Hamas has not agreed to that. And Netanyahu may decide not to end the war because of pressure from his far right coalition. He's in a bind because he has vowed to return all the hostages and eliminate Hamas. But a return to war doesn't guarantee either.

[Steve Inskeep]

Okay, so we're maybe at this moment not getting closer to a permanent end to the war, but people still talk about what that's supposed to look like. What are some of the visions on the table?

[Deepa Shivaram]

Okay, so you may have heard Trump's idea that everyone in Gaza is going to be displaced to other countries like Egypt and Jordan. And then the US Takes over the Gaza Strip, somehow turning it into a world class real estate development without Palestinians who live there. Now. Now, Israel's government has embraced this plan and is drafting up ways to implement it. But Egypt has been clear it will not be a part of Trump's plan to permanently expel Palestinians off the land. And Egypt says the plan is destabilizing to the region and would unravel its decades old peace treaty with Israel. So instead, Egypt drew up a detailed reconstruction plan for Gaza of its own and it got the backing of all Arab states at a summit in Cairo this week. They also all rejected any displacement of Palestinians. So Israel and the US Immediately criticized this lengthy Egyptian plan. But then Steve Witkoff said this yesterday.

[Steve Inskeep]

I just finished reading it.

[A. Martinez]

There's a lot of compelling features to it.

[Steve Inskeep]

We need more discussion about it.

[A. Martinez]

And but it's a good faith first.

[Steve Inskeep]

Step from the Egyptians.

[Deepa Shivaram]

So, Steve, the plan doesn't address every single concern that Israel or, you know, Gulf Arab states like Saudi Arabia and the United Arab Emirates have about, you know, what would come next and they'll be needed to help fund the reconstruction. But it would exclude Hamas from any governance and Hamas says they agree to that.

[Steve Inskeep]

Oh, interesting. Aya, thanks so much.

[Deepa Shivaram]

Thank you, Steve.

[Steve Inskeep]

That's NPR correspondent Aya Batrawai in Dubai. And that's up first for this Friday, March 7th. I'm Steve Inskeep.

[A. Martinez]

And I'm Amy Martinez. Now, one of the impending legal battles for the Trump administration is over birthright citizenship for people born in the US Whose parents are here without legal status. Now, at the center is a question that's centuries old. Who is truly American and who gets to decide? This weekend on the Sunday story. From up first, we hear the origins of this question through an 1898 court case that would transform the life of one Chinese immigrant and generations to follow. That's this Sunday right here in the Up first podcast feed.

[Steve Inskeep]

Today's UpFirst was edited by Raphael Nam, Roberta Rampton, Russell Lewis, Alice Wolfley and Mohamed El Bardisi. It was produced by Ziad Buch, Nia Dumas and Christopher Thomas. We get engineering support from Nisha Hyness. Our technical director is Carly Strange. And let me give you one more name. Jay Shaler is the new executive producer of this program. Welcome, Jay. Join us Monday.

[Sarah Levy]

This message comes from Bombas. Nearly 30% of marathoners end their race blistered. Bombus running socks are strategically cushioned to help. Say bye to blisters. Run to bombus.com NPR and use code NPR for 20% off your first purchase. This message comes from Mint Mobile. Mint Mobile took what's wrong with wireless and made it right. They offer premium wireless plans for less and all plans include high speed data, unlimited talk and text, and nationwide coverage. See for [e-mail] Switch.