WSJ What’s News (PM Edition) – October 15, 2025

Episode Title: Rising Grocery Prices Are Frustrating Americans
Host: Alex Osola, The Wall Street Journal

Episode Overview

This episode centers on the persistent rise in grocery prices and how it’s affecting American consumers. It also touches on strong bank earnings as a sign of economic resilience, controversial lawsuits involving major banks, the global shift in EV (electric vehicle) policies, and a few headline business stories from the day.

Key Discussion Points and Insights

Strong Bank Earnings Signal Economic Resilience

• [00:28 - 01:36]
  The episode opens with news that major U.S. banks have posted robust profits in Q3 2025, with Bank of America reporting a 23% rise in profit ($8.5 billion). The six largest banks earned nearly $41 billion collectively, a 19% increase over the previous year.
  • Bank profits are driven by continued consumer spending and increased investment banking activity.
  • Banks are considered economic barometers, but executives note “conflicting signals” in the broader economy, including concerns about a sluggish job market.

Notable Quote:

“We do see in our data that the consumer [is] spending more.”
— Alistair Borthwick, Bank of America Finance Chief ([01:24])

Speaker Context: He further adds,

“That feels consistent with a growth economy.”
([01:33])

Lawsuits Over Banks' Relationship with Jeffrey Epstein

• [01:36 - 03:08]
  New lawsuits target Bank of America and Bank of New York Mellon, accusing them of facilitating Jeffrey Epstein’s activities by not reporting suspicious transactions until after his death in 2019. The lawsuits allege Epstein’s trafficking operation was enabled by special treatment from the banks and seek financial damages on behalf of victims.

Rising Grocery Prices and Their Impact on Shoppers

• [03:08 - 04:48]
  With official inflation data delayed due to the government shutdown, real-time evidence shows consumers are feeling the pinch from rising grocery prices.
  • Susan Morris, CEO of Albertsons, highlights shifts in consumer behavior: more focus on value, trading down to smaller package sizes, and greater reliance on store brands.
  • USDA data: Coffee is up nearly 21% YOY, ground beef 13%, with dairy, fruits, vegetables, and cereals also seeing price hikes ([03:20]).
  • Tariffs on imports and higher commodity prices are listed as culprits. Food companies have absorbed some rising costs but not all.
  • Shoppers describe cutting back and being frustrated by the relentless increases.

On-the-Street Reaction:

“The prices are ridiculous, right? ...You can’t buy. A toy you can’t buy. It’s through the ceiling. You know, things have to go up. People have to earn a living. But within reason.”
— Robert Klein, Brooklyn shopper ([03:51])

Further Insight from Albertsons’ CEO:

“We see an increased usage in coupons... sticking closer to their shopping list, maybe not buying that extra item, that extra bottle of whatever... they’re kind of shortening their list and sticking to it.”
— Susan Morris ([04:30])

Stock Market Response

• [04:48 - 05:20]
  Robust bank earnings ease fears of a slowdown.
  • Nasdaq up 0.7%
  • S&P 500 up 0.4%
  • Dow nearly flat
  • Gold hits another record high

Changing EV Targets and Automaker Response

• [05:54 - 08:53]
  Governments worldwide are easing up on aggressive EV targets. Europe, UK, and Canada have all rolled back or delayed some emissions goals under pressure from automakers.
  • Weak EV sales and lobbying have resulted in policy shifts.
  • Automakers are revising their plans: Porsche scaled back its aggressive EV targets and took a write-down; GM canceled its EV tax credit program and wrote down $1.6B; Ferrari now projects 20% (down from 40%) of models will be EVs by 2030.

Notable Quotes:

“Many people still see EVs as the future in the industry, but it's a future which will arrive a bit later than previously anticipated.”
— Stephen Wilmot, WSJ Auto Industry Reporter ([08:20])

“It’s more about the timetable. But… timing is everything when you’re having to plan products five years out. If you get that wrong, it’s very expensive.”
— Stephen Wilmot ([08:32])

Notable Quotes & Memorable Moments

• Banking sector health:

  • “We do see in our data that the consumer [is] spending more.”
    — Alistair Borthwick, Bank of America ([01:24])
  • “That feels consistent with a growth economy.” ([01:33])

• Grocery Price Pain:

  • “The prices are ridiculous, right? ...It’s through the ceiling. You know, things have to go up... But within reason.”
    — Robert Klein, Brooklyn shopper ([03:51])

• Corporate and Consumer Strategy:

  • “We see an increased usage in coupons... sticking closer to their shopping list... not buying that extra item...”
    — Susan Morris, CEO, Albertsons ([04:30])

• Electric Vehicles’ Future:

  • “Many people still see EVs as the future in the industry, but it’s a future which will arrive a bit later than previously anticipated.”
    — Stephen Wilmot ([08:20])

Important Segments & Timestamps

| Topic | Timestamp | |---------------------------------------------|------------| | Bank Earnings & Economic Indicators | 00:28-01:36| | Epstein Lawsuits Against Major Banks | 01:36-03:08| | Grocery Prices & Shopper Sentiment | 03:08-04:48| | Market Update | 04:48-05:20| | Global Rollback of EV Targets & Impact | 05:54-08:53|

Episode Tone & Takeaways

The tone is brisk, informative, and market-focused, echoing the WSJ’s analytic, concise approach. The episode clarifies that, while banking figures are strong and stock markets are steady, ordinary Americans are still struggling with increased daily costs—particularly for essentials like groceries. Meanwhile, global ambitions around electric vehicles are cooling as automakers and governments grapple with economic and consumer realities.

For listeners, the episode delivers a snapshot of mixed economic fortunes: major institutions are thriving, but cost pressures and policy shifts create uncertainty for everyday households and industries alike.