Marketplace Morning Report

We've talked a lot about the rollercoaster of tariffs. But behind every economic story is a human one, too. This morning, we check in with Joann Cartiglia, who runs a toy and doll shop in upstate New York. She's looking at around $15,000 in tariff refunds. Still, uncertainty, precarity, and debt have put her in "the scariest financial situation" of her life and mean that retirement has “been kind of taken off the table.” But before that conversation: a Federal Reserve meeting and a royal visit with the president.

As people look to plan their summer vacations, they're being price-conscious. While 60% of Americans plan on traveling, more people will drive instead of flying, and more are opting for shorter trips. Plus, with the end of the Justice Department's investigation into Federal Reserve Chair Jerome Powell, successor Kevin Warsh looks poised for a successful confirmation. And later, we head to Maine to hear how a Maine sea urchin processing firm has survived for four decades.

The U.S. Forest Service is heading for a major restructure. Its headquarters are moving from D.C. to Utah, all regional offices are being eliminated, and dozens of research facilities across 31 states are being shuttered. This is all unfolding before what's expected to be a very active wildfire season. How do these changes affect our ability to fight wildfires? But first, we're digging into the latest economic impacts of war in the Middle East.

The Federal Reserve has two jobs: promote job growth and control inflation. To do that, it sets interest rates. It also buys bonds and securities to influence those markets, and is now sitting on a massive $6.5 trillion pile. President Trump's nominee for Fed Chair, Kevin Warsh, wants to shrink that asset pile. We'll dig in. Also: optimism from one soon-to-be grad. Plus, how much longer can the standoff in Iran last before oil markets have to respond?

When we talk about who makes up the economy, we're often talking about workers a company formally employs. But a lot of people find themselves working in the informal economy — generally defined as economic activity that falls outside of official regulation. It's not taxed, not tracked, and is mostly invisible to official statistics. Today, we'll dig into its importance and risks. But first, marijuana gets a tax break.