Marketplace Morning Report

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.

The Trump administration announced a big change in how people's credit is assessed when applying for mortgages. Instead of only using FICO scores to prove creditworthiness, prospective homebuyers can now use a separate score model — one that considers things like rent and utility payment history — when applying for loans from mortgage lenders, including Fannie Mae and Freddie Mac. Also on the show: discussions of the market's bullishness and plans for a graduate degree in a tumultuous job market.

Maybe it’s hoarding, or protectionist, or human nature. Whatever you want to call it, some countries have plenty of oil right now — especially wealthier ones with their own refineries and reserves — while others can't get what they need and are rationing fuel. Plus, "starting has always been hard. This era is making it harder," said New York Times bestselling author Jodi Kantor. Today, we hear her job-hunting advice for new grads.

We're less than a month away from graduation ceremonies at college campuses across the country. But the job market college grads are entering is an uncertain one, and the unemployment rate for young people with college degrees remains elevated. This morning, we hear one college senior's take on the slowing labor market and the emergence of AI. But first, the owners of a Brooklyn plant shop chat about navigating higher costs.