What are the key takeaways from this Marketplace episode?

Key insights include: **Fed Chair Transition:** Kevin Warsh, former Fed governor during the great recession, faces confirmation despite evolving positions on inflation policy. He previously criticized quantitative easing and Fed balance sheet expansion of trillions in mortgage-backed securities, arguing it enabled Congress to increase spending without facing higher borrowing costs. Senator Tom Tillis threatens to block confirmation unless criminal investigation of current chair Jerome Powell ends, citing concerns about Federal Reserve political independence.; **Oil Investment Climate:** ExxonMobil and Chevron report lowest annual profits since 2021, rejecting Trump's $100 billion Venezuela investment goal. Energy companies shifted from aggressive drilling to corporate discipline after pandemic oil prices went negative, focusing on free cash flow, debt reduction, and consistent dividends instead. Companies prefer investing in established operations like West Texas or Guyana over high-risk Venezuelan projects requiring significant legal and commercial framework changes plus higher oil prices.; **Small Business Protest Economics:** Business owners face difficult tradeoffs during national ICE strike shutdown, with costs ranging under $10,000 for single-day closures including lost sales and staff wages. New York's Fen Phen Donuts closed despite uncertain financial impact, while Colorado's Annette restaurant stayed open donating 10 percent weekend sales to immigrant rights organizations. Businesses balance solidarity with practical reality that employees need rent money at month's end, especially during January's slowest sales period.

What did Rachel Siegel and Catherine Rampell discuss on Marketplace?

President Trump nominates Kevin Warsh as next Federal Reserve chair, replacing Jerome Powell in May. Small businesses navigate national ICE strike shutdown decisions amid immigration enforcement protests. Major oil companies post lowest profits since 2021, resisting White House pressure for Venezuela investment. Working parents face financial and emotional costs during extended snow day school closures. Key topics include: **Fed Chair Transition:** Kevin Warsh, former Fed governor during the great recession, faces confirmation despite evolving positions on inflation policy. He previously criticized quantitative easing and Fed balance sheet expansion of trillions in mortgage-backed securities, arguing it enabled Congress to increase spending without facing higher borrowing costs. Senator Tom Tillis threatens to block confirmation unless criminal investigation of current chair Jerome Powell ends, citing concerns about Federal Reserve political independence.; **Oil Investment Climate:** ExxonMobil and Chevron report lowest annual profits since 2021, rejecting Trump's $100 billion Venezuela investment goal. Energy companies shifted from aggressive drilling to corporate discipline after pandemic oil prices went negative, focusing on free cash flow, debt reduction, and consistent dividends instead. Companies prefer investing in established operations like West Texas or Guyana over high-risk Venezuelan projects requiring significant legal and commercial framework changes plus higher oil prices..

How long is this episode of Marketplace?

This episode is 26 minutes long. SignalCast provides an AI-generated summary so you can get the key insights in about 3 minutes.

Marketplace

How small businesses navigated the ICE strike

January 30, 2026

26 min episode · 3 min read

Rachel Siegel,Catherine Rampell

Episode

26 min

Read time

3 min

Topics

Productivity, Investing, Fundraising & VC

AI-Generated Summary

Published Jan 31, 2026

Key Takeaways

✓Fed Chair Transition: Kevin Warsh, former Fed governor during the great recession, faces confirmation despite evolving positions on inflation policy. He previously criticized quantitative easing and Fed balance sheet expansion of trillions in mortgage-backed securities, arguing it enabled Congress to increase spending without facing higher borrowing costs. Senator Tom Tillis threatens to block confirmation unless criminal investigation of current chair Jerome Powell ends, citing concerns about Federal Reserve political independence.
✓Oil Investment Climate: ExxonMobil and Chevron report lowest annual profits since 2021, rejecting Trump's $100 billion Venezuela investment goal. Energy companies shifted from aggressive drilling to corporate discipline after pandemic oil prices went negative, focusing on free cash flow, debt reduction, and consistent dividends instead. Companies prefer investing in established operations like West Texas or Guyana over high-risk Venezuelan projects requiring significant legal and commercial framework changes plus higher oil prices.
✓Small Business Protest Economics: Business owners face difficult tradeoffs during national ICE strike shutdown, with costs ranging under $10,000 for single-day closures including lost sales and staff wages. New York's Fen Phen Donuts closed despite uncertain financial impact, while Colorado's Annette restaurant stayed open donating 10 percent weekend sales to immigrant rights organizations. Businesses balance solidarity with practical reality that employees need rent money at month's end, especially during January's slowest sales period.
✓Snow Day Parent Costs: Working mothers miss approximately two days of work monthly during heavy snow periods, bearing disprunt of childcare interruptions according to University of Nebraska Lincoln research. Parents burn through paid time off while simultaneously working to prevent business failures, paying for inaccessible childcare, and supervising virtual school. Baltimore's Dance on the Square filled 50 camp spots at $75 daily plus $25 aftercare in six minutes, demonstrating emergency childcare premium pricing.
✓Non-Alcoholic Beverage Market: US drinking rates hit record low of 54 percent with younger adults drinking even less, creating growth opportunity for alcohol-free establishments. Free Spirited in Alhambra prices craft mocktails at $8 including tax and tip, down from initial $16, controlling costs by juicing fresh ingredients in-house and making proprietary syrups rather than buying premade products. Winter through spring represents peak season for sober establishments, with summer being slowest period.

What It Covers

President Trump nominates Kevin Warsh as next Federal Reserve chair, replacing Jerome Powell in May. Small businesses navigate national ICE strike shutdown decisions amid immigration enforcement protests. Major oil companies post lowest profits since 2021, resisting White House pressure for Venezuela investment. Working parents face financial and emotional costs during extended snow day school closures.

Key Questions Answered

•Fed Chair Transition: Kevin Warsh, former Fed governor during the great recession, faces confirmation despite evolving positions on inflation policy. He previously criticized quantitative easing and Fed balance sheet expansion of trillions in mortgage-backed securities, arguing it enabled Congress to increase spending without facing higher borrowing costs. Senator Tom Tillis threatens to block confirmation unless criminal investigation of current chair Jerome Powell ends, citing concerns about Federal Reserve political independence.
•Oil Investment Climate: ExxonMobil and Chevron report lowest annual profits since 2021, rejecting Trump's $100 billion Venezuela investment goal. Energy companies shifted from aggressive drilling to corporate discipline after pandemic oil prices went negative, focusing on free cash flow, debt reduction, and consistent dividends instead. Companies prefer investing in established operations like West Texas or Guyana over high-risk Venezuelan projects requiring significant legal and commercial framework changes plus higher oil prices.
•Small Business Protest Economics: Business owners face difficult tradeoffs during national ICE strike shutdown, with costs ranging under $10,000 for single-day closures including lost sales and staff wages. New York's Fen Phen Donuts closed despite uncertain financial impact, while Colorado's Annette restaurant stayed open donating 10 percent weekend sales to immigrant rights organizations. Businesses balance solidarity with practical reality that employees need rent money at month's end, especially during January's slowest sales period.
•Snow Day Parent Costs: Working mothers miss approximately two days of work monthly during heavy snow periods, bearing disprunt of childcare interruptions according to University of Nebraska Lincoln research. Parents burn through paid time off while simultaneously working to prevent business failures, paying for inaccessible childcare, and supervising virtual school. Baltimore's Dance on the Square filled 50 camp spots at $75 daily plus $25 aftercare in six minutes, demonstrating emergency childcare premium pricing.
•Non-Alcoholic Beverage Market: US drinking rates hit record low of 54 percent with younger adults drinking even less, creating growth opportunity for alcohol-free establishments. Free Spirited in Alhambra prices craft mocktails at $8 including tax and tip, down from initial $16, controlling costs by juicing fresh ingredients in-house and making proprietary syrups rather than buying premade products. Winter through spring represents peak season for sober establishments, with summer being slowest period.

Notable Moment

A Baltimore reporter working from home during week-long school closures describes the chaotic reality of simultaneous parenting and professional work, with her seven-year-old constantly interrupting despite attempts to hide. She notes the emotional toll of feeling inadequate at both roles, while acknowledging her privilege of remote work compared to parents requiring physical workplace presence or managing virtual school supervision.

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Episode Transcript

Programming supported by Minnesota Carlson and their first Tuesday speaker series at the University of Minnesota, featuring candid conversations with some of the biggest names in business. More at z.umn.edu/firsttuesday. This marketplace podcast is supported by Wealth Enhancement who ask, do you have a blueprint for your money? Wealth Enhancement can help you build the right blueprint for investing, retirement, tax, and more. With offices nationwide, there's an advisor who's ready to listen and craft a blueprint for your future. Find out more at wealthenhancement.com/build. Yes. We've got Trump's pick for the new Fed chair, but there was also a Fed meeting this week. And who really pays the cost of a snow day? From American public media, this is Marketplace. In Washington, I'm Kimberly Adams in for Kai Risdoll. It's Friday, January 30. Good to have you along. As you've probably heard by now, this morning, President Trump announced plans to nominate Kevin Warsh as the next chair of the Federal Reserve. As a reminder, chair Jerome Powell's term as chair is up in May, although he could choose to stay on the board until the 2028. Warsh isn't new to the Fed. He served on its board of governors during the great recession and even had his hat in the ring for the job of chair back in 2017 when president Trump last nominated a chair to lead the central bank. So to talk us through what his selection means now, we've got Rachel Siegel at The Washington Post and Katharine Rammell at MS Now and The Bulwark. Hey, you two. Hi, Kimberly. Rachel, I wanna start with you. Who is Kevin Warsh? Kevin Warsh is a name that the Fed world has known before. As you said, he was a Fed governor twenty years ago. He's very well known within Wall Street. He's known within Trump circles, and he's also known as one of the people who's been under really serious consideration for Powell's successor. We also know that he's been a critic of the Fed in the past, including some of the things that he says has made the central bank more political than it needs to be, things that the central bank has done to miss the mark on inflation. But now we're looking at him in the context of being the next Fed chair and one, you know, presumably taking over that job if he's confirmed at a moment where he's really going to be tested about the ability to be independent, keep politics out of monetary policy, and do so in a way that will exist in the same universe as the policies that are coming out from the White House. Catherine, talk a little bit more about some of those criticisms that Warsh has made over the year about the Fed. What exactly is his argument? His criticisms have varied somewhat over the years. So I would say that early on when he was on the Fed, as a governor, as Rachel …

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