AI Summary
5 min read“People are afraid to go out and are spending less money.” That’s how UCLA researcher Amada Armenta sums up the lingering economic damage of immigration enforcement on Latino small businesses—damage that, more than a year after major ICE raids, has not gone away.
This episode of Marketplace, hosted by Christian Schwab, covers several distinct but interconnected stories: a hawkish speech from Federal Reserve Chair Kevin Warsh at Jackson Hole, signs that Wall Street is losing faith in Treasury Secretary Bessent and Warsh, Canada’s surprising economic resilience amid a trade war with the U.S., and the ongoing toll of tariffs on a small camping-chair manufacturer. But the most developed and human thread is a new UCLA study showing that ICE raids in Los Angeles and other cities have created a lasting economic depression for Latino entrepreneurs—one that many business owners say feels worse than COVID.
The Fed’s “forward guidance adjacent” moment
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What you'll learn
- 1 (00:51) **Show Open & Fed Chair Jackson Hole Speech** - Christian Schwab introduces the episode and the main topic: Fed Chair Kevin Warsh's speech at Jackson Hole.
- 2 (03:46) **Analyzing "Upside Inflation Risk" vs. "Transitory"** - The panel discusses Warsh's new phrasing and its implications.
- 3 (05:12) **Wall Street's Souring on Bessent and Warsh** - Catherine Rampell reports on growing market distrust of the administration's economic leadership.
- 4 (07:56) **Canada's GDP Growth and Trade War Resilience** - A report on how strong economic data could help Canada withstand trade tensions.
- 5 (11:18) **Small Business Impact: A Year of Tariff Limbo** - Interview with Ben Nepler, co-founder of True Places (camping chairs), on the ongoing struggle with tariffs.
- 6 (16:08) **Market Numbers & Break** - A brief segment for the day's market close and a transition to the next story.
- 7 (19:46) **The Ongoing Cost of ICE Raids on Latino Entrepreneurs** - Elizabeth Troval reports on the lasting economic damage from immigration enforcement.
+ Full timestamped outline available in the app
Guests on this episode
Show Notes
It’s been more than a year since the Trump administration intensified ICE raids in immigrant communities across the U.S. Latino entreprenuers say the toll on their businesses has been worse than the pandemic. In this episode, the ongoing economic harm caused by Trump’s relentless deportation agenda. Plus: Small businesses grapple with more tariff uncertainty, Canada posts strong GDP growth, and we break down Fed Chair Kevin Warsh’s first Jackson Hole speech.
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Read the stories in today’s episode:
- Was that forward guidance we just heard from the Fed Chair?
- Canada's economy is growing as it heads to a trade war with the U.S.
- Tariff uncertainty means halted production for this camping chair company
- Immigration enforcement leaves Latino businesses struggling for months
- How a 21-foot-tall space cowboy has revitalized a strip of Route 66
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