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Marketplace All-in-One

What's next for interest rates? Look to the Fed minutes.

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 7 October 2025

⏱️ 8 minutes

🧾️ Download transcript

Summary

Later this week, we’ll learn more about how the Federal Reserve decided to cut interest rates when the Federal Open Market Committee releases the minutes of its most recent meeting. The document will give us clues about what's ahead and where FOMC members' priorities lie. Also on this morning's show: the IRS will now have a CEO, renewable energy becomes the world's largest electricity source, and OPEC producers decide to expand output.

Transcript

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0:00.0

Coal is no longer king for the first time in more than a century.

0:06.9

From Marketplace, I'm Sabri Benishore, in for David Brancaccio.

0:10.4

First, the Trump administration has created a new job at the IRS.

0:15.2

CEO, Frank Bisignano, will be taking on that position, in addition to his current job as head of the Social Security Administration.

0:23.5

Marketplaces, Henry App, reports.

0:25.7

The job of IRS CEO did not exist before yesterday's announcement.

0:30.5

For Frank Bisignano, the title will apparently mean overseeing, quote, all day-to-day IRS operations,

0:36.4

according to a press release from the Treasury

0:38.2

Department. And yet he technically won't be the IRS's leader. Treasury Secretary Scott Bessent

0:43.9

will remain the IRS's acting commissioner, a role that's been held by seven different people this

0:48.9

year. The last commissioner clashed with Bessent and was pushed out earlier this summer and has now been

0:54.4

nominated to be the ambassador to Iceland. By making Bissignano, the IRS's so-called CEO,

0:59.8

the Trump administration might sidestep the Senate confirmation process required for the IRS

1:05.2

commissioner. Bissignano has already received Senate confirmation for his other job, head of the Social Security Administration.

1:13.1

In both positions, he'll be overseeing agencies that handle millions of Americans' personal data.

1:18.4

I'm Henry App for Marketplace.

1:20.7

It was the largest U.S. coal sale in more than 10 years.

1:25.3

Yesterday, the government offered up the rights to lease federal

1:28.0

land in southeastern Montana, and the highest bidder would get to mine 167 million tons of

1:35.1

coal there. But the highest bidder was the only bidder, and they did not bid much. The Navajo Transitional

1:41.5

Energy Co offered just $186,000.

1:44.9

That is about a tenth of a penny per ton of available coal.

...

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