Axios

Some Trump administration officials citing health concerns are looking to remove "junk food" from a federal food assistance program serving more than 41 million Americans.

The big picture: A ban on any foods in the Supplemental Nutrition Assistance Program could be particularly paramount for recipients living in food deserts who don't have access to nutritious foods nearby.

President Trump's tariff flip-flop, escalating tensions with Panama, and a controversial pause on aid to Ukraine dominated headlines this week.

Here's our recap of key developments.

The USDA will discontinue its Easter season egg inventory reports, just weeks before the spring holiday, as the bird flu continues to ravage the nation's supply of eggs.

Why it matters: The highly pathogenic avian influenza has intensified in recent months, which has caused prices to spike and led to shortages.

It was a crazy day, capping a crazy week for markets — and it may perfectly encapsulate a new era for investors.

• The big picture: The confident AI trade that drove stocks higher in 2024 has firmly given way to fears of slowing growth and possibly recession, fueled by unpredictable policy and an escalating trade war.

The morning kicked off with the first full jobs report of the Trump era, which showed healthy hiring last month, offering some initial relief for nervous investors.

• But that relief was short-lived. Upon deeper inspection, the report proved to be mixed, showing signs of underlying softness in the labor market.

The Trump administration sees a way for digital asset technology to ensure the U.S. dollar remain the dominant global reserve currency: stablecoins.

Why it matters: Stablecoins have been the killer app of blockchains, with something like $6 trillion or more in transactions each year.

Americans are missing their car payments at the highest rate in decades, according to Fitch Ratings data.

Why it matters: Car costs, including loans and insurance, have soared in an economy where consumers are showing mounting signs of stress.

President Trump on Friday threatened new sanctions and tariffs on Russia as he ramped up pressure on the Kremlin to agree to a ceasefire and peace settlement with Ukraine.

Why it matters: This is the first time since taking office that Trump has issued a public threat against Russia, after taking a softer line toward Vladimir Putin while hammering Ukraine's President Volodymyr Zelensky.

The Federal Reserve is poised to leave interest rates steady, as it aims to separate "signal from noise" in the Trump administration's big changes to U.S. economic policy, chair Jerome Powell said Friday.

Why it matters: Amid fast-moving changes to trade and other policies, volatile markets, and slumping consumer sentiment, the central bank is looking to offer a sense of patience, as it waits for more decisive evidence of how the economy is changing.

The labor market is showing signs of underlying softness, just as the Trump administration implements policies that could further scare employers.

Why it matters: The white-hot hiring environment of a couple of years ago is long gone.

• While unemployment remains low and companies keep adding to payrolls, there are emerging signs of weakness, even before the impacts of historic trade disruption and potential wide-scale spending cuts.

The U.S. government plans to hold onto several digital currencies over time, but only one of them gets reserve status: bitcoin.

The big picture: As the recent executive order for a strategic bitcoin reserve suggests, the world's largest cryptocurrency is the highest priority for the Trump administration's overall cryptocurrency strategy, a senior White House official said hours before the start of Friday's crypto summit.

In normal times, dealmakers want the economy to rip. A rising tide lifts all returns.

• But today, with both private equity and venture capital snared in a distribution drought, there might be a silver lining to darkening economic clouds.

The U.S. economy added 151,000 jobs in February, while the unemployment rate ticked up to 4.1%, the Labor Department said on Friday.

Why it matters: The first full jobs report of the Trump era shows healthy hiring last month, defying other indicators that suggested trade uncertainty was weighing on the economy.

If there's one thing Elon Musk and Donald Trump have made clear: The U.S. is in its Big Boss Era.

Why it matters: Workers had a moment of empowerment in the wake of the pandemic — remember the Great Resignation? Summer of Strikes? Quiet Quitting? Well, forget it. That time is in the rearview.

• A slowing labor market, combined with a vocally pro-management, at times anti-worker White House is giving executives the chance to reclaim their vast power over working schlubs.

What's out: Work-life balance and flexibility. Unions. Diversity and inclusion.

• What's in: The office. Firing people who don't toe the line. Very long work hours.

"This is a boss's administration," says Aaron Sojourner, a labor economist with the W.E. Upjohn Institute for Employment Research.

• "You have a president who's made his mark as an employer," Sojourner points out. Trump's trademark Apprentice catchphrase was "you're fired!'"

And then there's Musk, a proponent of 80-hour work weeks, employing tough tactics honed at his companies, like the Fork in the Road email, to get the federal workforce in line.

• "You have the wealthiest man in the world, who is the CEO of multiple companies, taking a really strong hand in federal policy," says Sojourner.

Zoom out: The White House and Musk have been clear that they're suspicious of federal workers, especially those who worked remotely — they've suggested some were working two jobs, or spending their time golfing.

• Administration officials say fired workers weren't actually doing anything — something thousands have said isn't accurate.
• "Everybody's replaceable," Trump said back in January when asked about workers who take a "buyout" who might otherwise be considered necessary.

For the record: "President Trump is an accomplished business tycoon who spent decades building efficient and successful companies," White House spokesperson Anna Kelly said in a statement.

• "He knows that the real boss is the American taxpayer, and he will continue to demand the high level of dedication and excellence from all government employees that the American people deserve."

Between the lines: During his campaign, Trump made an explicit appeal to union voters. He's also nominated a pro-union Labor secretary, and has said he is pro-worker.

• Part of the stated reasoning behind his tariff push is to bring manufacturing back to the U.S. and create better-paying jobs.

Yes, but: Trump's unprecedented firing of a commissioner at the NLRB left the board without the quorum needed to adjudicate labor complaints. (A judge ruled Thursday one commissioner was fired illegally and should resume work.)

Zoom in: "Experts say what's happening is bigger than just the pendulum swinging back in employers' favor: Leaders in certain industries are trying to reclaim their cultures," is how Korn Ferry, a global consulting firm, puts it in a recent thought leadership piece.

• That culture, particularly in tech and finance, can be one of grueling overwork — particularly tough on those with caregiving roles at home (more likely to be women), or really anyone that seeks to have a life outside the office.
• In a leaked memo viewed by the New York Times, Google co-founder Sergey Brin recently extolled the virtue of the 60-hour work week as the "sweet spot" for productivity in its race to dominate the AI space.

The intrigue: Long gone are the days of the Great Resignation, when workers felt so empowered they could just up and quit their jobs, knowing something better was just around the corner.

• The quits rate — the share of workers who voluntarily leave their jobs each month — is well off where it was during the spree of 2021.

State of play: Those who have a job are somewhat safe at the moment, says Sojourner, the labor economist. (Except federal workers.)

• But the hiring rate is pretty soft and finding a job is harder — especially for knowledge workers. There has been talk of a white collar recession for almost a year now.
• With tens of thousands of highly educated former federal workers now hitting the job market, the fear is things get worse.

Where it stands: Here's what we know now about the labor market:

• The unemployment rate has been low, and is expected to have held steady at 4% in February.
• There are signs that layoffs are becoming more worrying. U.S. employers announced 172,017 job cuts in February, up more than 100% from the same month last year, per a tally from global outplacement firm Challenger, Gray & Christmas.

Stunning stat: Federal government jobs made up more than a third of those cuts — 62,242 jobs lost.

President Trump signed an executive order Thursday establishing a Strategic Bitcoin Reserve and a separate stockpile of other cryptocurrencies.

Why it matters: The "first crypto president" has committed the government to a long-term holding of the first and by far the largest cryptocurrency.