Morning Brew Daily - Warsh Plans to Overhaul the Fed & Carvana ‘Playground’ Disrupts Dealership Model

Episode Date: June 18, 2026

#870: The Fed holds rate steady in Kevin Warsh’s first meeting, but the central bank teases a rate hike is more likely than a cut. Carvana introduces a new ‘playground’ concept where shoppers can test-drive cars while purchases are still online. Qantas unveiled a new fly-direct route from Sydney to London, which would become the longest commercial passenger route in the world. Then, it’s Neal’s Numbers on World Cup teams, parents and kids looking at screens during meal times, and Toy Story 5. Finally, the US-Iran sign a Memorandum of Understanding to open the Strait of Hormuz To learn more visit https://www.servicenow.com Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ Paid endorsement. Brokerage services provided by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser.  Investing involves risk. Not investment advice. Agentic Brokerage is an AI-powered conversational tool that allows you to enter instructions for a set of self-directed, recurring transactions (your “Agent”) for your account. Outputs from Agentic Brokerage are provided for informational and illustrative purposes only, and should not be considered investment recommendations or advice. Complete disclosures available at public.com/disclosures. See terms of match program at https://public.com/disclosures/matchprogram. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Good morning for your daily show. I'm Neil Fryman. And I'm Kyle Hagey. Today, Kevin Warsh is shaking things up at the Fed. And would you go on a 21-hour flight? It's Thursday, June 18th. Let's ride. Good morning.

A few housekeeping notes. I've got to let you know about. Kyle Hagey is running it back with me for one more day this week, filling in for Toby, who's at more weddings than Vince Vaughn and Owen Wilson. And yes, that one more day was intentional. The brew office is closed tomorrow for June 10th, but the content machine don't stop.

We are dropping a special interview episode tomorrow that I know you'll enjoy. So definitely check that out. Not giving any spoilers about the guest. And one more thing. If you like the show, leave a review wherever you listen. It's super helpful as we try to grow Morning Brew Daily. And let's be real, you've got plenty of times on your hands during a three-day weekend. We'd really appreciate it.

That's right. We would really appreciate it. I'll even give you an example text. You put as a review, Kyle, sixth man in the year. My mom would love that. And make sure it's a five-star review. And now a word from our sponsor, ServiceNow. Neil, it seems like AI is everywhere lately.

Yeah, but is it getting us anywhere? I mean, it was supposed to handle the parts of the work I hate, but it just describes the problems back to me. I can't fix that, but ServiceNow's AI specialist can. They aren't a tool. Think of them as digital teammates who can actually do the work. They can resolve cases, process requests, close loops without generating extra work for you.

When you can truly delegate to AI, you can get back to the work only you can do, the work that requires a person with ideas and judgment, and you know, a pulse. To put AI to work for people, visit servicenow.com. That's service now.com. Kevin Warsh is wasting no time shaking things up at the Federal Reserve. The new chairman, who took over for Jerome Powell last month, previewed sweeping changes coming to the central bank after his first meeting as the boss. One thing that hasn't changed, interest rates. The Fed, as expected, kept rate steady, extending its long-running holding pattern as the U.S.

economy doesn't force its hand one way or the other. But that might not last much longer. A rate hike may well be coming. In the Fed's surprisingly hawkish projections, nine policymakers saw at least one rate increase this year. That's up from none as recently as March. And that's because the war in Iran has caused inflation to reaccelerate and the job market has been much more resilient than expected. A rate hike isn't a lock, though. The other nine policymakers predicted rates to hold steady or declined by the end of 2026. As Kevin Warsh put it, the discussion was a good family fight over monetary policy, which is definitely what my family fights over. After the rate decision was released, Warsh stepped up to the podium and detailed how he planned to overhaul the Fed.

He's launching task forces. He wants to modernize data collection. He's curbing communications. He's scaling back forward guidance. Taken together, it amounts to a new look Fed that's going to be much more tight-lipped about its decisions. Kyle Warsh is going full monk mode. He is. Monk Mode has been activated. I mean, this guy must have watched too much Parks and Rec. He loves a task force. He just wants committees after committees after committing. And it's interesting, this is like, maybe like a soft regime change when it comes to what the Fed is going to do. I think a lot of people maybe thought it was going to be about substance and what they did with the interest rates. But he's kind of keeping a normal theme there. But it's a lot more about style. He wants to have his communications be a lot more. tight-lipped. They're way shorter than what Jerome Powell, the former Fed chair would say. He's also, as we mentioned, doing a lot of these task force to identify where the Fed can improve and kind of pull back maybe what it's projecting future states will be. There's maybe nothing more factor of this than the dot plot that the Fed normally does. Worse does not like that. The dot plot

is where you anonymously kind of predict where interest rates will go in the future. He thinks that the Fed shouldn't be projecting that far in advance. I think bankers like him because he's sticking to the facts, but also bankers don't like him because they like that extra color and commentary when they're making predictions. So we'll see how the Fed changes under him, but he's already signaling in a lot of ways it will. A lot of changes are coming out. Let's talk about the doblacks. I thought that that was sort of exemplified the new look Fed under Kevin Warsh. I said that nine policymakers projected a rate hike by the end of the year, and nine projected them to say steady or decline. So add that up, that's 18. Typically, you get 19 projections on the dot plot.

So there was one person missing here. Who was that one person? That was Kevin Warsh. He went up to the podium afterwards and said, yeah, I was the guy who didn't make a dot plot projection. I am the missing piece because on principle, I don't really believe in future projections. Now, For some people, this is great, it's removing jargon. After the Fed makes a decision, it always releases a policy statement. That's run longer than 300 words. Well, the one yesterday was just over 100 words. It was much more concise, which I think a lot of people appreciate, got rid of a lot of the jargon.

But at the same time, bankers, Wall Street, is used to knowing what the Fed is going to do ahead of time. Whenever we preview a Fed meeting on the show, we're like, well, the Fed is a lock to hold interest. rate steady or the Fed is a lock to raise interest rates because they telegraph it way in advance. Kevin Warsh said he's probably not going to do that as much. And in his press conference, he was also like, I don't even know how many press conferences I'm going to do. This has been a staple of the Jerome Powell Fed, uh, Fed where he goes up and talks about his decision making process and the systems that the Fed is working under. And, you know, if I'm going to lower interest rates and I need to see X happen. And if I'm going to raise interest rates, I need to see why happen. This is not going to

happen under Kevin Warsh. So, well, it is a new look Fed, but one thing that I think Wall Street did appreciate was that he reaffirmed the 2% inflation target. The concern was that he was going to artificially lower interest rates because that's what President Donald Trump wants, but he was pretty firm in saying, we want 2%. That's the Fed's target inflation. And it looks like perhaps we're getting a rate hike instead of a rate cut. They asked President Trump who's over at the G7 in France, what he thought about that. And he goes, it's all right, whatever. That's what he said. I saw another quote from Trump.

He said, it's hard to believe it just keeps the country down and so unusual. But we have a very good guy over there right now. So I'm guided by what he wants. Clearly a much more amicable relationship with Trump and Warsh, as opposed to Trump and Powell. For now. Which will also be a change in the Fed. Exactly for now. As you said, Warsh wants to maybe increase interest rates, which Donald Trump has famously been against.

And so we'll see how long that relationship stays friendly. Final note on the Fed, the markets did not like what. Kevin Warsh had to say overall, the SMP 500 dropped 1.2% yesterday, which was the worst stock market performance on a Fed day for a first Fed chair since, or for a new Fed share since 1994. There are a little spooked about that high rate rates could be coming. Well, he'll have to get a task committee on to that one. Carvana, the company who pioneered the online purchase and home delivery of used cars is back with another innovation, a car dealership where you can't actually buy the cars. That's right. Carvana has spent nearly $200 million

acquiring seven Stalantis dealerships to build a network for new cars. The Dallas location, specifically, doesn't feel like a normal franchise dealership, however, but rather a cool car playground where potential customers are met with lounge areas, themed zones that show off individual cars, the ability to test drive, and likely everyone's favorite part, no commission-based salespeople telling you you're definitely going to need heated seats. Now, there's only one catch. Even if you love a specific new car on premise, you'll still need to order it online. Tom Tyra, Carvana president of Special Project said, when we got into new cars, we said the only way we're going to make this happen is to ensure that it goes the Carvana way, that we actually sell cars

exactly the same way we do to used cars customers. Now, why buy Carvana be interested in new when their business model is so used to used. Well, despite the fact that millions more used cars are sold each year than new ones, a majority of the money to be made is in the new car market where, obviously, prices tend to be higher. U.S. consumers spent about $655 billion on new cars in 2025, compared with $524 billion for used cars, according to an analysis by Cox Automotive. And for now, the strategy seems to be working. One of the dealerships Carvana acquired on the outskirts of Phoenix has grown into the top-selling Chrysler, Jeep, Ram, and Dodge dealer in the U.S., nearly 10xing the previous amount of cars sold per month from between 30 and 50 to 350.

Neil, you're trying to post up and hang out at the Carvana car playground with me? Seems like they're Apple storifying the traditional car dealership, but it seems like a fun place to play around. I mean, it is called a playground. Tom Tirea, have you mentioned from Carvana said, we're not trying to sell cars here. we're trying to present cars. And if I'm a traditional dealership, I mean, I'm looking at Carvana and I'm saying, look what they're doing. Should I copy some of these tactics? What is going to mean for my business? This industry is seriously right for disruption. There's 17,000 retailers out there selling new cars. They topped $1.3 trillion in sales last year. I think everyone would acknowledge this is a bit of a dinosaur of an industry. It's protected by a lot of state laws. There's a ton of regulation around it. There hasn't been a lot of. of change. There are a few companies trying to disrupt this model. You have Amazon now selling a few cars online. You have electric vehicle makers pioneer by Tesla that are trying, that I've just

issued dealerships completely. Rivian and other EV makers have followed Tesla and saying, we're not going to have dealerships. We're just going to try to sell you online. And now Carvana comes in here. And John Murphy, Wall Street analyst and automotive consultant told CMBC, Carvana entering the new vehicle franchise business, maybe one of the most disrupted forces that auto retailing has seen in the U.S. market in decades. Yeah, I feel like they are reimagining what a car dealership looks like in the digital age. And Carvana from its founding in 2012 has always been a disruptor. And so it makes sense. I think it's actually a really smart move to move into the space. The other kind of Trojan horse element of this is now that they have physical locations,

they can also do car servicing. And when you look at how dealerships, automotive makers, make money, a lot of it is through the servicing. And they're going to, to do that. It will be still traditional servicing, but they're going to still have this kind of laid-back non-sales-y approach. That opens up a whole new line of business for them, as well as financing the purchase of new cars, which is another way companies make money. And so they're expanding the ways to generate revenue for the business. And I think this is a really, really good idea. Here's the problem. You know, when you go to a traditional dealership is, it's a huge parking lot, right? There's just cars everywhere. It's a sea of parking. It's not a playground. It's not supposed to be a

playground. It's like a Costco parking lot. It's a Costco for cars. There's tons of cars of every different type. Every single model has all of the different options because when you want to test drive what you want to buy, you want the exact model. Now, Carvana doesn't have this kind of inventory. It has just 3,000 new vehicles for sale nationwide. So if you want to go take a test drive of the new RAM truck that you want to buy or a new Chrysler minivan, they might not have the model or the type that you are seeking. So you're going to test drive something that you eventually won't want to So this is a huge problem, I think, for Carvana as it gets into the space. They're not willing to hold as much inventory as a traditional dealership.

They don't want, they want a playground instead of a parking lot. And that could be a problem for people who want to experience what car they are going to spend $20, $30,000, $50,000. That's right. I think Carvana is betting that while that experience isn't perfect, the flip side of that is going to a traditional dealership and kind of having to deal with the sales process. And one of the examples listed in the Wall Street Journal article was someone spent about thousands of dollars more, like one or $2,000 more, to buy a car on Carvana just so he didn't have to deal with salespeople. And he said, I probably could have gone to a dealership, negotiated their price down to what I paid Carvana. But like, what's the point?

I can just get this and make it more seamless. So I think they're betting that the NPS of this industry is so bad that they can disrupt it in this way. Let's move on. New longest flight just dropped. and will take you from Australia to London in 21 hours, which is great news for people who ate layovers and terrible news for those who get stuck next to two seatmates who just won't stop talking.

This route will be part of Qantas Airlines, the flag carrier of Australia, and one of the oldest airlines still in operation after being founded in 1920. Quantus has stated that these flights will begin in October of 2027 and will be powered by a specialized, wide-body, long-haul A-350 aircraft from Airbus. Now, the aircraft's configuration includes six first-class seats, 52 business suites, 40 premium

economy seats, and a well-being zone where passengers can stretch their legs or walk around, which will definitely be necessary after your fifth episode of Big Bang Theory on the airplane's small screen. This initiative, known as Project Sunrise, was launched by former CEO Alan Joyce in 2017 and represents a major gamble for Qantas involving billions of dollars in aircraft, cabin upgrades, and research into passenger health on ultra-long. flights. But if there is consistent demand, the airline has estimated the project could add more than $400 million a year to earnings. Neil, this is all very impressive, but I'm more interested in the world's shortest flight. Give me one for like eight minutes. That's what I want. I'll tell you what

the world's shortest flight is. I knew you. I have it. I have it on, I might as mention in the podcast not too long ago. It is, it operates between the islands of Westray and Papa Westray in Orkney, Scotland. Okay. It is 1.7 miles long. And it's officially scheduled for one and a half So if you're delayed, it's not that huge deal. It typically takes about 60 to 80 seconds to go from Westray to Papa Westray. Quantis is doing something obviously very different. From its very founding, you went back to the founding. I mean, Australia is just so far away from literally everything.

So the CEO said was built, Quantis was built on the belief that Australia's distance from the rest of the world should never stand in the way. So both Quantis and Air New Zealand have been pioneers in the space of ultra long haul travel just because even if you want to go to any other country, it's going to take five to six hours. And if you want to go to other population centers in Asia and Europe, it's going to be much longer. Very interesting story about how the former CEO kind of laid down the gauntlet in 2017. He said, Boeing and Airbus, give me a specialized plane that I can take my passengers on for 21, 22 hours to London. And Airbus beat Boeing with this A351,000 ULR, which stands for ultra long range.

It actually has an extra fuel tank, and what's interesting is that most of that fuel is used just to carry the weight of the rest of the fuel because this thing is going over such a long distance. Kind of disappointing for New York City, though, because this was the announcement yesterday. They announced the route, whether it's going to be, there's basically a two-horse race between Sydney and London and Sydney and New York. London got the first one. Come on. Well, there is this, the route between Sydney and London is kind of more fable. It's called the kangaroo route, and that Quantus actually coined that phrase. It's interesting if you go back in time just to look at how far commercial aviation has gone.

In 1935, this route took 12 and a half days. Now we're down to 21 hours. That is incredible speed at which you can get between these two places that, to your point, are very far away. I hope New York is next. Tell the people why it's the kangaroo. Or maybe they can fill in the gaps themselves. It's because you've got to stop so many times. You're hopping all over the place.

Qantas's logo is the red kangaroo. So they're big on kangaroo. down in Australia. Would you take a 21-hour flight? Absolutely not. I would rather have a layover at that point. Like, I'd make like three or four stops out of it. I'd go to Scotland and get on this one-minute flight. That's too long to be on an airplane for me. Okay. I mean... Are you taking it? Sure. If I don't have to stop over, I mean, you just rip through movies. So that's what I'm thinking. And they did do one of these flights in 2019, and they did a bunch of testing on passengers to see how they reacted to being in an

airplane for 21 hours. There is a business case for this, though. because the war in Iran has disrupted air travel in the Middle East at those huge air hubs in Dubai and Qatar, because that's usually where you stop over if you're going from Australia to London or, you know, from the west to the east. It was always in the Middle East, but that disrupted air travel there. So Qantas is making a very, you know, ambitious business bet on that people won't want to have to deal with potentially any more conflicts or disruptions coming in the Middle East on those stopovers and just kind of skipping everything and going all the way from Sydney to London or Sydney to New York. Up next, it's Neal's numbers. Toby, let's do some free word association. Financially stressed.

Toby. What about unexpected $1,000 medical expense? Crying, stress, lots of stress. Duck? Affleck. Smart man. Afflack pays claims fast, accurately and fairly. Their plans can even help businesses and employees save tax dollars when payroll deductions

are pre-taxed while coming at no direct cost to businesses. To learn more, just head to Affleck. dot com slash morning brew daily. That's a f lacc.com slash morning brew daily. Toby, do you have any strong assets? Uh, yes, I have great legs. Toby, I mean the investment kind, the ones that make up a multi-asset portfolio, like what you can build on public with stocks, bonds, options, crypto, and more. With public, you can now create agents that can monitor the market, manage your cash, and execute your trades. Just enter a prompt, approve the workflow, and put your agent to work.

Head to public.com slash morning brew. That's public.com slash morning brew. Paid for by public investing, full disclosure, and podcast description. Neil, it feels like every week there's a new AI model making headlines. And somehow I'm expected to keep up with all of them. Fair, but Minimax's new M3

is one worth paying attention to. Their open weight model combines frontier level coding and AI agent capabilities, a massive one million token contacts window, and native multimodal understanding. M3 is built for coding, agent, and visual understanding, helping developers and businesses build more capable AI products and automate complex tasks.

It's available today through APIs and leading AI platforms. To learn more and start building with M3, visit minimax.io. That's minimax.io. Welcome to Neal's Numbers, the segment where I share three steps in the week's news that will give you a degree in useless information. My first number highlights how colonization and immigration have shaped World's Cup rosters, because this is wild. 7.9% of all players in the World Cup were born in France, 98 out of the 1248 players.

So that means 76 of them are representing other countries than France, the athletic, reported. When France played Senegal on Tuesday, it was basically France versus France, because Senegal, a French colony until 1960, has 10, French-born players on their team. Algeria, another former French colony, has 13 players born in France, and Haiti has 12. And this applies to other countries as well. During the second half of the Morocco-Brazil game, every single Moroccan player on the pitch, all 11 of them were born outside of Morocco. The boys who play for Curacao, Caribbean Island, that's part of the Netherlands, are all Dutch-born except one. Overall, nearly one quarter of players at the World Cup represent a country they weren't born in. It can happen because of FIFA's rules around

team eligibility, which is based on nationality. If you hold citizenship in a country, you can play for them. If you are a dual national, you have to prove a genuine connection to the country you want to play for, either by being born there, having one of your parents or grandparents being born there or living there for a period of time. Kyle, pretty incredible that you can still see the effects of 19th century empires and World Cup squads today. That's right.

And there's some good news and some bad news for me. The good news is I could play for England because my grandma was born there. The bad news is I'm god-awful at soccer, so I would never in a million years make the team. But it sounds like no matter what the outcome of the World Cup will be, France will have something to celebrate. Absolutely. For my next number, are adults, the new iPad babies. A new study published in JAMA Pediatrics found that 70% of kids were on electronic devices during dinner. That's actually less than the 75% of parents who were using their phones or other media.

The family dinner, as depicted in 1950 sitcoms, has been dead for a while. now that everyone's on their phones. Mom's reading an article, Dad's watching highlights from the game, your brother's playing chess.com, you're contemplating your life decisions after seeing your Instagram Explorer page. And according to researchers,

that's bad, obviously. It's damaging to a family's connection with each other. The co-author of the studies, Satagherabaabay, said, if you have your device and you're constantly checking out at the table, it can affect a valuable moment parents have with their children in the day,

and it can have some effect on the relationship they have with their children. Kyle, are you surprised that more parents, are on their phone than kids during meals. I'm not surprised just because I think it takes them longer to do anything on their phone. Like font size 72, they're clicking the wrong button. Like, I bet 75% of my mom's screen time is on settings.

Like, just trying to figure out what the phone does. So that's not surprising. It's a little bit disheartening. And I do think finding phone-free spaces in your home is very important. So my family dinners, I'm remembering back to when I was a kid. This was before the smartphone era. So we didn't really have, or even, like, sophisticated cell phones. I always want, we would sit down to dinner, I would always want to watch the baseball game

because it'd be like after seven, the Red Sox would be on or something. But my mom said we could only turn on the dinner for one thing and that was Jeopardy. Oh, okay. That was the only TV show that could be on during dinner. If she didn't do that, I don't think you'd be where you are right now, Neil. Possibly not. Okay, for my final number, Toy Story is a juggernaut. Ahead of Toy Story 5's release tomorrow, Disney said that the franchise has driven $16 billion

in total revenue for the company in the 30 years since the first one came out. It speaks to how lucrative it is when a property manages to stay relevant across multiple generations. After all, I was four when the original Toy Story came out. Now, you can do the math, but millennials like me still have a similar affinity for these films as the kids it's now targeting. This next iteration looks to be a box office bonanza in a franchise full of them. Pixar's looking at a $175 million opening domestically, which would be the biggest ever for a Toy Story movie, adding to the 3 billion the other four films have made at the box office. having a Taylor Swift song on the soundtrack

probably doesn't hurt. And Pixar sure it could use a win, besides Inside Out too, the famed animation studio has had more flops than hits over the past decade and has struggled to establish new enduring franchises. Toy Story 5 is not going to do that, but it could win over a new generation of fans that fuel Disney's money printing

IP machine. It's so funny. This is a perfect example to me of stated preferences versus revealed preferences. Everyone's like, I want fresh storylines, indie movies, shoot it on an iPhone, and then Toy Story 5 comes out and I'm like, no, actually, that's exactly what I want. Give me 10 more of these. I'm very excited. I think every millennial is very excited for this movie. Plus, you said, like, Taylor Swift on the soundtrack, like, I'm there. I saw this fun game online that you can play with Toy Story.

So, basically, the hypothetical is the original Toy Story gets turned into PG-13 magically, and you get to put one F-bomb in the movie. Which line would you choose? And the most popular one on this particular thread was, You are a effing toy. So I thought that one was probably the best one. But fun game to play with your friends maybe as you go to Toy Story 5 as an elder millennial like me. Okay, let's sprint to the finish with some final headlines. The U.S. and Iran remotely signed an MOU, a memorandum of understanding that will open the strait of Hormuz and hostilities and punt tough negotiations over Iran's nuclear program

to a later date. In the short term, the agreement states that Iran will reopen the strait, toll-free for the next 60 days. while the U.S. will allow Iran to begin selling oil immediately without sanctions. The deal also establishes a pathway for Iran to access frozen cash abroad and tap into a $300 billion investment fund that will help with rebuilding infrastructure after the war. The deal has been bashed by many Republicans for failing to achieve the aims of the war and leave the U.S. in a weaker position and Iran stronger than before the missiles started flying. Just to highlight the outrage, GOP Senator Bill Cassidy called it, quote,

the worst foreign policy blunder in decades, but the agreement was received warmly by other world leaders at the G7 in France, who are relieved to have the straight open again. Yeah, first, memo of understanding, I need more of those. I don't send emails anymore. I just do MOUs. And... Never are people wanting more memos. I like the MOU, Neil. Donald Trump famously said in 2020, Iran never won a war, but never lost a negotiation. It seems to be the case here. And if I'm JD Vance, maybe I'm a little worried. Donald Trump said if this goes to shit, like, I'm blaming J.D. So, JD might be on the hot seat a bit.

All right. Finally, New Yorkers have their doctor's notes ready ahead of this morning's ticker tape parade for the NBA champion Knicks, which is expected to be the biggest parade the city has ever seen bigger than after winning World Wars, Thanksgiving, and other sports triumphs. Continuing a tradition that's unique to New York, unique New York, the celebration will involve pieces of paper falling down on the heroes. The ticker tape parade began in the 19th century when finance workers tossed their scrap ticker tape paper on the paraders below. Tick or tape being the way you recorded stock prices back then. For the next, the city is going to hand out 2,500 pounds of shredded paper to office buildings along the route so employees can shower the team after they enthralled New York with their first NBA championship in 53 years. Kyle, if you aren't down in lower Manhattan already, you probably missed your chance.

I definitely think we missed our chance. I'm very excited for the parade. but if Mom Donnie's listening, which of course he listens to the podcast, I have an idea. We have to increase the length of the route. Like I would start at the top of Manhattan, go all the way down Broadway and at City Hall. That would bring all of Manhattan together. That sounds so fun. I think the players are going to be so drunk.

They wouldn't last that long. Yeah, they'd be dead by like Harold Square. And then they have to give these speeches. So, you know, make sure that they're somewhat coherent for that. But this has been the Canyon of Heroes, they call it. Like this has been the parade. The famous route. The famous route for a long time.

And I didn't know anything about the history of what a ticker tape parade was. I thought it was just a regular tape. But I already saw lines like people out there this morning at 4 a.m. Just huge crowds already. And there's been a mini economy on gig platforms of people requesting line waiters to reserve them spots at this parade. So we're going to see just massive crowds. It's also the largest police force that's ever been deployed in New York to make sure it's safe and secure. Cool.

Congrats to the next. That is all the time we have. Thanks for starting your morning with us and have a wonderful Thursday and a long weekend. To share your thoughts on the episode or anything else, send an email to Morning Brew Daily at Morningbrew.com or DM us on Instagram at Embeddaily Show. Let's roll the credits.

Emily Milliron is our supervising producer. Raymond Lou is our senior producer. Our producer is Olivia Graham, and our associate producer is Olivia Lake. Technical direction by Nina Miller. Hair and makeup locks in at family dinner. Devin Emery is our president and our show is a production of Morning

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