Unnamed official

That terrified them, Jonathan just said. So what happened? Why would it merit terror from this administration?

That terrified them, Jonathan just said. So what happened? Why would it merit terror from this administration?

God, just to make sure I understand, traditionally you buy a bond. You basically loan the United States government some money. You are 1,000% sure that money is going to come back with a little extra. All of a sudden, people are fearful that might not be the case. The government might not be so dependable.

God, just to make sure I understand, traditionally you buy a bond. You basically loan the United States government some money. You are 1,000% sure that money is going to come back with a little extra. All of a sudden, people are fearful that might not be the case. The government might not be so dependable.

They start selling these bonds, and it starts to mess up all other kinds of borrowing rates around the economy, and that's how you suddenly get into a situation where... this all starts to go really sideways.

They start selling these bonds, and it starts to mess up all other kinds of borrowing rates around the economy, and that's how you suddenly get into a situation where... this all starts to go really sideways.

Got it. And that shock is exactly what happened today in the bottom. Okay, Peter, this is really helpful. So thank you. Thank you. Okay, Jonathan, do you get it now?

Got it. And that shock is exactly what happened today in the bottom. Okay, Peter, this is really helpful. So thank you. Thank you. Okay, Jonathan, do you get it now?

Well, perhaps you could have done it just as well. We'll never know.

Well, perhaps you could have done it just as well. We'll never know.

So what else is factoring into the White House decision beyond the bond market? When we had been talking to you a couple of days ago, there were all these CEOs knocking on the president's door. and saying this is not sustainable, none of that mattered? It was just the bond market suddenly going haywire? Or was it all kind of becoming one big collective untenable situation?

So what else is factoring into the White House decision beyond the bond market? When we had been talking to you a couple of days ago, there were all these CEOs knocking on the president's door. and saying this is not sustainable, none of that mattered? It was just the bond market suddenly going haywire? Or was it all kind of becoming one big collective untenable situation?

Right. And that earned him some serious mockery from Democrats who said, who is in charge here? Because if the U.S. trade representative is in front of Congress defending these tariffs while the tariffs are paused, it did not seem to the members of that congressional committee that there was any unified vision of what was happening.

Right. And that earned him some serious mockery from Democrats who said, who is in charge here? Because if the U.S. trade representative is in front of Congress defending these tariffs while the tariffs are paused, it did not seem to the members of that congressional committee that there was any unified vision of what was happening.

So, Jonathan, we're learning something it seems pretty important about this president, which is contrary to our belief that after the first term, he was no longer swayable by market forces when it came to something like tariffs, that if the markets went down, even if perhaps the bond market started to go haywire, he was deeply committed to this vision of tariffs. That was our thinking. And

So, Jonathan, we're learning something it seems pretty important about this president, which is contrary to our belief that after the first term, he was no longer swayable by market forces when it came to something like tariffs, that if the markets went down, even if perhaps the bond market started to go haywire, he was deeply committed to this vision of tariffs. That was our thinking. And

the markets were not going to take him off that position.

the markets were not going to take him off that position.

We hear something very different, including the president personally in front of the White House acknowledging that people were getting the yippies. That was his word.

We hear something very different, including the president personally in front of the White House acknowledging that people were getting the yippies. That was his word.