Betsy Stevenson

OK, in one single day this week — I'm talking about Wednesday, yesterday — two extraordinary things happened. In the morning, we woke up to the news that investors had started rapidly selling off U.S. bonds, which worried economists because U.S. bonds are the safe haven, and it's a very bad sign for the U.S. economy if investors no longer trust the safe haven.

And then midday, Donald Trump made the announcement that he was going to reverse course on tariffs, sort of. We'll get into it.

And then midday, Donald Trump made the announcement that he was going to reverse course on tariffs, sort of. We'll get into it.

And then midday, Donald Trump made the announcement that he was going to reverse course on tariffs, sort of. We'll get into it.

Which, around lunchtime, caused the second extraordinary thing. The stock market surged, had one of its biggest single-day jumps in history. What is happening? I'm Hannah Rosen. This is Radio Atlantic. We are living in a world in which the president makes decisions that have enormous global consequences and then unmakes them 24 hours later.

Which, around lunchtime, caused the second extraordinary thing. The stock market surged, had one of its biggest single-day jumps in history. What is happening? I'm Hannah Rosen. This is Radio Atlantic. We are living in a world in which the president makes decisions that have enormous global consequences and then unmakes them 24 hours later.

Which, around lunchtime, caused the second extraordinary thing. The stock market surged, had one of its biggest single-day jumps in history. What is happening? I'm Hannah Rosen. This is Radio Atlantic. We are living in a world in which the president makes decisions that have enormous global consequences and then unmakes them 24 hours later.

So today we are going to try and get a handle on all this volatility. Is it over? Are we still in it?

So today we are going to try and get a handle on all this volatility. Is it over? Are we still in it?

So today we are going to try and get a handle on all this volatility. Is it over? Are we still in it?

To help us, we have University of Michigan economist Justin Wolford.

To help us, we have University of Michigan economist Justin Wolford.

To help us, we have University of Michigan economist Justin Wolford.

I mean, like, OK, I'm just going to tell you my experience of the day. It's Wednesday afternoon. That's when we're recording. I mean, I feel like what happened today for a lot of people who track the news, you go to lunch, you're worried about tariffs, you're worried about what's going to happen. You come back from lunch and it's like Trump backs down, pauses tariff for 90 days.

I mean, like, OK, I'm just going to tell you my experience of the day. It's Wednesday afternoon. That's when we're recording. I mean, I feel like what happened today for a lot of people who track the news, you go to lunch, you're worried about tariffs, you're worried about what's going to happen. You come back from lunch and it's like Trump backs down, pauses tariff for 90 days.

I mean, like, OK, I'm just going to tell you my experience of the day. It's Wednesday afternoon. That's when we're recording. I mean, I feel like what happened today for a lot of people who track the news, you go to lunch, you're worried about tariffs, you're worried about what's going to happen. You come back from lunch and it's like Trump backs down, pauses tariff for 90 days.

Is that what happened to you today?

Is that what happened to you today?

Is that what happened to you today?

Your wife.