Karen Finerman

And then the dollar goes up.

And then the dollar goes up.

Was really weird. And one more thing to think about was that... The Trump administration's plan was, OK, if we slow the economy, then bond yields in the 10 year in particular will trade down. meaning the interest rate will be lower. So we know we have this enormous deficit that we need to fund. And one of the ways to fund that, you sell 10 years.

Was really weird. And one more thing to think about was that... The Trump administration's plan was, OK, if we slow the economy, then bond yields in the 10 year in particular will trade down. meaning the interest rate will be lower. So we know we have this enormous deficit that we need to fund. And one of the ways to fund that, you sell 10 years.

Was really weird. And one more thing to think about was that... The Trump administration's plan was, OK, if we slow the economy, then bond yields in the 10 year in particular will trade down. meaning the interest rate will be lower. So we know we have this enormous deficit that we need to fund. And one of the ways to fund that, you sell 10 years.

You can sell much nearer in, but then you gotta keep rolling and you don't know where interest rates will be. So it wouldn't have been a terrible thing if the 10 year traded down because there were concerns about a recession and that we were able to issue tens of billions of dollars or hundreds of billions of dollars of 10 years at a low rate. And so our interest rate costs would have gone down.

You can sell much nearer in, but then you gotta keep rolling and you don't know where interest rates will be. So it wouldn't have been a terrible thing if the 10 year traded down because there were concerns about a recession and that we were able to issue tens of billions of dollars or hundreds of billions of dollars of 10 years at a low rate. And so our interest rate costs would have gone down.

You can sell much nearer in, but then you gotta keep rolling and you don't know where interest rates will be. So it wouldn't have been a terrible thing if the 10 year traded down because there were concerns about a recession and that we were able to issue tens of billions of dollars or hundreds of billions of dollars of 10 years at a low rate. And so our interest rate costs would have gone down.

But that's not what happened. And I think that correlation breaking down is what ultimately made Trump put on the 90 day pause to cool down the things that seem to be almost breaking.

But that's not what happened. And I think that correlation breaking down is what ultimately made Trump put on the 90 day pause to cool down the things that seem to be almost breaking.

But that's not what happened. And I think that correlation breaking down is what ultimately made Trump put on the 90 day pause to cool down the things that seem to be almost breaking.

Yeah.

Yeah.

Yeah.

Your money, if you're in the U.S., buys less. So one of the things that originally the Trump administration had talked about was, well, other currencies are going to go down against the dollar because we're, you know, king of the world. And so that even if we are tariffed, that will lessen some of the blow. And that's not what happened, right? So the euro has appreciated a lot.

Your money, if you're in the U.S., buys less. So one of the things that originally the Trump administration had talked about was, well, other currencies are going to go down against the dollar because we're, you know, king of the world. And so that even if we are tariffed, that will lessen some of the blow. And that's not what happened, right? So the euro has appreciated a lot.

Your money, if you're in the U.S., buys less. So one of the things that originally the Trump administration had talked about was, well, other currencies are going to go down against the dollar because we're, you know, king of the world. And so that even if we are tariffed, that will lessen some of the blow. And that's not what happened, right? So the euro has appreciated a lot.

The pound has appreciated. The Mexican peso is about flat from when he was elected. The Canadian dollar's down a little bit, but these big moves are not happening. So that's interesting. I don't know what exactly to make of it.

The pound has appreciated. The Mexican peso is about flat from when he was elected. The Canadian dollar's down a little bit, but these big moves are not happening. So that's interesting. I don't know what exactly to make of it.

The pound has appreciated. The Mexican peso is about flat from when he was elected. The Canadian dollar's down a little bit, but these big moves are not happening. So that's interesting. I don't know what exactly to make of it.