Michael Barbaro

All right, let's turn to a set of questions we got about housing.

A lot of our listeners, and I frankly didn't expect this, asked questions about what the trade war and all that economic disruption means for buying a home. And I think people are intuiting that tariffs could increase inflation, and they know from you, Ben, and your many appearances on this show, that when inflation gets higher and higher...

A lot of our listeners, and I frankly didn't expect this, asked questions about what the trade war and all that economic disruption means for buying a home. And I think people are intuiting that tariffs could increase inflation, and they know from you, Ben, and your many appearances on this show, that when inflation gets higher and higher...

the tool that the government uses to bring it down is that they raise interest rates, which raises the cost of that 30-year mortgage. And therefore, the question really becomes, do tariffs of the kind that are now in place almost ensure a costlier housing market down the line?

the tool that the government uses to bring it down is that they raise interest rates, which raises the cost of that 30-year mortgage. And therefore, the question really becomes, do tariffs of the kind that are now in place almost ensure a costlier housing market down the line?

We've been talking about big purchasing decisions. For a lot of people, the tariffs have raised this bigger existential question about whether they're going to have a job and what all of this means for the job market. And I want to play some of those questions.

We've been talking about big purchasing decisions. For a lot of people, the tariffs have raised this bigger existential question about whether they're going to have a job and what all of this means for the job market. And I want to play some of those questions.

What can you tell us about the job market? And I really want to make sure we acknowledge that final question about folks just coming into the market.

What can you tell us about the job market? And I really want to make sure we acknowledge that final question about folks just coming into the market.

If the tariffs were to settle into a more permanent seeming dynamic, would that uncertainty start to dissolve and could hiring start to go up? Or is the reality that a settled tariff situation is probably going to lead to higher costs for businesses and therefore that won't be the case?

If the tariffs were to settle into a more permanent seeming dynamic, would that uncertainty start to dissolve and could hiring start to go up? Or is the reality that a settled tariff situation is probably going to lead to higher costs for businesses and therefore that won't be the case?

Okay, on that note, Ben, we're going to take a break. And when we come back, we're going to answer a bunch of questions we got about what all of this means for the stock market, for people's retirement accounts, their college savings accounts, and their general sense of financial well-being.

Okay, on that note, Ben, we're going to take a break. And when we come back, we're going to answer a bunch of questions we got about what all of this means for the stock market, for people's retirement accounts, their college savings accounts, and their general sense of financial well-being.

Ben, first of all, those are great questions. And I think a lot of them are touching on the theme of volatility in the stock market in this moment. Now, whenever we talk about the stock market, I feel like I have to repeat what they say in all the ads. Trading stocks involves a significant risk of loss. It's not suitable for everyone. Past success is not an indicator of future performance.

Ben, first of all, those are great questions. And I think a lot of them are touching on the theme of volatility in the stock market in this moment. Now, whenever we talk about the stock market, I feel like I have to repeat what they say in all the ads. Trading stocks involves a significant risk of loss. It's not suitable for everyone. Past success is not an indicator of future performance.

And we are not, of course, Ben, asking you to give financial advice about the stock market. But how, broadly speaking, do you think about the choice facing some of these listeners about whether to try to potentially profit from the market's swings right now? Or... sitting tight and waiting out these swings in the market.

And we are not, of course, Ben, asking you to give financial advice about the stock market. But how, broadly speaking, do you think about the choice facing some of these listeners about whether to try to potentially profit from the market's swings right now? Or... sitting tight and waiting out these swings in the market.

We heard from folks who are in the unique position of having saved up a good amount of money for their children's higher education in something like a 529 educational savings account, and discovered that this is the moment they need it. And that because of the trade war, the stock market has gone down.

We heard from folks who are in the unique position of having saved up a good amount of money for their children's higher education in something like a 529 educational savings account, and discovered that this is the moment they need it. And that because of the trade war, the stock market has gone down.

It was off 20%.