Nicole Lappin

So let's recap, because I think this is really important. Typically. In the textbook world, stocks go down. Bonds go down. Yields go down.

It's like a seesaw. And then the dollar goes up.

It's like a seesaw. And then the dollar goes up.

It's like a seesaw. And then the dollar goes up.

But now we saw stocks down, bond yields up, dollar down. I mean, the stocks down is sort of the constant, but the way that bonds reacted and the way the dollar reacted was really weird.

But now we saw stocks down, bond yields up, dollar down. I mean, the stocks down is sort of the constant, but the way that bonds reacted and the way the dollar reacted was really weird.

But now we saw stocks down, bond yields up, dollar down. I mean, the stocks down is sort of the constant, but the way that bonds reacted and the way the dollar reacted was really weird.

Yeah, I mean, it makes sense, right? If you're issuing that much debt. And when we talk about the U.S. being in debt, it comes from our treasuries selling the U.S. debt in the form of treasuries. Other countries buy that. And so when you're issuing that debt, every basis point, so fraction of a percent, Matt, are billions of dollars. Right. Yeah.

Yeah, I mean, it makes sense, right? If you're issuing that much debt. And when we talk about the U.S. being in debt, it comes from our treasuries selling the U.S. debt in the form of treasuries. Other countries buy that. And so when you're issuing that debt, every basis point, so fraction of a percent, Matt, are billions of dollars. Right. Yeah.

Yeah, I mean, it makes sense, right? If you're issuing that much debt. And when we talk about the U.S. being in debt, it comes from our treasuries selling the U.S. debt in the form of treasuries. Other countries buy that. And so when you're issuing that debt, every basis point, so fraction of a percent, Matt, are billions of dollars. Right. Yeah.

So the system was broken. The seesaw was broken. And then really just underlying why the falling dollar matters right now, it's kind of a silent tax, right?

So the system was broken. The seesaw was broken. And then really just underlying why the falling dollar matters right now, it's kind of a silent tax, right?

So the system was broken. The seesaw was broken. And then really just underlying why the falling dollar matters right now, it's kind of a silent tax, right?

But yeah, the dollar isn't currency. It's this confidence idea, right? When it falls, the world starts looking for a new safe haven. Yes, right. Sterling or the pound or euro.

But yeah, the dollar isn't currency. It's this confidence idea, right? When it falls, the world starts looking for a new safe haven. Yes, right. Sterling or the pound or euro.

But yeah, the dollar isn't currency. It's this confidence idea, right? When it falls, the world starts looking for a new safe haven. Yes, right. Sterling or the pound or euro.

FX just being in foreign exchange. Foreign exchange, right. Currency stuff.

FX just being in foreign exchange. Foreign exchange, right. Currency stuff.

FX just being in foreign exchange. Foreign exchange, right. Currency stuff.

No, it's a weird language. It's great to learn. In this finance world. Yes, it's good to learn. all the financial news cycle. Of course, there's a lot of other stories happening and unfolding and evolving as well. What's something that you think has been overshadowed by all the tariff news that we should keep our eye on? Oh, that is a good question.