Stephanie Ruhle

And now on the other side, we have to write a check to American farmers to make sure they can stay in business because of the tariffs we've imposed. The problem is there's no logical strategy behind any of this.

So here's why this matters. And people like to like gaze off when you talk about bonds. But I'm just going to I'm going to lay it out just for a second. Normally, when the stock market goes down, people rush to bonds. And we say, what are bonds? That's U.S. treasuries.

So here's why this matters. And people like to like gaze off when you talk about bonds. But I'm just going to I'm going to lay it out just for a second. Normally, when the stock market goes down, people rush to bonds. And we say, what are bonds? That's U.S. treasuries.

So here's why this matters. And people like to like gaze off when you talk about bonds. But I'm just going to I'm going to lay it out just for a second. Normally, when the stock market goes down, people rush to bonds. And we say, what are bonds? That's U.S. treasuries.

And, you know, a few weeks ago, early tariff talk, when the stock market started to go down, we saw the likes of Scott Bessa and others say, well, this is good because we are going to see rates go down. And this will help us because we have a huge amount of government debt that is coming due, $6 trillion in June that has to get refinanced.

And, you know, a few weeks ago, early tariff talk, when the stock market started to go down, we saw the likes of Scott Bessa and others say, well, this is good because we are going to see rates go down. And this will help us because we have a huge amount of government debt that is coming due, $6 trillion in June that has to get refinanced.

And, you know, a few weeks ago, early tariff talk, when the stock market started to go down, we saw the likes of Scott Bessa and others say, well, this is good because we are going to see rates go down. And this will help us because we have a huge amount of government debt that is coming due, $6 trillion in June that has to get refinanced.

So they had this idea, well, the stock market will go down and we are going to see people rush to buy treasuries. So people rush to buy treasuries. That means the price goes up and the yield goes down. But what's happening, in my opinion, is the scariest thing. Normally, stocks go down and you see people rush to buy treasuries. They're not. They're not rushing to buy treasuries.

So they had this idea, well, the stock market will go down and we are going to see people rush to buy treasuries. So people rush to buy treasuries. That means the price goes up and the yield goes down. But what's happening, in my opinion, is the scariest thing. Normally, stocks go down and you see people rush to buy treasuries. They're not. They're not rushing to buy treasuries.

So they had this idea, well, the stock market will go down and we are going to see people rush to buy treasuries. So people rush to buy treasuries. That means the price goes up and the yield goes down. But what's happening, in my opinion, is the scariest thing. Normally, stocks go down and you see people rush to buy treasuries. They're not. They're not rushing to buy treasuries.

Because they're not trusting the U.S. dollar. They're not trusting the U.S. Exactly. They're going for the gold, not Olympic style. They're going for the gold because it's the only trusted asset. So for people who aren't even invested in the markets, you're hazing over. You're right. When those rates go up, that means your credit card is going to cost more to pay. That's your mortgage.

Because they're not trusting the U.S. dollar. They're not trusting the U.S. Exactly. They're going for the gold, not Olympic style. They're going for the gold because it's the only trusted asset. So for people who aren't even invested in the markets, you're hazing over. You're right. When those rates go up, that means your credit card is going to cost more to pay. That's your mortgage.

Because they're not trusting the U.S. dollar. They're not trusting the U.S. Exactly. They're going for the gold, not Olympic style. They're going for the gold because it's the only trusted asset. So for people who aren't even invested in the markets, you're hazing over. You're right. When those rates go up, that means your credit card is going to cost more to pay. That's your mortgage.

any sort of loan. So tariffs are going to make everything cost more. And now what it costs you to borrow is going up as well. And that's a perfect storm. And the question will be, will Jay Powell and the Fed have to step in and buy bonds, which is crazy. That they should do that when the economy is so strong.

any sort of loan. So tariffs are going to make everything cost more. And now what it costs you to borrow is going up as well. And that's a perfect storm. And the question will be, will Jay Powell and the Fed have to step in and buy bonds, which is crazy. That they should do that when the economy is so strong.

any sort of loan. So tariffs are going to make everything cost more. And now what it costs you to borrow is going up as well. And that's a perfect storm. And the question will be, will Jay Powell and the Fed have to step in and buy bonds, which is crazy. That they should do that when the economy is so strong.

No, it's will the Fed come in and start buying up treasuries? Because as long as we're talking trade war, and I promise I won't get that nerdy, one of the problems is some of the largest holders... The people who own the most treasuries are other countries. China is one of the biggest holders of U.S. treasuries.

No, it's will the Fed come in and start buying up treasuries? Because as long as we're talking trade war, and I promise I won't get that nerdy, one of the problems is some of the largest holders... The people who own the most treasuries are other countries. China is one of the biggest holders of U.S. treasuries.

No, it's will the Fed come in and start buying up treasuries? Because as long as we're talking trade war, and I promise I won't get that nerdy, one of the problems is some of the largest holders... The people who own the most treasuries are other countries. China is one of the biggest holders of U.S. treasuries.

And if they decide to dump them or not show up for our next treasury auction, that's what a nasty trade war looks like. And they have the ability to do that. They've been quietly buying up and publicly buying up U.S. treasuries for years and years and years. And they've got us by the bond balls.