Trump vs. the Bond Market

A lot of things are on track to get more expensive.

The U.S. Treasury market is the bedrock of the global economy. When yields on those Treasuries go up, mortgages, car loans and credit cards get more expensive, and it can hit the stock market, too. And yields have been going up – to levels we haven’t seen consistently since before the Great Recession – inspiring some erratic and futile efforts from the Trump administration to push them back down.

So why are yields creeping higher? What is the administration trying to do about it? And if this continues, what’s in store for the economy?

Robin Wigglesworth is the editor of the Financial Times blog Alphaville, a host of the podcast “The Story of Money” and the author of the forthcoming book “A Fabulous Debt: The Epic Story of How Bonds Built the Modern World.”

This conversation was recorded on August 24, 2026.

Mentioned:

“An Economic D-Day Is Coming for Iran” by Scott Bessent

Book Recommendations:

Barbarians at the Gate by Bryan Burrough and John Helyar
The Prize by Daniel Yergin
Lords of Finance by Liaquat Ahamed

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.html

This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our recording engineer is Aman Sahota. Cinematography by Marina King. Video editing by Kristen Williamson, Brandon Belk-Yee and Dani Dillon. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Kristin Lin, Emma Kehlbeck, Jack McCordick and Jan Kobal. Original music by Pat McCusker. Audience strategy by Shannon Busta. The director of New York Times Opinion Shows is Annie-Rose Strasser.

Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Det här avsnittet är hämtat från ett öppet RSS-flöde och publiceras inte av Podme. Det kan innehålla reklam.

Avsnitt(530)

This Is Why People Hate the Government

In 2024, Americans spent an average of six full workdays a year filling out government forms, according to the government’s own estimates. That’s a total of 12 billion hours, or $430 billion of uncomp...

25 Aug 1h 17min

The China Shock 2.0

Brad Setser follows Chinese trade closer than just about anyone else on earth, and he thinks we’re in the early days of a China Shock 2.0. The first China Shock was when China came to dominate low-end...

21 Aug 1h 5min

The A.I.s Are Already Out of Control

We are living in the world we were warned about. Frontier artificial intelligence models from OpenAI autonomously coordinated with one another, then broke out of their testing environment and hacked i...

18 Aug 1h 11min

The Warring Visions of American Power

We’re in a really strange moment in the foreign policy politics of the Democratic Party. People are looking for an alternative vision — an approach to American power in the world that would feel more ...

14 Aug 54min

Ross Douthat: The Exit Interview

My colleague Ross Douthat is leaving The Times after 17 years to become a correspondent on “60 Minutes.” Before he goes, I’m asking him a few questions. Douthat has had a unique vantage point on the n...

11 Aug 1h 13min

AMA: Peter Thiel, Chris Rufo and the D.S.A.

The show’s executive producer, Claire Gordon, joins me in the studio to ask me your questions. Topics include: whether my views on “woke” issues have changed; the feedback we got on our episode with C...

7 Aug 57min

The A.I. Revolt Is Here

What’s big and ugly and has united Republicans and Democrats? A.I. data centers. An overwhelming majority of Americans say they’d oppose a data center being built near where they live. In New York, Go...

4 Aug 1h 18min