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The Ezra Klein Show · August 28, 2026 · 59m 34s

Trump vs. the Bond Market

Robin Wigglesworth
Show Notes

Ezra Klein talks with Robin Wigglesworth of the Financial Times about the recent rise in U.S. Treasury yields and its implications. Wigglesworth explains why yields have been climbing to levels not seen consistently since before the Great Recession, and why that matters, given the Treasury market's role as the bedrock of the global economy. The conversation covers the Trump administration's erratic and ultimately futile efforts to push yields down, and explores what continuing high yields would mean for mortgages, consumer credit, the stock market, and the broader economy.

This summary was generated from show notes and public descriptions, not from a full transcript review. Details may contain inaccuracies.

Highlights

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The U.S. Treasury Market Is the Bedrock of the Global Economy
The U.S. Treasury market underpins the entire global financial system, meaning that movements in Treasury yields ripple outward to affect mortgages, consumer loans, credit cards, and the stock market.
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Treasury Yields Are Rising to Pre-Great Recession Levels
U.S. Treasury yields have been climbing to levels that haven't been seen consistently since before the 2008 financial crisis.
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The Trump Administration's Efforts to Push Yields Down Have Been Ineffective
As yields rose, the Trump administration engaged in erratic attempts to bring them down, but these efforts have not succeeded.
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Editorial

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Higher Yields Threaten Consumer Borrowing and the Stock Market
If yields remain high, mortgages, car loans, and credit cards will stay expensive, and the stock market may take a hit.
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References

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Barbarians at the Gate — Bryan Burrough and John Helyar (1990) — Book recommendation from the guest
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The Prize — Daniel Yergin (1990) — Book recommendation from the guest
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Lords of Finance — Liaquat Ahamed (2009) — Book recommendation from the guest

Misc

✧The Trump administration made erratic efforts to push Treasury yields down as they rose.
✧Treasury yields reached levels not seen consistently since before the Great Recession.
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