The Stacking Benjamins Show · Wednesday, September 23, 2026
Robin Wigglesworth, author of 'Trillions,' explained how the bond market's reaction to President Trump's proposed tariffs on April 9th, 2025, highlighted its significant influence. Despite initial stock market sell-offs and Trump's defiance, the bond market's "violent sell-off" eventually prompted a pause in negotiations.
“Well, it was such a powerful moment. And President Trump is not the first person to have been cajoled, bullied into submission by the bond market, but he won't be the last either.”
“But when the bond market starts quaking, terrible, terrible things can happen because this kind of the bedrock upon which the entire global financial system rests.”
“So that's why it was such a powerful moment. It was kind of reminded us once again that the real action in finance is not the stock market.”