On the program today, well, pretty much exactly what you'd think. From American Public Media,

this is Marketplace.

In Los Angeles, I'm Connor Rizzdahl. It is Monday today, the 7th of April. Good as always to have you along, everybody.

Let's regroup here for a second at the start of a fresh week, shall we? A president who believes,

wrongly, that trade deficits are losses, those are his words, not mine,

he has decided in the space of something less than a week to entirely upend the global economic order.

Stock markets, as you know, have reacted badly. Consumers and businesses increasingly the same, and nobody knows what is going

to happen next. The rules change on a whim and without notice. So for those of us whose job it

is to figure out what is going on, while we are turning to some infrequently used indicators,

Marketplace's Sabri Beneshore gets us going with the two-year treasury note.

Almost everybody out here in this economy is touched in some way by interest rates.

Harry Mameski is a professor at Columbia Business School.

It's what people pay to lease their cars and their home mortgages and their credit card bills.

The Federal Reserve influences these interest rates based on what it thinks the economy needs.

And what the Fed does is going to depend a lot on what tariffs do to the economy.

Right now, economists expect tariff policy is going to hit in two big ways.

One is it'll probably push inflation up, at least for a while.

And the other is it will push output and employment down.

Bill English is Professor of Finance at Yale School of Management.

So tariffs equal inflation.

Tariffs also equal economic slowdown.

Here's the tricky part.

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