Good evening. I am Stephanie Ruhl. Welcome to the nightcap. And I want you to know that just a few

moments ago, I was really hoping to do this show in my pajamas tonight. Not because I am not

honored and privileged to be here and sharing an evening with you, but because this has been a long, long week,

a hugely important news week. So sit back. Let's get started. We've got a lot to cover because

it is day 82. It feels like day 802 and I've aged 30 years in the second Trump administration.

The market's capped off a truly wild historic trading

week. While stocks closed the day up, consumer confidence is way, way down. And there's not an investor

in sight who's feeling good right now, especially when the bond market is saying that the world

has a little less trust in the United States of America today. Here's a quick recap of how

we got here. Trump's trade war wiping trillions of dollars in value from these markets.

Economic Armageddon. Would you be open to have pause in tariffs to allow for negotiations?

Well, we're not looking at that. All the tariff turmoil is prompting economists to revise up their recession probabilities.

I think we can end up with some good deals.

Whose throat do I get to choke if this proves to be wrong?

There will be a 90-day pause on the reciprocal tariffs.

He blinked, capitulated, he caved.

Well, I thought that people were jumping a little bit out of line. They were getting yippy, you know?

They were getting a little bit yippy.

How much of this decision was driven by the bond market cratering overnight?

I am nothing that says that. This was driven by the president's strategy.

The bond market is very tricky. I was watching it. I saw last night where people were getting a little queasy.

Stocks are selling off sharply again today as a new reality sinks in.

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