Bond market nightmares

By Wailin Wong,

Adrian Ma, Lilly Quiroz, Kate Concannon

Published May 15, 2025 at 9:28 AM EDT

In early April, the bond market gave people a scare. Investors began selling off their historically secure U.S. Treasuries in large quantities. It reportedly encouraged President Trump to pause his flurry of liberation day tariffs. These jitters offered a glimpse into what could go wrong for U.S. Treasuries if economic uncertainty gets worse. On today's show, we take a peek at some nightmare scenarios for the bond market.

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Bond vigilantes. Who they are, what they want, and how you'll know they're coming (Apple / Spotify)
Is the reign of the dollar over? (Apple / Spotify)

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Wailin Wong

Wailin Wong is a long-time business and economics journalist who's reported from a Chilean mountaintop, an embalming fluid factory and lots of places in between. She is a host of The Indicator from Planet Money. Previously, she launched and co-hosted two branded podcasts for a software company and covered tech and startups for the Chicago Tribune. Wailin started her career as a correspondent for Dow Jones Newswires in Buenos Aires. In her spare time, she plays violin in one of the oldest community orchestras in the U.S.

Adrian Ma

Adrian Ma covers work, money and other "business-ish" for NPR's daily economics podcast The Indicator from Planet Money.

Lilly Quiroz

Lilly Quiroz (she/her/ella) is a production assistant for Morning Edition and Up First. She pitches and produces interviews for Morning Edition, and occasionally goes to the dark side to produce the podcast Up First on the overnights.

See stories by Lilly Quiroz

Kate Concannon

Kate Concannon is the Supervising Senior Editor at The Indicator from Planet Money. She leads this small, collaborative team of hosts, reporters and producers in making sense of crucial, but often complex and confusing, economic news in just 10 minutes a day.