Before we start today's show, a quick note.
You may have heard that President Trump has issued an executive order seeking to block all federal funding to NPR.
Millions of people, people like you,
depend on the NPR network as a vital source of news and entertainment, information and connection.
We are proud to be here for you.
And now more than ever, we ask you to be here for us.
Visit donate.npr.org now to give.
And if you already support us via NPR Plus or Planet Money Plus or any other way, thank you.
This is Planet Money from NPR.
Mike Kudzel, a money manager at PIMCO, got to work on Tuesday, April 8th, ready for a crazy day.
Not wearing a suit that day, dress for your day, wearing Kevlar.
Kevlar like what firefighters wear
because markets were in flames in the aftermath of President Trump's big tariff announcements.
So Mike is looking at his screens and they are all red.
Basically, every market in the United States, all lines are going down.
You had equities go down meaningfully.
You had bonds go down in price meaningfully.
And you had the U.S. dollar that went lower.
And that is weird.
Because normally when investors get scared, as they were that day,