The Bond Market Is Flipping Out. Here’s Why You Should Care.

债市惊慌失措。这里告诉你为何你应该关心。

The Daily

2026-09-15

28 分钟
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For the past few months, you’ve probably been hearing about the turbulence in the bond market. Today, Ben Casselman, the chief economics correspondent for The New York Times, explains what has been happening, and why it matters. Guest: Ben Casselman, the chief economics correspondent for The New York Times. Background reading:  How to make sense of mayhem in the bond market.The bond market issued a swift rebuke last week to the Trump administration’s latest attempt to lower borrowing costs.Photo: Rod Lamkey Jr. for The New York Times For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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  • From the New York Times, I'm Rachel Abrams, and this is The Daily.

  • For months now, you might have been following the headlines about the turbulence in the bond market.

  • And by following, I mean you might have found yourself a little confused

  • and maybe even kind of alarmed by all this talk of the dangers to our economy.

  • Well, today, we are going to try to demystify the headlines

  • for those of you who might need a little bit of help.

  • Our artillery, Ben Castleman, chief economics correspondent for The New York Times,

  • he is going to explain what's been happening and why it matters.

  • It's Tuesday, September 15th.

  • Okay, Ben, we have invited you on The Daily today to do the impossible,

  • which is we are going to explain to people who may not understand

  • how bonds work what a bond is and why the bond markets have been going haywire.

  • And we are going to explain that not only so that you, dear listener, understand,

  • but that you even enjoy this conversation.

  • Rachel, I love a challenge.