The Fed, Tariffs & Trump — A Financial Balancing Act with Tiana Lowe-Doescher

This week on the Payne Points of Wealth, Bob, Ryan, Chris, and Courtney are joined by Washington Examiner columnist and sharp political commentator Tiana Lowe-Doescher for a deep dive into the complex intersection of politics and financial markets.

We explore the Trump administration’s push to lower interest rates — and why the Federal Reserve no longer dictates long-term yields like mortgage rates. Instead, it’s the bond market calling the shots, driven by the sheer scale of our national debt. With 31% of the $29.7 trillion in marketable debt maturing within the next year, every 1% rise in interest rates could cost taxpayers nearly $100 billion — roughly the annual budget of the entire Department of Homeland Security. So, who really holds the reins on our national debt? Investor confidence has been shaken by the Trump administration’s attempts to remove Fed Chair Jerome Powell. Meanwhile, we are headed to unknown territory as the government attempts to manage the US’s $2 trillion annual deficit.

We also break down how markets are responding to the Trump administration’s aggressive tariff strategy. Despite implementing the steepest tariff regime in nearly a century, President Trump has defied economists’ dire expectations — inflation hasn’t surged, and economic growth remains resilient. Why? In part, thanks to tens of billions in savings from sweeping deregulation.

Tiana helps us unpack the nuanced market reactions: investors are increasingly distinguishing between tariffs used to offset new debt issuance — which markets favor — and those aimed at shrinking trade deficits, which can disrupt the current account surplus and push Treasury yields higher. It’s never easy!

It’s a timely, thought-provoking conversation on monetary policy, fiscal discipline, and the political forces shaping America’s economic future. Don’t miss it.