Steve Bannon and guest argue rising bond yields mean “tough times ahead” if Trump doesn't secure trade deals and “get government spending down”
Guest E.J. Antoni acknowledged: “This idea that we somehow had a kind of grand master plan, I'm sorry, but it's just not the case.”
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Citation
From the April 10, 2025, edition of Real America's Voice's War Room
STEVE BANNON (HOST): I understand the heart of this, EJ, and I'm a huge believer in this. In fact, one of the reasons we backed Scott Bessent for so long -- he came on as a contributor years ago and the guy is amazing. He was the biggest proponent -- this is our last shot to have a supply side solution to this. And that means extension of the tax cuts of President Trump, at least below the upper brackets. There's a discussion, which we've been pushing very hard, that the upper brackets wouldn't get the extension. But even that, with the additions of Social Security and wages -- this is a supply side tax cut that will generate growth.
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E.J. ANTONI (HERITAGE FOUNDATION): Until we can restore confidence to that bond market, yields are going to stay where they are. I know a lot of people were cheering the drop in yields that came as the market was tanking, but guess what, yields are now back up above where they were on Liberation Day. So this idea that we somehow had a kind of grand master plan, I'm sorry, but it's just not the case. The bond market is responding to the latest signals. Before, it looked like we were going to have a pretty bad recession. And now, even if we don't have that recession, it looks like there are still some tough times ahead if we don't get these trade deals hammered out and if we don't get government spending down. Those are things that have to happen, and I'd say have to happen in the next 90 days.