Unhedged
Katie Martin, Robert Armstrong and other markets nerds at the Financial Times explain the big ideas behind what’s happening in finance right now. Every Tuesday and Thursday.
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Episodes (54)
The mystery of the vanishing jobs
The annual jobs numbers are in. And they have been revised down by 911,000 positions. But in a quickly changing economy, with many laborers literally leaving the country, what does that mean? Today on...
Live from the FTWeekend Festival in London
2025 has been a chaotic year, with seemingly random tariffs, the reduction of the labour force, the partial nationalisation of major companies and a looming hostile takeover of the long independent...
What’s a central bank supposed to do?
Central banks have been around for hundreds of years. But they haven’t always done the same thing. Today on the show, Katie Martin and Rob Armstrong talk to Brendan Greeley, a former FT reporter,...
OK, Doomer
Valuations are high. Employment is down. The Federal Reserve is under attack. For many market watchers, this looks a lot like a recipe for disaster. Today on the show, Rob Armstrong and Katie Martin...
The people’s chip manufacturer
The Trump administration has again extended its control over the US economy, now taking a 10 per cent stake in the chip manufacturer Intel. Control of the means of production is a foundational tenet...
The Fed under attack
The annual meeting of central bankers in Jackson Hole, Wyoming, is supposed to be an intellectual retreat. Instead, it was overshadowed by personal and political attacks on US Federal Reserve board...
The new pump and dumps
US markets reporter George Steer has been tracking stocks that have soared, then crashed. Some of them might be “pump and dumps”, an old-fashioned style of scam where insiders generate excitement,...
Is the market too concentrated?
Eight of the 10 biggest stocks in the S&P 500 are technology stocks, and tech as a sector represents 40 per cent of the value of the index. Today on the show, Katie Martin and Rob Armstrong ask if...
Will markets ever care about anything?
As the US president upends the global order, and consolidates power, markets keep climbing. Does it make any sense? Today on the show, Katie Martin and Rob Armstrong speak with Gideon Rachman, the...
Lies, damn lies and statistics
President Donald Trump has just installed loyalists at the Bureau of Labor Statistics and the Federal Reserve. The idea is to ensure good news and low interest rates. Today on the show, Katie Martin...
Swamp Notes: Trump’s case against Fed chair Powell
Today, we're sharing an episode from our fellow FT podcast, Swamp Notes.The US president is angry with the chair of the Federal Reserve over interest rates. He’s applying a lot of pressure on Jay...
The Economics Show: Trump is accelerating the dollar’s decline
Today, we're bringing you an episode from our fellow FT podcast, The Economics Show. The US dollar has been in slow decline for around a decade – so says Kenneth Rogoff, Harvard professor, and former...
The Little Railroad Merger That Could
On Tuesday, the American railroad giant Union Pacific announced its intention to buy Norfolk Southern, promising to fulfill Abraham Lincoln’s dream of a transcontinental railroad. Today on the show,...
The EU folds on tariffs
Experts agree: When it comes to tariffs, Europe just got trounced. So did the American consumer, who will pay these taxes. Today on the show, Rob Armstrong and Ben Hall, the FT’s Europe editor,...
Is M&A turning around?
When Republicans won the White House and both houses of Congress last fall, mergers and acquisitions bankers celebrated. But when President Donald Trump took office, M&A stagnated. Today on the...
Robotaxis, tech earnings and 24-hour trading
Today on the show, Aiden Reiter talks with Lex editor John Foley about three things to watch this summer: 24-hour trading, tech earnings and Tesla’s new approach to robotaxis. Also, they go short Bank...
Is Nvidia really worth $4tn?
Nvidia is now the most valuable company in America, as AI seems to power an unstoppable market. Today on the show, Katie Martin and Aiden Reiter ask if it reminds anyone of the dotcom bubble. Also...
Heinz, Kraft and Warren Buffett
The acquisition of Heinz and Kraft by 3G Capital and Warren Buffett seemed like a classic play from the world’s most famous investor: buy boring staples with long histories and hold them forever. But...
The secret giant of finance
Jane Street is one of the biggest traders in the world, and they have become embroiled in accusations of market manipulation in India. Today on the show, Katie Martin and special guest Robin...
Three surprises that might spook the markets
Despite looming economic problems, the stock market continues to climb. Today on the show, Katie Martin, Rob Armstrong and Aiden Reiter ask what could finally end the party. Also they go short...
The dilapidated dollar
The US dollar is having its worst year since 1973. And 1973 was a really bad year. As the US takes a break to celebrate independence from the UK, Katie Martin and Ian Smith discuss the glow-down...
Building a big beautiful Europe
The weakening dollar suggests international investors are looking for other places to put their money. This could be an opportunity for Europe to finally compete with the US as a safe haven and...
Can anything stop the US economy?
A lot of people are worried about the Middle East, but markets are doing just fine. Today on the show, Rob Armstrong and Aiden Reiter talk about why investors are buying US again — and whether...
Who wants to be a Fed chair?
President Donald Trump has called US Federal Reserve chair Jay Powell “very dumb, hardheaded” and a “numbskull” for not lowering interest rates. But for some reason, people still want Powell’s job....
Behind the Money: Inside Moët Hennessy’s crisis
Unhedged is off today so instead we're bringing you an episode from our fellow FT podcast, Behind the Money. In this episode, we look at how LVMH’s wine and spirits division, Moët Hennessy, has long...
What the Israel-Iran war means for markets
Israel and Iran are at war, but markets have yet to freak out. Today on the show, Rob Armstrong and Katie Martin dig into what’s happening with oil, the dollar and gold — and what Federal Reserve...
What makes Tesla run?
Tesla stock feels like it runs on uncut animal spirits. But the company’s fortunes have been bound up with the US government since long before the Trump administration.Today on the show, Rob Armstrong...
Welcome to the ‘Hotel Crypto’
Strategy (formerly MicroStrategy) continues its meteoric rise as new investors purchase a company whose basic business is to own bitcoin. Naturally, the firm has inspired copycats, such as the...
Walmart’s very good year
The last 12 months have been great for Walmart, with its stock price rising on growing sales. And it’s all happening despite impending tariffs, and without adding more employees. Today on the show, US...
Stock market party but why?
Equities are on a tear, led by the usual tech giants that make up the Magnificent Seven. But why? Rob Armstrong and Katie Martin go over the odd landscape of the current American economy, including...
The nasty Taco question
Our co-host Rob Armstrong has been talking about the “Taco trade” (Trump Always Chickens Out) for a few weeks, and on Wednesday a journalist asked the US president about it. Trump did not like the...
The ‘big beautiful’ budget vs the bond market
President Donald Trump’s ‘big beautiful’ bill was passed by the House of Representatives last week. It adds yet more deficit spending to the US budget. But can it survive the bond market? Today on the...
When Spacs attack
Special purpose acquisition companies are basically bags of money looking for businesses to acquire. They boomed in 2021 and then went into hiding. Now they’re back and booming. Today on the...
The microcap explosion
Microcaps of every sort have been rushing to list on US exchanges. Many are from China and represent shares in tiny companies, such as a chain of hot pot stores. Today on the show, Katie Martin and...
The UK’s trade deal
Recent announcements about trade deals with the UK and China have cheered markets. But what exactly did the UK agree, and why? Today on the show, the FT’s trade guru Alan Beattie joins Katie Martin to...
Not-so-bad news is the new good news
Lower-than-expected inflation and the start of negotiations with China seemed to help stocks on Monday. But the dollar remained uncharacteristically weak. Today on the show, Rob Armstrong and Aiden...
Berkshire after Buffett
At the annual meeting of Berkshire Hathaway, Warren Buffett announced his retirement from day-to-day management. Today on the show, Katie Martin and Rob Armstrong look at his incredible career, and...
Will the real money pivot to Europe?
There is fast money and there is real money. Fast money means day traders and hedge funds, who jump in and out on the day's news. But the real money — that of governments and insurance and pension...
GDP goes negative
The GDP contracted this past quarter – a turnaround from two years of surprisingly steady growth. Baked into that negative number are imports, as sellers rush to bring in goods ahead of tariffs. Today...
Bad shipping news
Air and sea freight bookings for international cargo are plunging. As the reality of empty shelves starts to hit consumers, will Donald Trump blink? Today on the show, Katie Martin and Rob Armstrong...
Wall Street vs the White House
The current administration rode in on a wave of support from America’s traders, lenders and money managers. But that might be changing. Today on the show, Rob Armstrong talks to the FT’s US finance...
Sell America?
With the continuing decline in the price of US Treasuries, Katie, Rob and Aiden take up the debate about the future of America’s status as a truly exceptional safe haven. Today on the show, the trio...
Nvidia’s bad day
Nvidia shares, along with many others in the tech sector, plunged on Wednesday on news that the Trump administration will be blocking sales of certain technology to China. Particularly hard hit was...
Will China back down?
The White House has announced dizzyingly high — and hard-to-follow — tariffs on goods from China. And Beijing has responded. But the real trade war may be between the US president and the American...
The real cost of a trade war
Trump folded on Wednesday, reducing his so-called “reciprocal” tariffs across the board, with the notable exception of massive taxes on goods from China. Today on the show, Rob Armstrong and Katie...
Surveying the wreckage
As the markets try to absorb and value the announced US tariffs, China has responded with its own levies. Today on the show, Katie Martin and Rob Armstrong sum up the old bad news, add it to the...
Tariffs up. Markets down
On April 2, in the Rose Garden of the White House, President Donald Trump announced taxes on almost every kind of imported finished goods. Markets plunged as traders fled equities, and even the dollar...
Vibes vs data
Markets, investors and companies are all feeling a little bit jumpy about the state of the economy. Surveys of managers, consumers and investors are all grim. Today on the show, Rob Armstrong and...
What does CoreWeave’s IPO say about the market?
CoreWeave’s IPO is one of the odder tech plays to come along in a few years. It buys chips from Nvidia, and rents them out, mainly to Microsoft, but also to Nvidia. Today on the show, Rob Armstrong...
Can Trump drive down bond yields?
President Donald Trump has been clear he wants lower interest rates. Cheaper money would goose the market and give the government room to spend. But interest rates haven’t exactly been co-operating....
Dour Fed, cheery market
On Wednesday Federal Reserve chair Jay Powell announced that US interest rates would remain unchanged. But the monetary policy committee is clearly worried that tariffs might slow growth and increase...
How will Europe pay for its new weapons?
As the US retreats from global commitments, Europe is re-arming. That will change the maths for companies and debt loads, in countries as different as Poland, Germany, Spain and Portugal. Today on the...
Make America Gyrate Again
As Donald Trump continues to upend the US economy with a bizarre series of tariff announcements and reversals, Katie Martin and Rob Armstrong head to Spain. Today on the show, they host a live forum...
The case for China
Investors have long been wary of China, piling into US markets, no matter what the climate. But is that changing? Today on the show, Rob Armstrong and Aiden Reiter talk to Ruchir Sharma, a columnist...
About this Podcast
Copyright
Financial Times
Language
en
Categories
markets, finance, crypto, investing, venture capital, blockchain, banking, business, news, business news, financial news, Business, Investing, News, Business News