Unhedged
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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. Hosted on Acast. See acast.com/privacy for more information.
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287 episodi
Are the markets right or wrong about Iran?
Oil is up, bombs are falling and investors are increasing their piles of cash. But the market isn’t far off its highs. Today on the show, Katie Martin...
Uncomfortable moments in private credit
There has been a steady trickle of bad news in private credit, and investors have been having a hard time getting their money out of funds. Today on t...
Wildest day for oil ever
Over the weekend, the price of oil had its biggest intraday swing on record, bouncing between $84 and $119 per barrel in just 23 hours. Today on the s...
The case against stablecoins
The Genius Act allowed stablecoins to trade in the US as a legal form of currency. But can that really work? Today on the show, financial historian Br...
Energy prices up, markets down
The US attack on Iran has muddled expectations for the year, especially in energy markets. Today on the show, US energy editor Jamie Smyth joins Katie...
What the actual tariff?
The Supreme Court just overturned President Donald Trump’s use of the emergency powers provision to impose tariffs. Now importers are suing for refund...
The report that rattled Wall Street
On Monday, a report by Citrini Research appeared to rattle traders on Wall Street. Its thesis was that massive efficiency increases would lead to wide...
How low can the dollar go?
World markets continue to be down on the dollar. Today on the show, Katie Martin and senior markets correspondent Ian Smith discuss how inflation, pol...
Introducing 'Behind the Money': Can Wells Fargo make it in investment banking?
For more than 170 years, Wells Fargo built a reputation as an all-American Main Street lender. Now, it is charting a new path and pushing into investm...
Is AI creating jobs?
Buried deep in the heart of this week’s US jobs report is a hint that companies may be increasing hiring to build all those AI data centres we keep he...
What Takaichi's win means for global markets
Japan’s Prime Minister Sanae Takaichi and her Liberal Democratic Party dominated in a snap election on Sunday and the country’s stock market loved it....
The triangle of confusion
Markets, data and sentiment are often looked to as indicators of the present and guides to the future. But these data points aren’t helping as much as...
The next Fed chair
President Donald Trump announced his pick for the next Fed chair at the end of last week. It was Kevin Warsh, a former member of the Fed Board of Gove...
The incredible shrinking dollar
Since the second inauguration of US President Donald Trump, the dollar has been in a slow but persistent decline. Today on the show, Katie Martin and...
How does a gold rush end?
Gold and silver are both racing to record highs. But can it last? Today on the show, Katie Martin and Rob Armstrong talk about factors that might put...
Taco FTW
The “Taco trade” proved profitable again this week as US President Donald Trump walked back his proposals for invading Greenland. ("Taco", of course,...
Trade wars, real wars and the markets
As Donald Trump threatens a takeover of Greenland, Europe responds with military deployments, sending the markets into a low-key swivet. Today on the...
Introducing 'Business History': Young Warren Buffett
We’re sharing a preview of another podcast we think you’ll enjoy, Business History. Former Planet Money hosts Jacob Goldstein and Robert Smith examine...
Stock picking champs 2025
The results of the FT’s 2025 stock picking contest are in! Today on the show, Katie Martin, Rob Armstrong and the FT’s asset management reporter Alan...
Showdown at the Federal Reserve
On Sunday night, Federal Reserve Chairman Jay Powell took the extraordinary step of issuing a video saying he is being threatened with a criminal indi...
Outlook 2026
Markets continue their sunny cruise, whistling along as the world is upended by nationalistic meddling in both corporations and other countries. Today...
Imperialism and the markets
US President Donald Trump has attacked Venezuela and removed its leader. The markets remain nonchalant. Does that make sense? Today on the show, Rob A...
From Behind the Money: Private equity’s push into Japan
Unhedged is on a break over the holidays, so we wanted to share an episode from our fellow FT podcast, Behind the Money. When international private eq...
Quiz show!
Katie Martin spent a restful 20 hours on a plane coming up with some devilishly hard questions for her colleagues, Rob Armstrong and John Foley. Today...
From Against the Rules: Michael Burry Speaks
Here’s another podcast we think you’ll enjoy, The Big Short Companion from Against the Rules, hosted by bestselling author Michael Lewis. Lewis’ popul...
We take some questions
Why do companies care about their share price so much? Is Switzerland in danger of losing its banks? What would regime change in Venezuela do to globa...
Three numbers that matter
Today on the show, Katie Martin and Rob Armstrong take a look at some revealing numbers about jobs, inflation and borrowing against the Treasuries mar...
Gold, silver and crypto
Silver is on a tear this year, outperforming gold and even crypto. Today on the show, Rob Armstrong and Katie Martin look at the markets for substitut...
Can 2026 match 2025?
What went right in 2025? What could go wrong in 2026? Recorded last week for the FT’s digital conference The Global Boardroom, Katie Martin and Rob Ar...
Who gets to buy Warner Bros Discovery?
Netflix and Paramount are in a bidding war to take over Warner Bros Discovery and its historic collections of movies and television series. Today on t...
A satanic list of inflationary factors
Today on the show, Katie Martin and Rob Armstrong talk with special guest Adam Posen about the prospects for inflation and even a financial crisis. Po...
Bonds vs budgets
Mature economies such as France, the UK and the US are spending more than they take in. They make up the rest in borrowing. But how long can that last...
What are the hedge funds shorting?
Short interest in the market is rising. But what are the big players betting against? And what can investors learn from it? Today on the show, Katie M...
Nvidia's crazy day
In the morning, Nvidia’s earnings report seemed to have cured the market of its jitters about an artificial intelligence bubble. And then it didn’t. T...
Big deals in Big Pharma
The battle between Novo Nordisk and Pfizer to acquire Metsera is over. But is this merger a sign of strength or weakness for the industry? Today on th...
Is the K-shaped economy real?
Companies such as Procter & Gamble and Chipotle say lower-income customers are spending less, while upper-income customers keep splurging. But data fr...
Is the US an emerging market?
Today’s show is a live recording from the Kilkenomics Festival in Kilkenny, Ireland. Katie Martin hosts a panel with guests David McWilliams, founder...
DIY data
With the government shut down, US investors are looking for data in different places. Today on the show, Katie Martin and Rob Armstrong discuss home b...
Is Big Tech spending too much money?
Tech companies are spending historic amounts of money on computing power and data centres.
Today on the show, Rob Armstrong and Katie Martin ta...
Martin Wolf on the economics of populism
How does populism affect the long-term health of economies? And is there a difference in outcomes between the extreme politics of the left and the rig...