Unhedged
Financial Times
300 episodes
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.
More about the show
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Episodes page 1 of 6
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How much is Anthropic really worth?
Anthropic’s initial public offering is shaping up to be the largest ever. And the firm’s recently released prospectus explains how all of this is part of an enterprise for the benefit of the whole of humanity. Rob…
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Breaking down the bond market
Government bonds keep the lights on for countries all over the world and set the cost of money for everyone from the US to your mortgage lender. But even as bonds experience a rocky year, the public seems unaware and…
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UK bets on a boring budget
Britain’s chancellor of the exchequer John Healey will deliver his annual budget on October 28. And with the UK facing the highest borrowing costs in the G7, the spending item he will be most keen to get under control…
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The AI boom stumbles
Tech stocks and bonds took a kicking on Thursday, adding urgency to a question investors have been asking themselves for months now: is the AI boom about to go splat? Katie Martin and Rob Armstrong sense a great…
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Mortgages, diesel and the US midterms
US consumers are still in love with buying things, buoyed by stock markets that are near all-time highs. But could sky-high mortgages and diesel prices spoil their shopping spree? And if the strains on the economy…
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Is France too blasé about borrowing costs?
France’s borrowing costs are skyrocketing. And its leading candidates for next April’s presidential elections - on both extremes of the political spectrum - seem alarmingly unalarmed. All of this gives hosts Katie…
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There is only one trade
It’s starting to look like every market is becoming a one-trick pony. Since the summer, stock markets would have been down – were it not for the Big Tech companies galloping ahead on the back of AI. Corporate bond…
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Hyperscale my debt!
While most people are distracted by the latest blow-up in US Treasuries, our hosts Katie Martin and Rob Armstrong lift the lid on a less watched corner of the debt markets. The world’s hyperscalers – giant companies…
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An ode to stock picking
Over the summer, the FT held a revamped version of its stock picking game – think fantasy football for the global equity markets. Some 13,000 people took part – a shocking number considering how unfashionable active…
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Bond bombshell
Global bond yields took a big leg up on Wednesday, with the US 10-year Treasury now well north of 5 per cent. Could further rises trip up a heavily indebted government? Or perhaps an overleveraged hedge fund, with…
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Turkish dismay
Investment funds boast triple-digit returns. Retail investors enthusiastically pile in. Then – surprise! – they turn out to be scams… and implode. The story that played out in Istanbul last week may be as old as the…
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News alert: Fed acts normal
In response to persistently above-target inflation, the Federal Reserve raised interest rates a quarter-point this week. Typically, this would not merit a full podcast. But in our current world – which includes a…
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Should markets discount the AI apocalypse?
When the Terminator robots come for us all, will there be anywhere safe to run? Certainly not the US Treasury market, where the 10-year yield just broke the totemic 5% level. It’s a sobering thought. But hosts Katie…
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Oil, yen and egonomics
US Treasury secretary Scott Bessent cowed currency traders this week by claiming anyone shorting the yen was betting against “the house”. But he has failed to will US government borrowing costs lower, while his boss…
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Unhedged Live: How Katie was “right all along”
Katie called it – so she claims. There are signs that foreign investors may be losing trust in US assets. This has been the source of a running debate between the hosts Katie Martin and Rob Armstrong on this podcast,…
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Dear Brits, please save more
Britain has a problem. Almost half of the country’s working age adults are not saving into a pension at all. So if you know somebody who isn’t thinking enough about their future retirement, it may be time to have a…
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Warsh and peace
Fed chair Kevin Warsh used his speech at the annual Jackson Hole gathering of central bankers to tell bond markets he was serious about keeping a lid on inflation and everyone should calm down. Bond markets responded…
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Canada says no thank you
Canada and the US reached an impasse over trade this week, as Canadian Prime Minister Mark Carney refused to meet the demands of US President Donald Trump. Today on the show, senior trade writer Alan Beattie joins…
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Bombing the bond market
Last week Treasury secretary Scott Bessent directed his department to double its purchase of treasuries, in an attempt to bring down the yield. Of course, it backfired. Today on the show, Rob Armstrong and Katie Martin…
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Heatwaves and waterways
With Europe’s record-breaking heat and droughts this summer, water levels in Germany's Rhine river have reached historic lows. Today on the show, Katie Martin talks with FT Frankfurt bureau chief Olaf Storbeck about…
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Does the market know anything about oil?
US reserves are the lowest they have been for many decades. Today on the show, Katie Martin and the FT’s Energy Editor Malcolm Moore try to figure out why the market has remained calm and if it will finally freak out.…
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Hot Stoxx summer
It’s been a hot summer, and not just in terms of weather. European and UK equities markets have matched US returns and are at record levels. Today on the show, Katie Martin talks with senior markets correspondent Ian…
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Why the yen matters
Investors were surprised when they learned that the US was selling euros to prop up the yen. But was this support for an ally? Or worries about interest rates at home? Today on the show, Katie Martin and Alphaville…
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The Economics Show: China wanted western tech. Now, the tables have turned.
Today, we're bringing you an episode from another podcast in the FT stable: The Economics Show with Soumaya Keynes For decades, China accelerated its industrial development through a straightforward bargain: foreign…
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The Story of Money: The trader who made $100mn from the 1929 crash — only to lose it all
Today, we're bringing you an episode from another podcast in the FT stable: The Story of Money. Jesse Livermore was a legendary trader who made and lost several fortunes in the early 20th century, most famously by…
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Is the Fed the referee or the best player?
The Fed held rates steady on Wednesday, and chair Kevin Warsh commented on the Federal Reserve’s future role in markets. Today on the show, Katie Martin and Rob Armstrong try to figure out if Warsh can really have the…
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The return of monetarism?
Former Federal Reserve member Stephen Miran and economist Nouriel Roubini just published a paper arguing that the US central bank should pay more attention to the supply of money. But will new Fed chair Kevin Warsh…
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How JPMorgan won
JPMorgan has become by far the biggest bank in the US and one of the largest in the world. But how did it do it? Today on the show, Rob Armstrong and US banking editor Joshua Franklin talk about the incredible growth…
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The forecast for prediction markets
Prediction markets can tell us what everyone thinks. They can also encourage breaking the law. Today on the show, Katie Martin and Rob Armstrong take the measure of a world where you can bet on anything. Also they go…
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Should private credit be public?
Stocks offering access to private credit funds have taken off, and crashed, in recent years. Is this the fiery end to a bad idea or a golden chance to buy a piece of a good idea? Today on the show, Katie Martin and Rob…
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Everything is awesome … for banks
Five US banks reported earnings this morning and they were all terrific. Today on the show, Lex editor John Foley joins Rob Armstrong to discuss the stunning results for banks and why it’s all part of the AI boom. Also…
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The Fed’s silent treatment
The US-Iran conflict is back on, inflation is sticky and US interest rates are steady — for now, anyway. Today on the show, Katie Martin and Rob Armstrong discuss the quieter Fed under new chair Kevin Warsh, and try to…
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Software stocks got crushed. Did they have it coming?
The index of big US software groups has fallen by about 20 percent over the past year, as investors worry that AI will make software businesses obsolete. Today on the show, Rob Armstrong and Katie Martin make the case…
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Halftime for the markets
We’re halfway through the year and the markets are thriving but look different than they did six months ago. The Magnificent Seven are struggling, while chip makers are soaring. Inflation is up but wages are stalling.…
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New UK prime minister, same bond market
The UK is changing leadership. Again. But what will this mean for the economy and for Britain’s debt market? Today on the show, Rob Armstrong speaks with senior markets correspondent Ian Smith about what is going wrong…
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Tech shares zigzag
Tech stocks went into a swivet early this week, with a variety of big names moving sharply in different directions. Today on the show, Katie Martin and Rob Armstrong try to figure out what caused the skittishness, and…
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How to surf turbulent markets
The AI boom is tossing equities around like tiny boats. Today on the show, Katie Martin and Rob Armstrong ask investor Ruchir Sharma how to ride it all out. Sharma is the chair of Rockefeller International and the…
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Kevin Warsh’s first remarks
Kevin Warsh delivered his first comments on Wednesday as the new chair of the Federal Reserve. Investors were listening … and the market dropped. Today on the show, Katie Martin and Rob Armstrong dissect his remarks…
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Notes from the FT Global Bond Summit
Each year the FT Global Bond Summit brings traders, bankers, central bankers and politicians to London to discuss the state and future of debt. Today on the show, Rob Armstrong talks with Katie Martin about her visit…
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Can Trump make a deal with Iran?
Right now the only thing flowing through the Strait of Hormuz is a caravan of broken promises and fake cease fires. Today on the show, Middle East editor Andrew England joins Katie Martin and Rob Armstrong to discuss…
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Why are investors so jumpy?
The market plunged on Friday after a positive jobs report and then rebounded on Monday. Today on the show, Rob Armstrong and reporter Daire MacFadden ask why investors seem so jumpy. Also they go short deal trinkets…
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Big energy getting bigger
Atlantic coast power companies NextEra and Dominion have announced plans to merge, possibly creating a $420bn energy giant along much of the east coast. Is this a good idea? Today on the show, Robert Armstrong speaks…
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Could we interest you in $675bn in tech stocks?
An estimated $675bn in new equity is hitting the market in the next few weeks. And yes, it is all tech-related. Today on the show, Katie Martin and Rob Armstrong ask why so many companies are selling so much stock to…
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The chip and memory stock frenzy
Are chip and memory stocks in a bubble? Or just rationally riding an ever-increasing demand for AI infrastructure? Today on the show, Rob Armstrong and Katie Martin unpack the rally in chip and memory stocks. Also they…
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SpaceX nears lift-off
SpaceX is set to be the largest listing of all time. But it might not be just the launch of a new publicly traded stock. It might be a reorganisation of how indexes treat new entrants. Today on the show, Katie Martin…
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The oil reserves dwindle
As the Iran war hits three months, oil and gas reserves are running out. Today on the show, Katie Martin speaks with the FT’s energy editor Malcolm Moore about what happens when the world’s energy supply buffers are…
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Luxury during wartime
Luxury goods are both an indulgence and a store of value. And those uses are completely different. Today on the show, Rob Armstrong talks with Katie Martin about his trip to the FT Business of Luxury Summit in Puglia,…
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What’s bothering bonds?
Yields on UK gilts are skyrocketing. But the UK is not the only country facing rising borrowing costs. Today on the show, Katie Martin and Rob Armstrong talk to new Unhedged contributor and former Bank of England…
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Can GameStop buy eBay?
GameStop, the video game retailer and iconic meme stock, has announced an attempt to take over the much larger eBay. Today on the show, Rob Armstrong and John Foley talk about how a smaller company can take over a…
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The Buy America trade
US companies are crushing it this year and it’s not just Big Tech. More than 80 per cent of the S&P 500 companies that have reported first-quarter earnings have beaten expectations. Katie Martin and Rob Armstrong…
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