Shows / Unhedged
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
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Why the slowdown in Wall Street deals?
What started as a boom year for mergers on Wall Street has started to fade. There have indeed been some megamergers, such as the $111bn Paramount-Warner Bros…
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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…
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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…
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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…
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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…
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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…
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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 -…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
UnhedgedThe 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…
UnhedgedThe 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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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Are AI stocks the new railroad bonds?
Transformative technologies create speculative frenzies. Robin Wigglesworth, host of the new FT podcast The Story of Money, joins Katie Martin and Rob…
UnhedgedIntroducing: The Story of Money
The economist John Kenneth Galbraith once quipped that “there can be few fields of human endeavour in which history counts for so little as in the world of…
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The Fed holds steady
Yesterday, JayPowell made his final remarks as chair of the Federal Reserve. And then he announced his intention to remain on the board. Today on the show…
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Gloom and boom
The news is bad, but stocks seem happy. Today on the show, Katie Martin and Rob Armstrong unpack the market’s rally and look forward to Fed chair Jay Powell’s…
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China Shock 2.0
In the past decade China has transformed itself into a high-value producer of sophisticated goods, threatening jobs in Europe and the rest of Asia. Today on…
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Trading disruption
Today on the show, Rob Armstrong reports from the FT Commodities Global Summit 2026, where hundreds of traders gathered to share war stories about one of the…
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Boing! Springtime for the markets
After a nervous couple of months, markets suddenly roared to life this week, with the S&P 500 reaching a new high. Struggling shoe company Allbirds led the…
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Space ecstasy
Elon Musk’s SpaceX plans to go public this year in what may be the largest IPO of all time. But what is SpaceX, exactly? Today on the show, Katie Martin and…
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What has changed?
As President Donald Trump’s confusing messages on the Iran war seem to coalesce around a retreat, markets have risen. But are we really going back to anything…