Unhedged

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 discuss the buoyant earnings and how the Middle East conflict could weigh things down. Also, they go short open bars and long muntjacs in the UK. For a free 30-day trial to the Unhedg...

Transformative technologies create speculative frenzies. Robin Wigglesworth, host of the new FT podcast The Story of Money , joins Katie Martin and Rob Armstrong to talk about what financial history can teach us about today’s AI-driven stock market. Also, we go short GameStop’s attempt to acquire eBay, and long tiny ice cream treats. Subscribe to The Story of Money wherever you get your podcasts,...

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 finance.” This show sets out to prove the opposite. Each week, FT columnist Gillian Tett and FT Alphaville editor Robin Wigglesworth dig into the ideas, personalities and institutions that have shaped global finance.  From unregulated bank...

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, Katie Martin and Rob Armstrong think about the future of the Fed under likely successor Kevin Warsh, who will govern with a former chair on the board. Also they go long a new acronym and long Katie’s 103-year-old grandmother.  For a free 3...

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 final comments. Also, they go short health monitors and long snooker in Iran. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie Martin at unhedged@ft.com . R...

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 the show, the FT’s Beijing bureau chief Joe Leahy joins Katie Martin and Rob Armstrong to discuss his three-part series on China’s new economy. Also, they go short prediction markets, long exit rows and long Xi Jinping’s chances of re-election...

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 wildest markets in decades. Also, they go long volatility and long honesty about plans to control the world.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and...

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 charge with a pivot to AI and saw its stock leap 774 per cent. Today on the show, Katie Martin and Rob Armstrong try to figure out why investors are so excited. Also they go long kebabs and the Strait of Vermouth. For a free 30-day trial to...

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 Rob Armstrong speak with the FT’s west coast editor Richard Waters about the SpaceX listing and why it isn’t like any other IPO. Also, they go long papal news, southern California and magnolia trees.  For a free 30-day trial to the Unhedg...

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 like what we had before February 28? Today on the show, Katie Martin and Rob Armstrong try to understand the meaningful changes that will persist. Also, they go long bank earnings and short "maxing" anything.  For a free 30-day trial to...

Economists often compare today’s era to the 1970s, when oil prices were high and inflation was looming. But there is something to learn from the 1960s, too. Today on the show, Rob Armstrong and Hakyung Kim discuss “guns and butter”, and the state of consumer credit. Also they go short flights to Europe and short AI glasses.  For a free 30-day trial to the Unhedged newsletter go to: https://ww...

World energy supplies have been disrupted by the Iran war. But how long will they take to return to normal after the war is over? Today on the show, Katie Martin and the FT’s energy editor Malcolm Moore game out global energy outcomes. Also, they go long coal and short the wisdom of the markets. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can em...

A jury in a Los Angeles court has found Meta and Google liable for $6m in damages in a civil suit alleging their social media products are designed to be addictive to children. It could pave the way for thousands of similar suits. Today on the show, technology reporter Hannah Murphy joins Robert Armstrong and Katie Martin to discuss what the verdict means. Also, they go long cold brews and long a...

The plunge in UK and European bonds has been expensive for hedge funds, whose bets have gone sideways. But it could be expensive for regular people too, at least according to Katie Martin and her guest, the FT’s senior markets correspondent Ian Smith. Today on the show, they unpack how a drop in the value of European debt will drive up costs for the average person. Also, they go long Harry Potter...

When President Donald Trump talks, markets listen. But why? Today on the show, Katie Martin and Rob Armstrong try to figure out if the markets really are chasing the news and if that makes any sense whatsoever. Then they discuss gold’s steep drop and an awfully suspicious trade in the oil markets. Also they go long Saturday Night Live in the UK and short being tall.  For a free 30-day trial t...

The war has caused a spike in oil prices, which will pass costs through the economy. But if the economy is slowing, will there be enough inflation to send interest rates back up again? Today on the show, Katie Martin and Rob Armstrong dissect Federal Reserve chair Jay Powell’s Wednesday comments about the conflicting signals in the economy. Also they go long clean air and long March Madness....

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 and Rob Armstrong try to square the dismal news with the sanguine market. Also they go short quarterly reporting and long introspection.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email...

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 the show, Katie Martin and Rob Armstrong are joined by the FT’s US private equity and deals editor Antoine Gara. The three of them try to figure out if a small financial crisis is brewing. Also they go long 10-year Treasuries, long Ukraine ETFs and lo...

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 show, Rob Armstrong and Katie Martin survey the wreckage, and try to figure out if the price of oil is driving policy in Washington. Also they go long neckties and Korean food crazes.  For a free 30-day trial to the Unhedged newsletter go to: htt...

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 Brendan Greeley joins Katie Martin and Rob Armstrong to discuss if it makes sense to introduce a digital competitor to the dollar. Also they go long the Maidstone football team, short March and short tax trips to Dubai.  For a free 30-day trial to...

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 Martin and Rob Armstrong to talk about Tehran’s counterattacks on US allies including Kuwait, Saudi Arabia and the United Arab Emirates. Also, they go short private assets and long UK pastry chain Greggs.   For a free 30-day trial to the U...

The Supreme Court just overturned President Donald Trump’s use of the emergency powers provision to impose tariffs. Now importers are suing for refunds, and the president has scrambled to leverage another old law to find a legal way to slow imports. Today on the show, Katie Martin and Rob Armstrong are joined by Alan Beattie, of the FT’s Trade Secrets newsletter, to sort the mess out. Also, they g...

On Monday, a report by Citrini Research appeared to rattle traders on Wall Street. Its thesis was that massive efficiency increases would lead to widespread job losses and a disastrous fall in consumption. Today on the show, Katie Martin and Rob Armstrong discuss the doomsday scenario. Also, they go short New York in the snow and short shrinkflation.  For a free 30-day trial to the Unhedged n...

World markets continue to be down on the dollar. Today on the show, Katie Martin and senior markets correspondent Ian Smith discuss how inflation, politics and trade are weighing on the once mighty greenback. Also, they go short curling and long wealth managers in the age of AI.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert...

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 investment banking, something that many other banks have tried and failed to do. The FT’s US banking editor Joshua Franklin and US banking correspondent Akila Quinio discuss what Wells Fargo does — and doesn’t have — going for it as it pursues this strategy...