Unhedged

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 member Lisa Cook. Today on the show, Katie Martin talks to US economics editor Claire Jones about her reporting from Jackson Hole and what might happen if the central bank falls under the president’s co...

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, along with sales of a stock, selling them when the price rises. Today on the show, Katie Martin and Rob Armstrong grill Steer about the schemes. Also, they go long envy and Labubus, and short pepperoni g...

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 this is a warning sign of a structurally weak market. Also they go long defensive stocks and churches on wheels.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unh...

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 FT’s chief foreign affairs commentator. They try to understand where Trumpism sits between democracy and authoritarianism, and what that means for the US economy. Also, they go long bardcore, cheap watch...

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 and the FT’s Economics commentator, Chris Giles, ask what effect these personnel changes might have for the economy. Also they go long doctorates and long Mauritius.  For a free 30-day trial to th...

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 Powell to lower them or leave his job. The FT’s Claire Jones and Adam Posen, president of the Peterson Institute for International Economics, break down what will happen if Trump succeeds in either of th...

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 chief economist of the IMF. Donald Trump’s trade policies have raised a lot of questions about the future of the dollar – and how its decline could affect the rest of the world’s currencies. Rogoff jo...

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 FT’s deals correspondent Oliver Barnes joins Rob Armstrong to talk about whether President Donald Trump will make or break the deal. Also, we go short cafe cars and long shorts in the office. ...

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, discuss the terms of the deal, and why Europe didn’t retaliate. Also they go long US oil production and short the long-term health of American manufacturing.  Sign up for the FT Weekend Festival at ft....

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 show, the FT’s Wall Street editor Sujeet Indap tells Aiden Reiter why that may be changing, with big deals pending on everything from railroads to media conglomerates. Also, they go long Scottie Scheffl...

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 Holidays, and long properly measuring GDP.  For more on 24-hour trading, check out Jennifer Hughes’ guest appearance on the FT’s Behind the Money podcast. Link here. Sign up for the FT Weekend F...

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 they go long snow globes and long stone fruit.  Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.  For a free 30-day trial to the U...

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 not this time. Today on the show, Rob Armstrong and Lex editor John Foley talk about Buffett’s exit from a merger on the verge of a spinoff. Also they go long crypto and long tariffs that might actual...

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 Wigglesworth, from the FT’s Alphaville newsletter, try to explain how Jane Street got so big and why it matters. Also they go short bed bugs and short Strategy’s strategy.  Sign up for the FT Weekend Fest...

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 consultants and short hot yoga.  Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.  For a free 30-day trial to the Unhedged newsletter...

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 of the greenback. Also they go long forensic accountants and long aged hedge funders playing tennis.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer ....

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 reserve currency. But Europe is still financially fragmented. Today on the show, Katie Martin and Rob Armstrong discuss a new idea for creating a common regulatory and lending framework. Also they go short...

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 that will end badly. Also, they go long exotic fruits and the perennial Citigroup buy note.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can ema...

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. Today on the show, Katie Martin and Rob Armstrong look at the contenders. Also, they go long restaurant inflation and community gardening.   For a free 30-day trial to the Unhedged newsletter...

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 been a source of success – and cash – for the luxury goods behemoth. But more recently, that’s changed. The FT’s Paris correspondent Adrienne Klasa, found that certain strategic decisions made under th...

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 chair Jay Powell will say following this week’s FOMC meeting. Also, they go long New York pizza and golden telephones.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft....

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 and Aiden Reiter sort through the factors that drive the company’s stock. Also, they go long the price of copper and long short shorts. For a free 30-day trial to the Unhedged newsletter go to: http...

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 Japanese hotel developer that just started buying crypto and now trades for more than the value of all its assets. Today on the show, Rob Armstrong and Katie Martin try to figure out if there’s any way it do...

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 consumer editor Gregory Meyer joins Rob Armstrong to discuss what Walmart’s success can tell us about the future of American retail. Also, they go short online sports gambling and short New Jersey tr...

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 scepticism about tariffs, inventory stockpiles, strong earnings and a budget that includes a tax on foreign investment in the US. Also they execute a complicated private equity pair trade and go long Ni...