Unhedged

Latest Episodes:

Will markets ever care about anything? Aug 14, 2025

Show notes

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 watches and controversial fashion.

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.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Lies, damn lies and statistics Aug 12, 2025

Show notes

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 the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.

You can email Robert Armstrong and Katie Martin at unhedged@ft.com.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Swamp Notes: Trump’s case against Fed chair Powell Aug 07, 2025

Show notes

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 those goals.

This episode originally aired on July 26.

Subscribe to Swamp Notes on Acast, Apple Podcasts, Spotify, Pocket Casts or wherever you get your podcasts.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

The Economics Show: Trump is accelerating the dollar’s decline Aug 05, 2025

Show notes

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 joins Martin Wolf to discuss how the decline of the dollar could empower China, capital flight from the US, and why cryptocurrency is a bigger threat to dollar hegemony than most people realise.

Martin Wolf is chief economics commentator at the Financial Times. You can find his column here: https://www.ft.com/martin-wolf

Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen.

Presented by Martin Wolf. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music and sound design by Breen Turner. The FT’s head of audio is Cheryl Brumley.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

The Little Railroad Merger That Could Jul 31, 2025

Show notes

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.

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.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

The EU folds on tariffs Jul 29, 2025

Show notes

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.

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.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Is M&A turning around? Jul 24, 2025

Show notes

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 Scheffler and short Japan.

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.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Robotaxis, tech earnings and 24-hour trading Jul 22, 2025

Show notes

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.

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.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Is Nvidia really worth $4tn? Jul 17, 2025

Show notes

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.

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.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Heinz, Kraft and Warren Buffett Jul 15, 2025

Show notes

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 actually happen.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

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