A satanic list of inflationary factors
04 Dec 2025
Contributed by Lukas
Today on the show, Katie Martin and Rob Armstrong talk with special guest Adam Posen about the prosp...
Bonds vs budgets
02 Dec 2025
Contributed by Lukas
Mature economies such as France, the UK and the US are spending more than they take in. They make up...
What are the hedge funds shorting?
25 Nov 2025
Contributed by Lukas
Short interest in the market is rising. But what are the big players betting against? And what can i...
Nvidia's crazy day
20 Nov 2025
Contributed by Lukas
In the morning, Nvidia’s earnings report seemed to have cured the market of its jitters about an a...
Big deals in Big Pharma
18 Nov 2025
Contributed by Lukas
The battle between Novo Nordisk and Pfizer to acquire Metsera is over. But is this merger a sign of ...
Is the K-shaped economy real?
13 Nov 2025
Contributed by Lukas
Companies such as Procter & Gamble and Chipotle say lower-income customers are spending less, wh...
Is the US an emerging market?
11 Nov 2025
Contributed by Lukas
Today’s show is a live recording from the Kilkenomics Festival in Kilkenny, Ireland. Katie Martin ...
DIY data
06 Nov 2025
Contributed by Lukas
With the government shut down, US investors are looking for data in different places. Today on the s...
Is Big Tech spending too much money?
04 Nov 2025
Contributed by Lukas
Tech companies are spending historic amounts of money on computing power and data centres. Toda...
Martin Wolf on the economics of populism
30 Oct 2025
Contributed by Lukas
How does populism affect the long-term health of economies? And is there a difference in outcomes be...
The vigorous nods of Bessent
28 Oct 2025
Contributed by Lukas
US Treasury secretary Scott Bessent has one of the hardest jobs in recent history. He has to impleme...
Will the US bail out Argentina?
23 Oct 2025
Contributed by Lukas
It won’t be easy, and you’ll think it’s strange, when we try to explain … why US Treasury se...
Japan’s next move
21 Oct 2025
Contributed by Lukas
Sanae Takaichi is the first female prime minister of Japan. She also claims Margaret Thatcher as a r...
Rare earth quake
16 Oct 2025
Contributed by Lukas
China’s announcement that it would be restricting the export of rare earths put markets into a tai...
UK Budget blues
14 Oct 2025
Contributed by Lukas
On November 26, parliament will make the UK an offer it can’t refuse: The 2026 Budget. But the UK ...
AI peak is peak AI
09 Oct 2025
Contributed by Lukas
Is AI making everybody richer? Or just more entangled in each others’ business? Today on the show,...
Introducing Untold: Toxic Legacy
09 Oct 2025
Contributed by Lukas
Introducing Toxic Legacy, a new season of Untold from the Financial Times. Host Laura Hughes uncover...
Gold now! Gold forever! Only gold! Gold! Gold!
07 Oct 2025
Contributed by Lukas
Gold keeps hitting all-time highs, and no sober talk about speculation or productivity has stopped i...
AI, shutdowns and shadow banks
02 Oct 2025
Contributed by Lukas
Today on the show, Rob Armstrong and Katie Martin take on three things they’ve been thinking about...
The largest leveraged buyout in history?
30 Sep 2025
Contributed by Lukas
Electronic Arts, a publicly traded company, was just purchased for $55bn by a consortium of investor...
Troubling signs in corporate debt
25 Sep 2025
Contributed by Lukas
First Brands Group, a roll-up of car parts manufacturers, is preparing a bankruptcy filing after ama...
Hedging the dollar
23 Sep 2025
Contributed by Lukas
The dollar is down almost 10 per cent since the beginning of the year. Yes, it has fallen from ...
Should companies report only twice a year?
18 Sep 2025
Contributed by Lukas
This week, President Donald Trump suggested that companies only report earnings twice a year. This w...
Private equity’s public reckoning
16 Sep 2025
Contributed by Lukas
With interest rates high, private equity has had a harder time finding investors … and making mone...
The mystery of the vanishing jobs
11 Sep 2025
Contributed by Lukas
The annual jobs numbers are in. And they have been revised down by 911,000 positions. But in a quick...
Live from the FTWeekend Festival in London
09 Sep 2025
Contributed by Lukas
2025 has been a chaotic year, with seemingly random tariffs, the reduction of the labour force, the ...
What’s a central bank supposed to do?
04 Sep 2025
Contributed by Lukas
Central banks have been around for hundreds of years. But they haven’t always done the same thing....
OK, Doomer
02 Sep 2025
Contributed by Lukas
Valuations are high. Employment is down. The Federal Reserve is under attack. For many market watche...
The people’s chip manufacturer
28 Aug 2025
Contributed by Lukas
The Trump administration has again extended its control over the US economy, now taking a 10 per cen...
The Fed under attack
26 Aug 2025
Contributed by Lukas
The annual meeting of central bankers in Jackson Hole, Wyoming, is supposed to be an intellectual re...
The new pump and dumps
21 Aug 2025
Contributed by Lukas
US markets reporter George Steer has been tracking stocks that have soared, then crashed. Some of th...
Is the market too concentrated?
19 Aug 2025
Contributed by Lukas
Eight of the 10 biggest stocks in the S&P 500 are technology stocks, and tech as a sector repres...
Will markets ever care about anything?
14 Aug 2025
Contributed by Lukas
As the US president upends the global order, and consolidates power, markets keep climbing. Does it ...
Lies, damn lies and statistics
12 Aug 2025
Contributed by Lukas
President Donald Trump has just installed loyalists at the Bureau of Labor Statistics and the Federa...
Swamp Notes: Trump’s case against Fed chair Powell
07 Aug 2025
Contributed by Lukas
Today, we're sharing an episode from our fellow FT podcast, Swamp Notes.The US president is angry wi...
The Economics Show: Trump is accelerating the dollar’s decline
05 Aug 2025
Contributed by Lukas
Today, we're bringing you an episode from our fellow FT podcast, The Economics Show. The US dollar h...
The Little Railroad Merger That Could
31 Jul 2025
Contributed by Lukas
On Tuesday, the American railroad giant Union Pacific announced its intention to buy Norfolk Souther...
The EU folds on tariffs
29 Jul 2025
Contributed by Lukas
Experts agree: When it comes to tariffs, Europe just got trounced. So did the American consumer, who...
Is M&A turning around?
24 Jul 2025
Contributed by Lukas
When Republicans won the White House and both houses of Congress last fall, mergers and acquisitions...
Robotaxis, tech earnings and 24-hour trading
22 Jul 2025
Contributed by Lukas
Today on the show, Aiden Reiter talks with Lex editor John Foley about three things to watch this su...
Is Nvidia really worth $4tn?
17 Jul 2025
Contributed by Lukas
Nvidia is now the most valuable company in America, as AI seems to power an unstoppable market. Toda...
Heinz, Kraft and Warren Buffett
15 Jul 2025
Contributed by Lukas
The acquisition of Heinz and Kraft by 3G Capital and Warren Buffett seemed like a classic play from ...
The secret giant of finance
11 Jul 2025
Contributed by Lukas
Jane Street is one of the biggest traders in the world, and they have become embroiled in accusation...
Three surprises that might spook the markets
08 Jul 2025
Contributed by Lukas
Despite looming economic problems, the stock market continues to climb. Today on the show, Katie Mar...
The dilapidated dollar
03 Jul 2025
Contributed by Lukas
The US dollar is having its worst year since 1973. And 1973 was a really bad year. As the US ta...
Building a big beautiful Europe
01 Jul 2025
Contributed by Lukas
The weakening dollar suggests international investors are looking for other places to put their mone...
Can anything stop the US economy?
26 Jun 2025
Contributed by Lukas
A lot of people are worried about the Middle East, but markets are doing just fine. Today on the sho...
Who wants to be a Fed chair?
24 Jun 2025
Contributed by Lukas
President Donald Trump has called US Federal Reserve chair Jay Powell “very dumb, hardheaded” an...
Behind the Money: Inside Moët Hennessy’s crisis
19 Jun 2025
Contributed by Lukas
Unhedged is off today so instead we're bringing you an episode from our fellow FT podcast, Behind th...
What the Israel-Iran war means for markets
17 Jun 2025
Contributed by Lukas
Israel and Iran are at war, but markets have yet to freak out. Today on the show, Rob Armstrong and ...
What makes Tesla run?
12 Jun 2025
Contributed by Lukas
Tesla stock feels like it runs on uncut animal spirits. But the company’s fortunes have been bound...
Welcome to the ‘Hotel Crypto’
10 Jun 2025
Contributed by Lukas
Strategy (formerly MicroStrategy) continues its meteoric rise as new investors purchase a company wh...
Walmart’s very good year
05 Jun 2025
Contributed by Lukas
The last 12 months have been great for Walmart, with its stock price rising on growing sales. And it...
Stock market party but why?
03 Jun 2025
Contributed by Lukas
Equities are on a tear, led by the usual tech giants that make up the Magnificent Seven. But why? Ro...
The nasty Taco question
29 May 2025
Contributed by Lukas
Our co-host Rob Armstrong has been talking about the “Taco trade” (Trump Always Chickens Out) fo...
The ‘big beautiful’ budget vs the bond market
27 May 2025
Contributed by Lukas
President Donald Trump’s ‘big beautiful’ bill was passed by the House of Representatives last ...
When Spacs attack
22 May 2025
Contributed by Lukas
Special purpose acquisition companies are basically bags of money looking for businesses to acq...
The microcap explosion
20 May 2025
Contributed by Lukas
Microcaps of every sort have been rushing to list on US exchanges. Many are from China and represent...
The UK’s trade deal
15 May 2025
Contributed by Lukas
Recent announcements about trade deals with the UK and China have cheered markets. But what exactly ...
Not-so-bad news is the new good news
13 May 2025
Contributed by Lukas
Lower-than-expected inflation and the start of negotiations with China seemed to help stocks on Mond...
Berkshire after Buffett
08 May 2025
Contributed by Lukas
At the annual meeting of Berkshire Hathaway, Warren Buffett announced his retirement from day-to-day...
Will the real money pivot to Europe?
06 May 2025
Contributed by Lukas
There is fast money and there is real money. Fast money means day traders and hedge funds, who jump ...
GDP goes negative
01 May 2025
Contributed by Lukas
The GDP contracted this past quarter – a turnaround from two years of surprisingly steady growth. ...
Bad shipping news
29 Apr 2025
Contributed by Lukas
Air and sea freight bookings for international cargo are plunging. As the reality of empty shelves s...
Wall Street vs the White House
24 Apr 2025
Contributed by Lukas
The current administration rode in on a wave of support from America’s traders, lenders and money ...
Sell America?
22 Apr 2025
Contributed by Lukas
With the continuing decline in the price of US Treasuries, Katie, Rob and Aiden take up the debate a...
Nvidia’s bad day
17 Apr 2025
Contributed by Lukas
Nvidia shares, along with many others in the tech sector, plunged on Wednesday on news that the Trum...
Will China back down?
15 Apr 2025
Contributed by Lukas
The White House has announced dizzyingly high — and hard-to-follow — tariffs on goods from China...
The real cost of a trade war
10 Apr 2025
Contributed by Lukas
Trump folded on Wednesday, reducing his so-called “reciprocal” tariffs across the board, with th...
Surveying the wreckage
08 Apr 2025
Contributed by Lukas
As the markets try to absorb and value the announced US tariffs, China has responded with its o...
Tariffs up. Markets down
03 Apr 2025
Contributed by Lukas
On April 2, in the Rose Garden of the White House, President Donald Trump announced taxes on almost ...
Vibes vs data
01 Apr 2025
Contributed by Lukas
Markets, investors and companies are all feeling a little bit jumpy about the state of the econom...
What does CoreWeave’s IPO say about the market?
27 Mar 2025
Contributed by Lukas
CoreWeave’s IPO is one of the odder tech plays to come along in a few years. It buys chips from Nv...
Can Trump drive down bond yields?
25 Mar 2025
Contributed by Lukas
President Donald Trump has been clear he wants lower interest rates. Cheaper money would goose the m...
Dour Fed, cheery market
20 Mar 2025
Contributed by Lukas
On Wednesday Federal Reserve chair Jay Powell announced that US interest rates would remain unchange...
How will Europe pay for its new weapons?
18 Mar 2025
Contributed by Lukas
As the US retreats from global commitments, Europe is re-arming. That will change the maths for comp...
Make America Gyrate Again
13 Mar 2025
Contributed by Lukas
As Donald Trump continues to upend the US economy with a bizarre series of tariff announcements and ...
The case for China
11 Mar 2025
Contributed by Lukas
Investors have long been wary of China, piling into US markets, no matter what the climate. But is t...
Trump dump?
06 Mar 2025
Contributed by Lukas
The president proposes and the markets dispose … of recent gains. Tariffs, deportations, budget cu...
Can the Fed stay independent?
04 Mar 2025
Contributed by Lukas
President Donald Trump has loudly proclaimed his desire for lower interest rates. Jay Powell, chair ...
The beatings will continue until markets improve
27 Feb 2025
Contributed by Lukas
President Donald Trump’s abandonment of Ukraine has been a great success … for European defence ...
Vibrational movements in the market
25 Feb 2025
Contributed by Lukas
Have the vibes shifted? Slowing growth and stubborn inflation seem to be putting a chill on a once e...
Is the IPO market broken?
20 Feb 2025
Contributed by Lukas
The markets are booming but there are fewer and fewer new entrants. And they don’t seem to be exci...
Pros and cons of a US sovereign wealth fund
18 Feb 2025
Contributed by Lukas
Donald Trump and his Treasury secretary have signaled their support for a sovereign wealth fund. Joe...
The other side of trade
13 Feb 2025
Contributed by Lukas
Coverage of President Donald Trump’s tariffs tends to focus on their effect on American consumers....
Why is gold buggin’?
11 Feb 2025
Contributed by Lukas
Gold is traditionally a hedge against instability. And it’s reaching record highs. Today on the sh...
Will Trump’s tariffs make Europe great again?
06 Feb 2025
Contributed by Lukas
European stock indices have outperformed the S&P 500 so far this year. The FT’s Aiden Reiter j...
What’s next for Trump’s tariffs?
04 Feb 2025
Contributed by Lukas
The tariffs have arrived. Canada and Mexico have negotiated delays, China is retaliating, and invest...
Picking stocks for 2025
30 Jan 2025
Contributed by Lukas
It’s time for the FT’s annual stockpicking contest, where the money is fake but the glory is rea...
DeepSeek, AI and the markets
28 Jan 2025
Contributed by Lukas
DeepSeek’s announcement that it has built competitive AI using many fewer resources than big US ri...
Decoding Trumponomics
23 Jan 2025
Contributed by Lukas
Donald Trump’s first week in office has produced a barrage of policies and power moves. But which ...
Our 2024 stock picks
21 Jan 2025
Contributed by Lukas
Each year the Financial Times hosts a stock-picking contest for its journalists and readers. Today o...
Will US inflation ever go below 3%?
16 Jan 2025
Contributed by Lukas
Reports of the demise of US inflation have been greatly exaggerated. Today on the show, Rob Armstron...
What are UK bonds thinking?
14 Jan 2025
Contributed by Lukas
US bonds and UK gilts are tracking each other, and heading down. Today on the show, Rob Armstrong an...
Why so many bankruptcies?
09 Jan 2025
Contributed by Lukas
Corporate bankruptcies are on the rise. In recent months, Party City, Big Lots, Spirit Airlines, and...
The year ahead: tariffs, taxes and Trump
07 Jan 2025
Contributed by Lukas
Tariffs. Tax cuts. Geopolitics. Artificial intelligence. Inflation. Mass deportations. Rate cuts or ...
The listeners have questions
02 Jan 2025
Contributed by Lukas
Happy new year, Unhedged listeners! Today on the show, Rob Armstrong, Katie Martin and Aiden Reiter ...
The Bitcoin National Strategic wha?
26 Dec 2024
Contributed by Lukas
The US government owns many billions of dollars worth of bitcoin, confiscated from bad actors such a...
Rate drop, market drop
19 Dec 2024
Contributed by Lukas
The Federal Reserve announced a small cut yesterday. Normally, that heartens markets. But we are not...
Will IPOs ever come back?
17 Dec 2024
Contributed by Lukas
The road to riches used to be paved with juicy IPOs. But that does not seem to be the case anymore. ...