Unhedged

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 will US government borrowing costs lower, while his boss has failed to will the Strait of Hormuz open again. As Brent crude smashes through $100 a barrel, hosts Rob Armstrong and Katie Martin ask what Bessent can actually do to keep yields from continuing to surge. Also, Rob shorts a lunch-disrupting coffee company, and Katie shorts AI headbangers. 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.

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 the hosts Katie Martin and Rob Armstrong on this podcast, and Rob finally concedes she may have a point. Awkwardly for him, he does so in front of a live audience, for a special episode recorded at the FT Weekend Festival in London’s Kenwood House. Plus, Rob goes long a Scotch whisky carry trade, while Katie goes long our lovely Unhedged audience. 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.

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 about their future retirement, it may be time to have a frank conversation with them. In today’s show, Katie Martin talks to two experts about why nobody seems to be taking their pensions seriously enough – Gavin Lewis, managing director at asset management leviathan BlackRock, and the FT’s consumer editor Claer Barrett, who writes our Serious Money personal finance column. Also, Gavin goes long longevity, Katie goes long gold exuberance and Claer shorts Andy Burnham’s social media feed. Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast . Visit ft.com/festival to find out more. 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.

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 inflation and everyone should calm down. Bond markets responded by pushing long-term borrowing costs to new highs. Today on the show, Katie Martin and Rob Armstrong ask what’s up with bond yields? Plus, they go long data centre Nimbys and long the job prospects for PR agencies. Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast . Visit ft.com/festival to find out more. 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.

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. Today on the show, senior trade writer Alan Beattie joins Katie Martin and Rob Armstrong to discuss the future of tariffs. Also, they go long complaints from farmers, long the AI boom and long Rob saying Katie was right. 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.

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 backfired. Today on the show, Rob Armstrong and Katie Martin pick apart the Trump administration’s unprecedented behaviour and wonder how long the US can keep borrowing as it has. Also, they go short the dollar and long stockpiling canned food. Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast . Visit ft.com/festival to find out more. 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.

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 talks with FT Frankfurt bureau chief Olaf Storbeck about the long-term effects on the economy and how the country is dealing with the crisis. Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast . Visit ft.com/festival to find out more. 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.

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 market has remained calm and if it will finally freak out. Also they go long Bank of America chief executive Brian Moynihan’s vocabulary and short the sun. Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast . Visit ft.com/festival to find out more. 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.

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, Katie Martin talks with senior markets correspondent Ian Smith about the surprising returns for the old world. Also they go long Wetherspoon pubs and long implied volatility. Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast. Visit ft.com/festival to find out more. 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.

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 at home? Today on the show, Katie Martin and Alphaville reporter Toby Nangle unpack this unusual move. Also, they go long rain and long cheese futures. 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.

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 industrial development through a straightforward bargain: foreign firms invested in China, often through joint ventures, gaining access to the enormous Chinese market, while Chinese companies absorbed western tech and knowhow. Today, that dynamic is changing. China's high-tech industries are now world-leading, and western governments are looking on enviously. So should the US and EU now take a page from China's playbook? Host Soumaya Keynes speaks to John Minnich, assistant professor of international relations at LSE, about the history of Chinese tech transfer, how it drove industrial sophistication and whether the west could — or should — attempt something similar. Listen to more from The Economics Show: podfollow.com/economics-show Further Reading How China pulled off a great tech reversal EU to include UK and Japan in ‘Made in Europe’ plans John Minnich: Divide and Conquer: Industry Market Structure, Inter-Firm Rivalry, and Bargaining over Technology Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Original music and sound design by Breen Turner. Manuela Saragosa is the executive producer. Flo Phillips is the FT’s head of audio. Hosted on Acast. See acast.com/privacy for more information.

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 several fortunes in the early 20th century, most famously by shorting the Wall Street crash of 1929. His early life was immortalised in the roman à clef Reminiscences of a Stock Operator by Edwin Lefèvre, and his trading insights and stunning successes continue to inspire professional traders and would-be traders to this day. But his life also contains cautionary tales about the ease with which success can morph into failure, and what happens when the buzz of the markets is no longer enough. Host Robin Wigglesworth and the FT's US financial commentator Robert Armstrong explore the extraordinary life of the greatest day trader in history. Watch, listen and subscribe to The Story of Money for free on YouTube , Apple Podcasts , Spotify , at ft.com/tsom or wherever you get your podcasts. Content note: This episode includes discussion of suicide and mental health. Further reading: Reminiscences of a Stock Operator (1923), Edwin Lefèvre 1929: Inside the Greatest Crash in Wall Street History and How It Shattered a Nation (2025), Andrew Ross Sorkin Credits: Getty Images, The New York Times To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here : https://www.youtube.com/@FTTheStoryOfMoney Learn more at www.ft.com/tsom or get in touch at thestoryofmoney@ft.com. Hosts: Gillian Tett and Robin Wigglesworth Producer: Lulu Smyth Senior Producer: Michela Tindera Executive Producer: Manuela Saragosa Original music and sound design: Breen Turner Broadcast engineers: Bianca Wakeman and Petros Giuompasis Podcast Development: Laura Clarke FT Global Head of Audio: Flo Phillips Hosted on Acast. See acast.com/privacy for more information.

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 Rob Armstrong try to figure out if Warsh can really have the Fed he says he wants. Also they catch up on their bets on the future of gold and bitcoin. 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 . Save 10% on tickets with the code FTPodcast. Visit ft.com/festival to find out more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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 the supply of money. But will new Fed chair Kevin Warsh listen? Today on the show, Rob Armstrong and FT contributor Brendan Greeley explain the theory of monetarism and why Warsh might be open to its return. Also, they go long task forces and long the correction in tech stocks. 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.

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 banking editor Joshua Franklin talk about the incredible growth of JPMorgan over the past 20 years and ask what will happen when Jamie Dimon retires. Also they go short the Magnificent 7 and long power trips. 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.

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 measure of a world where you can bet on anything. Also they go long cash and long mansions in London. 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.

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 piece of a good idea? Today on the show, Katie Martin and Rob Armstrong look at the arguments for retail access to private credit. Also they go short The Odyssey and long air conditioning stocks. 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.

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 results for banks and why it’s all part of the AI boom. Also they go long Count Binface again and long hog farms turning into data centres. 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 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 discuss the quieter Fed under new chair Kevin Warsh, and try to make sense of his silence. Also, they go long ducks and novelty political candidates from outer space. 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 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 on the show, Rob Armstrong and Katie Martin make the case that enterprise software isn’t going anywhere. Also on the show: We go long the one analyst with a sell rating on SpaceX, and long “int-egg-rity” (sorry). 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.