Unhedged

Introducing Toxic Legacy, a new season of Untold from the Financial Times. Host Laura Hughes uncovers a lead poisoning epidemic across the UK. You might be living with lead and not know it: the toxin is often invisible to the human eye, but wreaks havoc on our bodies once we’re exposed. The first episode of Untold: Toxic Legacy launches October 22. 

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Gold keeps hitting all-time highs, and no sober talk about speculation or productivity has stopped it. Today on the show, Rob Armstrong and Katie Martin take stock of the frenzy. Also they go short the yen and long Japanese stocks. 

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Today on the show, Rob Armstrong and Katie Martin take on three things they’ve been thinking about: the markets' complete lack of worry about a government shutdown, the growing balance sheet problem with artificial intelligence spending, and the rise of shadow banking. Also they short cyber attacks and the fall wave of Covid-19. 

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Electronic Arts, a publicly traded company, was just purchased for $55bn by a consortium of investors led by Donald Trump’s son-in-law Jared Kushner. The investors included the Saudis and Silver Lake Partners, one of the smartest players in private equity. Today on the show, Robert Armstrong speaks with US finance editor James Fontanella-Khan and US deals correspondent Oliver Barnes about the dollars behind the deal. Also, they go ...

First Brands Group, a roll-up of car parts manufacturers, is preparing a bankruptcy filing after amassing as much as $10bn in debt. And last week, Tricolor, a subprime auto loan lender, ran into trouble. Today on the show, Rob Armstrong and Katie Martin ask if we are at a turning point in credit markets. Also they go long collective nouns for groups of canaries. 

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The dollar is down almost 10 per cent since the beginning of the year. Yes, it has fallen from a very strong position, but the drop might also reflect growing international unease about the direction of American institutions of government. Today on the show, Rob Armstrong and Katie Martin discuss the weakening of the dollar, and how traders are betting on it. Also, they go short not having joined a hedge fund and short a cup o...

This week, President Donald Trump suggested that companies only report earnings twice a year. This would be a significant change to how markets in the US operate. Today on the show, Rob Armstrong and Katie Martin ask, is it a good idea? Also, they go short smart glasses and long empty nesting. 

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With interest rates high, private equity has had a harder time finding investors … and making money. To solve this problem, the industry has found novel ways to avoid closing their funds. But time may be running out. Today on the show, Katie Martin and Rob Armstrong talk to the FT’s US private equity editor Antoine Gara about how private equity is going to have to turn its homework in eventually. Also they go long Robert Redford an...

The annual jobs numbers are in. And they have been revised down by 911,000 positions. But in a quickly changing economy, with many laborers literally leaving the country, what does that mean? Today on the show, Rob Armstrong and Aiden Reiter discuss the new landscape of employment in the US, and what it might mean for interest rates. Also they go long a new richest man in the world and long tweed. 

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2025 has been a chaotic year, with seemingly random tariffs, the reduction of the labour force, the partial nationalisation of major companies and a looming hostile takeover of the long independent Federal Reserve. Before a live audience at Kenwood House in London, Katie Martin and Rob Armstrong try to understand which markets are responding to all this self-generated chaos, and why. Also they go long champagne and short gold.

F...

Central banks have been around for hundreds of years. But they haven’t always done the same thing. Today on the show, Katie Martin and Rob Armstrong talk to Brendan Greeley, a former FT reporter, about the changing role of the Federal Reserve. Greeley is the author of the forthcoming The Almighty Dollar. Also, they go long internships at XTX and short private credit.

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Valuations are high. Employment is down. The Federal Reserve is under attack. For many market watchers, this looks a lot like a recipe for disaster. Today on the show, Rob Armstrong and Katie Martin discuss the case for a collapse. Also, they go long the UK and long September. 

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The Trump administration has again extended its control over the US economy, now taking a 10 per cent stake in the chip manufacturer Intel. Control of the means of production is a foundational tenet of socialism and Marxism, but the Republican party remains silent. Today on the show, Katie Martin and US managing editor Brooke Masters ask, “What the hell?” 

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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 control. Also, we attempt to go long ...

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 grease. 

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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. 

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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. 

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. 

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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 origi...