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357 episodes
Unhedged
by Financial Times & Pushkin Industries · English
Katie Martin, Robert Armstrong and other markets nerds at the Financial Times explain the big ideas behind what’s happening in finance right now. Every Tuesday and Thursday. Hosted on Acast. See acast.com/privacy for more information.
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Bonds, inflation and the Fed. Plus, Nvidia in turmoil
US inflation remains “sticky” (0.4% month-on-month in October), prompting renewed hawkish Fed expectations and bond-price declines; debate over how inflation is priced (market mechanics/“centering”…
12 Nov 2026 · 22m · 9 chaptersNvidia shares down as Huang affair scandal deepens
Nvidia’s stock falls as CEO Jensen Huang’s admitted affair escalates into a US intelligence-linked national security scandal, amid US-China chip export controls and broader big-tech investor worries.
10 Nov 2026 · 19m · 10 chaptersTaking stock of tumbling stocks
After U.S. midterm election gains for Democrats, markets initially cheered, helped by lower oil prices tied to voters rejecting the Iran war.
5 Nov 2026 · 20m · 9 chaptersWhat the historic heist of Binance means for crypto
Binance’s $6.3B crypto hack and what it means for crypto’s readiness, security, regulation, and market confidence.
3 Nov 2026 · 20m · 6 chaptersWhy the slowdown in Wall Street deals?
Why Wall Street dealmaking is slowing despite a still-strong M&A year, amid election uncertainty, high oil, wobbling AI trade, and bond yields off highs.
29 Oct 2026 · 20m · 10 chaptersHow much is Anthropic really worth?
Anthropic’s IPO and what the S-1/prospectus implies about the company’s value, growth, rhetoric, and unusual governance.
27 Oct 2026 · 22m · 8 chaptersBreaking down the bond market
The episode explains what bond markets are, why US government bonds dominate global borrowing costs, and what’s driving recent bond-market moves—especially inflation from events like the Iran war,…
22 Oct 2026 · 18m · 8 chaptersUK bets on a boring budget
Ahead of the UK Budget Day (28 Oct), the episode weighs the UK economy’s unexpectedly solid growth, the impact of energy-driven inflation, and how Chancellor John Healy can manage borrowing costs and…
20 Oct 2026 · 17m · 7 chaptersThe AI boom stumbles
Markets wobble as the “AI boom” cools—tech stocks fall, credit spreads widen, and investors rotate toward “safe” U.S. government bonds despite hot inflation data.
15 Oct 2026 · 23m · 12 chaptersMortgages, diesel and the US midterms
The US economy’s resilience heading into the November 3 midterms, and how financial-market froth (AI stocks) could spill into real life via mortgage rates and diesel prices.
13 Oct 2026 · 20m · 10 chaptersIs France too blasé about borrowing costs?
France’s rising borrowing costs and whether markets are overreacting to a potential new Eurozone-style debt crisis ahead of April presidential elections.
8 Oct 2026 · 22m · 6 chaptersThere is only one trade
US stock-market concentration and “lopsided” breadth—most gains are driven by a small slice of mega-cap AI/tech names while the rest of the S&P 500 weakens amid a bond-market/rates shock.
6 Oct 2026 · 20m · 7 chaptersHyperscale my debt!
How hyperscalers (Amazon, Alphabet, Meta, Oracle) are reshaping the corporate bond market by borrowing heavily to fund AI data-centre capex, and how that may be affecting government bond yields.
1 Oct 2026 · 20m · 7 chaptersAn ode to stock picking
The Financial Times “Stock Picking Game” and whether active stock picking beats passive investing, using two contrasting players as case studies, plus broader data on fund-manager underperformance.
29 Sep 2026 · 19m · 10 chaptersBond bombshell
A sharp sell-off in US government bonds (“bond bombshell”) pushed the 10-year yield above 5% (about 5.15% on Thursday), raising borrowing costs and threatening spillovers to stocks and Europe.
24 Sep 2026 · 22m · 8 chaptersTurkish dismay
Turkey’s “pump and dump”/Ponzi-style stock-market scandal that inflated closed-end funds, then collapsed after regulators tightened rules and investors rushed to redeem, leaving retail investors…
22 Sep 2026 · 17m · 8 chaptersNews alert: Fed acts normal
The US Federal Reserve raised interest rates by 0.25 percentage points for the first time in several years, unanimously, and signaled further tightening via the dot plot and communication.
17 Sep 2026 · 20m · 8 chaptersShould markets discount the AI apocalypse?
Whether markets should discount “AI apocalypse” risk, amid calls to pause/slow frontier model development and concerns about accountability, regulation, and market pricing (stocks, bonds, AI trade).
15 Sep 2026 · 22m · 10 chaptersOil, yen and egonomics
Escalating Iran-US conflict lifts Brent oil to about $105/barrel, feeding inflation and rate-hike expectations; this then links to higher US bond yields, a weaker yen, and Scott Bessant’s push for…
10 Sep 2026 · 22m · 9 chaptersUnhedged Live: How Katie was “right all along”
Live Unhedged debate on whether investors were “wrong all along” about the US, focusing on US economic strength versus rising US debt risk, central-bank credibility, and potential market threats from…
8 Sep 2026 · 27m · 13 chaptersDear Brits, please save more
UK pension “adequacy” crisis—many working-age adults have no private pension, so state pensions (~£12,000/year) may not prevent long-term hardship amid inflation and rising costs.
3 Sep 2026 · 23m · 14 chaptersWarsh and peace
Jackson Hole and the Fed’s hawkish message versus ongoing bond-market stress; why yields (US 10-year ~4.8%) keep rising globally; debate between “fiscal incontinence” and “growth” explanations; plus…
1 Sep 2026 · 22m · 9 chaptersCanada says no thank you
Canada–US trade war. The episode explains why Canada walked away from new US trade negotiations after the US demanded terms Canada couldn’t accept (notably reducing French language requirements on…
27 Aug 2026 · 23m · 7 chaptersBombing the bond market
A “bond market war” in 2026 driven by rising long-term U.S. Treasury yields and U.S. Treasury interventions that investors interpret as weakness.
25 Aug 2026 · 23m · 8 chaptersWe use cookies.They keep VO running smoothly and help us improve it. Privacy policy