Podcast · Business

Unhedged

by Financial Times · English · Business

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.

New episodes: Weekly
Typical length: 22 min
Latest: 6 Oct 2026
Language: English

Latest episode

6 Oct 2026 · 20 minNew

There is only one trade

It’s starting to look like every market is becoming a one-trick pony. Since the summer, stock markets would have been down – were it not for the Big Tech companies galloping ahead on the back of AI. Corporate bond issuance and even the US dollar are also riding high on the AI trade. But what if that pony turns out to be a bucking bronco? Rob Armstrong and Katie Martin saddle up and find out. Plus Rob goes long TIPS, and Katie shorts acronyms… such as TIPS. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . Until October 28 you can save on a standard…

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Earlier episodes 29 most recent

1 Oct 2026 · 20 min

Hyperscale my debt!

While most people are distracted by the latest blow-up in US Treasuries, our hosts Katie Martin and Rob Armstrong lift the lid on a less watched corner of the debt markets. The world’s hyperscalers – giant companies such as Amazon and Meta – need to borrow as much as they can to build the data centres needed for the AI boom. FT markets reporter Emily Herbert tells us what their elephantine debt issuance has been doing to corporate bond markets around the world. Plus, Katie shorts sniff tests, Emily goes long soup and Rob entrusts his life savings to a supermarket manager in Surrey. Read a…
29 Sep 2026 · 19 min

An ode to stock picking

Over the summer, the FT held a revamped version of its stock picking game – think fantasy football for the global equity markets. Some 13,000 people took part – a shocking number considering how unfashionable active fund management has become in the real world. Katie Martin and Rob Armstrong invite their FT Money colleague Nathan Brooker, who runs the competition, to discuss the psychology of stock picking, and whether it has a future in real life. Plus, Nathan shorts holiday spoilers, Katie shorts pesky kids, and Rob throws active investors some love. The FT’s next stock picking game…
24 Sep 2026 · 22 min

Bond bombshell

Global bond yields took a big leg up on Wednesday, with the US 10-year Treasury now well north of 5 per cent. Could further rises trip up a heavily indebted government? Or perhaps an overleveraged hedge fund, with untold market fallout? Hosts Katie Martin and Rob Armstrong are joined by FT senior markets correspondent Ian Smith. Plus, Rob goes long his own foresight, while Katie extends a long arm of comfort to a banker who sent a career-ending email. 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…
22 Sep 2026 · 17 min

Turkish dismay

Investment funds boast triple-digit returns. Retail investors enthusiastically pile in. Then – surprise! – they turn out to be scams… and implode. The story that played out in Istanbul last week may be as old as the city’s Grand Bazaar. But what does it say about financial regulation in Turkey, and should foreign investors be concerned? Host Rob Armstrong catches up with the FT’s Turkey correspondent, John Paul Rathbone. Plus, Rob shorts the 10-year US Treasury, while JP goes for a long swim in the Bosphorus. For a free 30-day trial to the Unhedged newsletter go to:…
17 Sep 2026 · 20 min

News alert: Fed acts normal

In response to persistently above-target inflation, the Federal Reserve raised interest rates a quarter-point this week. Typically, this would not merit a full podcast. But in our current world – which includes a persistently Fed-baiting US president – this unexpected return to normalcy is something that hosts Katie Martin and Rob Armstrong have chosen to celebrate. Also, Rob goes long the endangered potato, while Katie is long Russian oligarchs bankrolling wedding events. Until October 28 you can save on a standard annual digital subscription to the Financial Times at ft.com/unhedgedsale .…
15 Sep 2026 · 22 min

Should markets discount the AI apocalypse?

When the Terminator robots come for us all, will there be anywhere safe to run? Certainly not the US Treasury market, where the 10-year yield just broke the totemic 5% level. It’s a sobering thought. But hosts Katie Martin and Rob Armstrong wonder if it’s sobering enough to end the AI stock market mania? Also in the show, Rob and Katie take sartorial long positions on armholes and loafers. Until October 28 you can save on a standard annual digital subscription to the Financial Times at ft.com/unhedgedsale . For a free 30-day trial to the Unhedged newsletter go to:…
10 Sep 2026 · 22 min

Oil, yen and egonomics

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:…
8 Sep 2026 · 27 min

Unhedged Live: How Katie was “right all along”

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:…
3 Sep 2026 · 23 min

Dear Brits, please save more

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…
1 Sep 2026 · 22 min

Warsh and peace

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…
27 Aug 2026 · 23 min

Canada says no thank you

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…
25 Aug 2026 · 23 min

Bombing the bond market

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:…
20 Aug 2026 · 17 min

Heatwaves and waterways

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…
18 Aug 2026 · 23 min

Does the market know anything about oil?

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 .…
13 Aug 2026 · 20 min

Hot Stoxx summer

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…
11 Aug 2026 · 22 min

Why the yen matters

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.
6 Aug 2026 · 44 min

The Economics Show: China wanted western tech. Now, the tables have turned.

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…
4 Aug 2026 · 57 min

The Story of Money: The trader who made $100mn from the 1929 crash — only to lose it all

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…
30 Jul 2026 · 26 min

Is the Fed the referee or the best player?

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…
28 Jul 2026 · 13 min

The return of monetarism?

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…
23 Jul 2026 · 19 min

How JPMorgan won

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…
21 Jul 2026 · 18 min

The forecast for prediction markets

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.
16 Jul 2026 · 21 min

Should private credit be public?

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…
14 Jul 2026 · 14 min

Everything is awesome … for banks

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.
9 Jul 2026 · 22 min

The Fed’s silent treatment

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.
7 Jul 2026 · 20 min

Software stocks got crushed. Did they have it coming?

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.…
2 Jul 2026 · 23 min

Halftime for the markets

We’re halfway through the year and the markets are thriving but look different than they did six months ago. The Magnificent Seven are struggling, while chip makers are soaring. Inflation is up but wages are stalling. Today on the show, Katie Martin and Rob Armstrong try to figure out where we are and where we’re going. Also they go short the anchovy market and long dogs. 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.…
30 Jun 2026 · 21 min

New UK prime minister, same bond market

The UK is changing leadership. Again. But what will this mean for the economy and for Britain’s debt market? Today on the show, Rob Armstrong speaks with senior markets correspondent Ian Smith about what is going wrong in the UK and whether a new leader can fix it. Also they go long non-tech stocks and long Portugal. 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.
25 Jun 2026 · 19 min

Tech shares zigzag

Tech stocks went into a swivet early this week, with a variety of big names moving sharply in different directions. Today on the show, Katie Martin and Rob Armstrong try to figure out what caused the skittishness, and if it was all the new Fed chair Kevin Warsh’s fault. Also they make opposing bets on 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 . Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

About Unhedged

Unhedged is a English business podcast from Financial Times. Melo plays each episode straight from the publisher's own feed — no ads added, no account needed — and remembers where you stopped, in this browser only.

Publisher: Financial Times
Language: English
Category: Business
New episodes: Weekly
Typical length: 22 min
Latest episode: 6 Oct 2026
Feed: RSS — paste into any podcast app
Apple Podcasts: podcasts.apple.com/podcast/id1691284824
Website: shows.acast.com/unhedged
Rights: Financial Times

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