Unhedged
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Episodes
Nvidia shares down as Huang affair scandal deepens
Katie Martin and Robert Armstrong discuss the fallout from allegations that Nvidia CEO Jensen Huang had an affair with a woman believed to be a…
Taking stock of tumbling stocks
Hosts Katie Martin and Rob Armstrong analyze a sharp market sell-off driven by Democratic midterm wins and widespread voter rejection of AI data centers.
What Binance's historic heist means for crypto
Katie Martin and Niku Asghari analyze the record-breaking $6 billion hack of Binance, attributing the sophisticated cyberattack to North Korean-linked groups.
Why the slowdown in Wall Street deals?
James Fontanella Khan and Arash Masoudi discuss the current state of M&A, noting that while the boom has cooled due to election uncertainty, massive…
How much is Anthropic really worth?
John Foley joins Rob to dissect Anthropic's massive S-1 filing, arguing that its rapid growth renders historical financials useless for valuation.
Breaking down the bond market
FT Alphaville editor Robin Wigglesworth joins Katie Martin to discuss his new book on the bond market, explaining why US Treasuries remain the bedrock of global finance.
UK bets on a boring budget
Host Katie Martin and guest Chris Giles preview the UK’s upcoming Budget Day, analyzing how new Chancellor John Healy will navigate high borrowing costs and an energy-driven inflation crisis.
The AI boom stumbles
Katie Martin and Rob Armstrong analyze a sudden market sell-off in tech stocks, driven by fears of an AI debt bubble and a controversial CoreWeave executive comment about tapping insurer funds.
Mortgages, diesel and the US midterms
Katie Martin and Rob Armstrong analyze whether the US economy is nearing a tipping point ahead of midterm elections, debating if AI spending is truly…
Is France too blasé about borrowing costs?
Katie Martin, Rob Armstrong, and Ian Smith analyze rising French bond yields driven by high debt, political polarization, and upcoming elections.
There is only one trade
FT markets columnist Katie Martin and Robert Armstrong discuss extreme US stock market concentration, where top AI and tech giants mask a sharp decline in the broader S&P 500.
Hyperscale my debt!
FT markets columnist Katie Martin and Rob Armstrong discuss how US tech giants, or "hyperscalers," are reshaping the global corporate bond market by issuing massive debt to fund AI data centers.
An ode to stock picking
Hosts Katie Martin and Rob Armstrong, joined by FT's Nathan Brooker, analyze the results of the FT's new stock-picking game, contrasting a reckless…
Bond bombshell
Katie Martin, Rob Armstrong, and Ian Smith analyze the sharp spike in US 10-year Treasury yields, driven by strong growth data, inflation, and fiscal concerns.
Turkish dismay
FT reporter JP Rathbone discusses a massive pump-and-dump scandal in Turkey involving closed-end funds that promised unrealistic returns before collapsing.
News alert: Fed acts normal
Katie Martin and Rob Armstrong discuss the Federal Reserve’s unanimous decision to raise interest rates, framing it as a "declaration of independence" from President Trump’s pressure for lower rates.
Should markets discount the AI apocalypse?
Katie Martin and Rob Armstrong discuss the recent AI safety warnings from Anthropic and OpenAI, debating whether the "rogue AI" panic is genuine or a strategic pause to manage market expectations.
Oil, yen and egonomics
Katie Martin and Rob Armstrong discuss the resurgence of US-Iran tensions, which have pushed oil prices back above $105 and fueled inflation concerns.
Unhedged Live: How Katie was “right all along”
Rob Armstrong and Katie Mackay debate the shifting US investment thesis, acknowledging that while the American corporate economy remains robust,…
Dear Brits, please save more
Host Katie Martin joins Claire Barrett and Gavin Lewis to discuss the UK’s pension crisis, highlighting that while auto-enrolment boosted participation, many remain under-saved.
Warsh and peace
Hosts Katie Martin and Rob Armstrong analyze Fed Chair Kevin Walsh’s hawkish Jackson Hole speech, which clarified inflation targets but failed to stabilize bond markets.
Canada says no thank you
Host Katie Martin and guests Robert Armstrong and Alan Beatty analyze the collapse of US-Canada trade talks under Donald Trump’s second term.
Bombing the bond market
Hosts Katie Martin and Rob Armstrong analyze the escalating conflict in US bond markets, where Treasury Secretary Scott Bessent’s attempts to suppress yields are being interpreted as weakness.
Heatwaves and waterways
This Unhedged episode examines the economic impact of Europe’s severe drought, focusing on how low Rhine River levels disrupt German logistics and industrial production.
Does the market know anything about oil?
Host Katie Martin and FT energy editor Malcolm Moore discuss the paradox of stable oil prices despite ongoing Middle East conflict and depleted US strategic reserves.
Hot Stoxx summer
Hosts Pushkin and Katie Martin, joined by Ian Smith, discuss how European stock markets are quietly outperforming expectations despite the US tech boom.
Why the yen matters
Hosts Pushkin and Katie Martin, joined by Toby Nangle, analyze the rare joint US-Japan intervention to support the weakening yen.
The Economics Show: China wanted western tech. Now, the tables have turned.
Host Samaya Keynes interviews LSE’s John Minnick on whether the West should adopt China’s technology transfer policies to counter its industrial rise.
The Story of Money: The trader who made $100mn from the 1929 crash — only to lose it all
Hosted by Robin Wigglesworth with guest Robert Armstrong, this episode of The Story of Money profiles legendary trader Jesse Livermore.
Is the Fed the referee or the best player?
Hosts Pushkin and Katie Martin, with Rob Armstrong, analyze Federal Reserve Chair Kevin Warsh’s controversial decision to hold rates while abandoning forward guidance.
The return of monetarism?
Host Rob Armstrong interviews Princeton’s Brendan Greeley on the resurgence of monetarism under new Fed Chair Kevin Warsh.
How JPMorgan won
Host Rob Armstrong and FT banking editor Josh Franklin analyze JPMorgan Chase’s dominance, driven by CEO Jamie Dimon’s crisis-era acquisitions and prudent balance sheet management.