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Donald Trump
Federal Reserve
Inflation
Tariffs
China
NVIDIA
Financial Markets
Interest Rates
US Economy
Gold
Tesla
S&P 500
Artificial Intelligence
Private Equity
US Dollar
United States
Stock Market
Warren Buffett
Apple
Dollar

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.

PublishesDailyEpisodes298Founded3 years ago
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InvestingBusiness NewsNewsBusiness

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Latest Episodes

In the past decade China has transformed itself into a high-value producer of sophisticated goods, threatening jobs in Europe and the rest of Asia. Today on the show, the FT’s Beijing bureau chief Joe Leahy joins Katie Martin and Rob Armstrong to dis... more

Today on the show, Rob Armstrong reports from the FT Commodities Global Summit 2026, where hundreds of traders gathered to share war stories about one of the wildest markets in decades. Also, they go long volatility and long honesty about plans to co... more

After a nervous couple of months, markets suddenly roared to life this week, with the S&P 500 reaching a new high. Struggling shoe company Allbirds led the charge with a pivot to AI and saw its stock leap 774 per cent. Today on the show, Katie Martin... more

Elon Musk’s SpaceX plans to go public this year in what may be the largest IPO of all time. But what is SpaceX, exactly? Today on the show, Katie Martin and Rob Armstrong speak with the FT’s west coast editor Richard Waters about the SpaceX listing a... more

Key Facts

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Podcast Host
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Find out how many people listen to this podcast per episode and each month.

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Recent Guests

Malcolm Moore
FT energy editor
Financial Times
Episode: How an energy crisis unfolds
Antoine Gara
FT contributor covering private markets
Financial Times
Episode: Uncomfortable moments in private credit
Jamie Smyth
FT Oil Nerd, guest on the episode
Financial Times
Episode: Energy prices up, markets down
Jamie Smith
Oil expert
Episode: Imperialism and the markets
Michael Burry
Hedge fund manager known for predicting the subprime mortgage crisis
Episode: From Against the Rules: Michael Burry Speaks
Adam Posen
President of the Peterson Institute for International Economics; former rate setter at the Bank of England
Peterson Institute for International Economics
Episode: A satanic list of inflationary factors
Michael Stott
FT's man on Latin America
Financial Times
Episode: Will the US bail out Argentina?
Aiden Reiter
Expert on the employment market in America
Unhedged Newsletter
Episode: The mystery of the vanishing jobs
Brendan Greeley
Formerly covered the Fed for Bloomberg Business Week and other outlets, now pursuing a PhD in the history of finance at Princeton.
Princeton University
Episode: What’s a central bank supposed to do?

Hosts

Katie Martin
Markets columnist at the Financial Times
Robert Armstrong
Host of the Unhedged newsletter

Reviews

4.8 out of 5 stars from 1.8k ratings
  • Not for normal people

    A podcast that is not for normal people. If you are normal, skip the podcast and go eat a taco instead

    Apple Podcasts
    5
    jävhy
    Swedena month ago
  • Normalisation of corruption .

    Here we are normalising corruption from USA Israeli country

    Let’s get this known Trump family finances need to be frozen all assets

    They are stealing and destroying everything they touch

    Global crash is heading to us alllsufh all you want but maybe crash is something we should all enjoy

    Compliments of USA Israeli pact

    Apple Podcasts
    4
    lovealways#
    United Kingdoma month ago
  • What a great show - funny, smart, well-informed

    Oh, and I’m normal!

    Apple Podcasts
    5
    Refined Taster
    United Statesa month ago
  • A normal person loves the podcast

    Yes, I am a normal, regular very much in the middle person who loves this podcast. Like your take on complicated subjects.

    Apple Podcasts
    5
    anabnieto
    United Statesa month ago
  • Maidstone gets a shout out!

    Any financial podcast which randomly mentioning “Maidstone” and then “come on you Stones!” from an American has to get a 5* review, surely.

    Apple Podcasts
    5
    Mongolian Mousehound
    United Kingdoma month ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

The show is valued for down-to-earth, timely macro analysis and real-world market context.
Some listeners critique delivery style, citing interruptions or tone as a flaw to be managed.
Listeners praise the chemistry and clarity between the hosts and the practical market takeaways.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Talking Points

Recent interactions between the hosts and their guests.

Will markets ever care about anything?
Q: Is it silly to talk about a drift into authoritarianism, or is it a reasonable analogy given world politics?
It's a reasonable analogy because there isn't a single dramatic turning point but rather a series of smaller changes accumulating over time that collectively erode checks and balances and introduce more uncertainty into policy and governance.
Uncomfortable moments in private credit
Q: How does private credit compare to traditional banking during stress?
The risk has moved from banks to private markets, potentially providing bigger liquidity cushions but with higher opacity and different risk profiles.
Uncomfortable moments in private credit
Q: Why are there concerns about liquidity and withdrawals?
Withdrawals are restricted to a small percentage of fund value each quarter, creating a queue and potential stress if many investors demand money back at once.
Uncomfortable moments in private credit
Q: What is private credit and how big is the market?
Private credit mainly lends to mid-sized companies via non-bank lenders and private equity sponsors, growing into a trillion-dollar industry especially after banks pulled back post-2008.
Imperialism and the markets
Q: Is there a way of making sense of the case for the US wanting this oil given that it's unprofitable right now?
The long-term benefit of Venezuelan oil reserves could afford profitable ventures if investments are made to modernize the infrastructure.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

Listeners per Episode
Gender Skew
Location
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Frequently Asked Questions About Unhedged

What is Unhedged about and what kind of topics does it cover?

Two seasoned FT market voices guide listeners through the latest in finance with crisp, opinionated macro analysis and real-time market context. Episodes repeatedly center on global economics, monetary policy, geopolitics, and how policy shifts ripple through stock prices, currencies, and commodities. A distinctive feature is the lively banter and chemistry between the hosts, which helps translate complex developments into actionable takeaways for investors, business leaders, and policy watchers. A notable strength is their willingness to challenge conventional narratives while balancing humor with rigor, making it accessible without sacrificing insight. The show often blends timely news with longer-running themes like AI's impact on labor ... more

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These podcasts share a similar audience with Unhedged:

1. The Economics Show
2. The Story of Money
3. FT News Briefing
4. FT Tech Tonic
5. The Rachman Review

How many episodes of Unhedged are there?

Unhedged launched 3 years ago and published 298 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Unhedged?

Recent guests on Unhedged include:

1. Malcolm Moore
2. Antoine Gara
3. Jamie Smyth
4. Jamie Smith
5. Michael Burry
6. Adam Posen
7. Michael Stott
8. Aiden Reiter

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