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Donald Trump
Federal Reserve
Inflation
Tariffs
Artificial Intelligence
China
Nvidia
US Economy
Financial Markets
United States
Private Equity
S&P 500
Gold
Tesla
US Dollar
Warren Buffett
Trump Administration
Dollar
Stock Market
Us-China Trade Relations

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.

PublishesTwice weeklyEpisodes356Founded3 years ago
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InvestingBusinessBusiness NewsNews

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Artwork for Unhedged

Latest Episodes

Jensen Huang's affair with an alleged Chinese intelligence asset has wiped billions off the world's most important company. Can a board with no chair and no succession plan rein in an untouchable chief executive? Plus, long Celine Dion and short impe... more

Wednesday's post-midterm bubble in markets popped on Thursday, with AI companies reversing the previous day's gains. Is it a reassessment of what Democratic control of the US Congress would mean to the AI industry? Or is it a continuation of a trend ... more

It was the largest heist ever. Within a span of a night, more than $6bn vanished from Binance. That’s the blockchain platform that’s supposed to be the biggest and safest. Authorities point to North Korea as the likely culprit, but the company says i... more

What started as a boom year for mergers on Wall Street has started to fade. There have indeed been some megamergers, such as the $111bn Paramount-Warner Bros Discovery deal. But as the cost of borrowing has ticked up and markets have pared back gains... more

Key Facts

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Recent Guests

Nikou Asgari
Digital markets correspondent at the Financial Times.
Financial Times
Episode: What the historic heist of Binance means for crypto
James Fontanella-Khan
Outgoing US finance editor at the Financial Times
Financial Times
Episode: Why the slowdown in Wall Street deals?
Arash Massoudi
Finance and markets editor at the Financial Times
Financial Times
Episode: Why the slowdown in Wall Street deals?
John Foley
Head of Lex at the Financial Times
Financial Times
Episode: How much is Anthropic really worth?
Robin Wigglesworth
FT Alphaville editor, author of A Fabulous Debt and host of The Story of Money
Financial Times
Episode: Breaking down the bond market
Chris Giles
Financial Times economics commentator
Financial Times
Episode: UK bets on a boring budget
Emily Herbert
Markets reporting team member
Financial Times
Episode: Hyperscale my debt!
Claer Barrett
Pensions expert, colleague of Katie
Financial Times
Episode: Dear Brits, please save more
Gavin Lewis
Pensions expert from BlackRock
BlackRock
Episode: Dear Brits, please save more

Hosts

Katie Martin
Host and FT markets columnist, frequent moderator
Rob Armstrong
Co-host, FT journalist guiding discussion and analysis

Reviews

4.8 out of 5 stars from 2.1k ratings
  • Concise Content, Amazing Hosts

    The content that Katie and Rob bring twice weekly is never miss as it’s relevant, understandable and interesting. Add in Katie’s “Okie-doke” openers and “Charts on the Radio” and you have a good-time-economics-podcast (first time those words have ever been written in that order).

    Apple Podcasts
    5
    mrktk
    Canada15 days ago
  • My favorite podcast

    Smart, sharp, and genuinely funny, with hosts who have great chemistry. A rare combination that makes you look forward to tuning in every Tuesday and Thursday.

    Apple Podcasts
    5
    CsillaL
    United States15 days ago
  • Short and sweet

    Not without some value.

    Apple Podcasts
    5
    ❤️Radio4Comedy
    Netherlands20 days ago
  • Interesting and humorous take on financial news. Not too long, but keeps me informed (surface level) on what's going on in the business world.

    Podcast Addict
    5
    th24
    21 days ago
  • HAHAHA - Please more Fester Adams/Mickey Mouse/voice impressions of Elon Musk from Robot Armstrong!

    This is my favorite podcast, and I listen to a lot of finance, politics podcasts. I look forward to Tuesdays and Thursdays knowing this podcast will make me both well-informed and highly amused.

    Apple Podcasts
    5
    Refined Taster
    United Statesa month ago

Listeners Say

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

Some reviews call out occasional interruptions or tone differences between hosts but still find the episodes insightful.
Listeners praise the show's mix of sharp market analysis and approachable explanations.
Hosts are frequently cited for clear conversations that translate complex macro themes.

Chart Rankings

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

Talking Points

Recent interactions between the hosts and their guests.

Why the slowdown in Wall Street deals?
Q: So when the election is passed and some of that uncertainty is gone, do you feel like there's big deals waiting in the wings or is it gonna be more the situation Arash described where the private money is flowing, you don't really need public markets, either IPOs, mergers or whatever?
James Fontanella-Khan expects very large deal values to continue over time, while emphasizing that crises and slumps can still occur. Arash Massoudi says the large pools of capital in the system are unlikely to disappear soon.
Why the slowdown in Wall Street deals?
Q: James, why don't you start off? There's been some big deals this year, starting with Warner Paramount. Was I right to describe this as a boom year? Have we had a boom?
James Fontanella-Khan says the first half was exceptionally active, with large transactions involving infrastructure, energy and companies supporting AI and data centers. He says dealmaking enthusiasm later faded.
What the historic heist of Binance means for crypto
Q: So why are we blaming North Korea?
Blockchain tracing companies and the FBI said the money-laundering patterns bore the hallmarks of previous hacks attributed to North Korean-linked groups.
What the historic heist of Binance means for crypto
Q: How is it even possible to suck $6.3 billion out of an institution in half an hour?
Hackers allegedly used fake employees and interview assignments containing malicious code to gain access to software engineers' laptops and Binance's internal withdrawal systems.
Breaking down the bond market
Q: How close to midnight do you think we are on a proper reckoning in the bond markets where you get a big explosion higher in borrowing costs that really forces governments to stop spending all this money?
Wigglesworth says major countries that borrow in their own currencies are far from an acute debt crisis. He sees a slower, chronic risk in which debt servicing gradually consumes a greater share of public budgets.

Audience Metrics

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Frequently Asked Questions About Unhedged

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

This show provides fast-paced, opinionated analysis of global markets, economics, and policy from Financial Times editors and guest experts. Episodes frequently pair a veteran host duo with subject-matter guests to unpack complex topics—monetary policy, central bank credibility, geopolitical risk, and the intersections of technology, finance, and regulation—translating macro events into practical implications for investors and business leaders. A notable strength is the balance between sharp market storytelling and accessible definitions of sophisticated ideas, often with a dash of humor to make dense material approachable. Listeners with professional finance, policy, or tech interests likely find the conversations highly actionable, though... more

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

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Unhedged launched 3 years ago and published 356 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. Nikou Asgari
2. James Fontanella-Khan
3. Arash Massoudi
4. John Foley
5. Robin Wigglesworth
6. Chris Giles
7. Emily Herbert
8. Claer Barrett

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