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.
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You can email Robert Armstrong and Katie Martin at unhedged@ft.com.
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