Swamp Notes

It’s hard to square US President Donald Trump’s circle. Earlier this week, he said his administration was speaking with Iranian officials. Stocks shot up, oil crashed. Then, Iran denied that talks were ongoing and the US ordered more troops to the Gulf. The FT’s foreign affairs correspondent Abigail Hauslohner and markets columnist Katie Martin explain the role markets play in why Trump’s messaging doesn’t align with his actions.Mentioned in this podcast:Iran’s military leaders dismiss Donald Trump’s deal claimsMarkets were not made for Trump’s never-ending ping-pongSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Kent Militzer. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: NBC News, CBS NewsRead a transcript of this episode on FT.com

When it comes to data centres, the Trump administration has been urging AI companies to “build, baby, build”. But the White House’s agenda is facing resistance from an unlikely place: the very states that won Donald Trump the presidency.The FT’s Joe Miller went on a road trip to Missouri to talk to some AI sceptics. Mentioned in this podcast:Donald Trump’s AI push fuels revolt in Maga heartlandsSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino, and produced by Henry Larson and Sonja Hutson. This week’s show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.Read a transcript of this episode on FT.com

The US housing market is in a crunch. It’s more unaffordable than ever before to buy a home, and the average age for first-time buyers across the country is now 40, according to the National Association of Realtors. Not only is that making it harder for people to own property, it’s also putting pressure on the rental market. Host Sonja Hutson travels to Bethlehem, Pennsylvania to get a better picture of how we got here, and how residents are dealing with the high cost of shelter.Mentioned in this podcast:‘We need that help’: US cities struggle with housing affordability crisisThe Bethlehem Project is hosted and produced by Sonja Hutson and edited by Marc Filippino. Fact checking by Henry Larson. The show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s global head of audio. Special thanks to Pierre Nicholson.Read a transcript of this episode on FT.com

Introducing Opus Dei, a new season of Untold from the Financial Times. Host Antonia Cundy uncovers the cultural and political influence of a controversial Catholic organisation in America. Opus Dei exists to help people get closer to God, but some members say they found other agendas – and unexpected harm – entangled in that spiritual mission. The first episode of Untold: Opus Dei launches March 25. Listen on Apple Podcasts, Spotify, Pocket Casts or wherever you get your podcasts.

The US and Israeli war with Iran has expanded across the Gulf. Iran has effectively shuttered the Strait of Hormuz, sending the prices of oil and liquefied natural gas way up. The economic realities of the conflict could pose a problem for President Donald Trump, who was elected in part because of his promise to make life more affordable for Americans. The FT’s Myles McCormick and Sam Fleming explain what consequences the war against Iran will have for the global economy.Mentioned in this podcast: Donald Trump’s Iran war tests US voters’ patience as petrol prices riseWhich leading economies will pay the biggest price for the Iran war?Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: Reuters, Associated Press, CNBC, CNNRead a transcript of this episode on FT.com

US President Donald Trump started a war with Iran last week. The American and Israeli bombing campaign has killed more than a thousand people, according to Iranian state media. Iran’s retaliatory strikes threaten to cut off all energy exports in the coming days.The FT’s US national editor Edward Luce and US foreign affairs correspondent Abigail Hauslohner explain how that war is changing Washington and America’s allies.  Mentioned in this podcast:Donald Trump has no ‘phase two’ plan for Iran war, says US senatorDonald Trump’s dangerous ‘war of whim’US holds talks with Iranian Kurdish militants over anti-regime operationsSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. This week’s show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: CBC, US Central Command on XRead a transcript of this episode on FT.com

On Tuesday, US President Donald Trump gave what is likely to be his most viewed remarks of the year. He spent little time on his most controversial decisions, instead focusing on economic issues and immigration that have appealed to voters in the past. But, at a point when Trump’s approval ratings are dropping, what does his speech mean for the looming midterm elections? The FT’s deputy Washington bureau chief Lauren Fedor and Jon McHenry, vice-president of the polling firm North Star Opinion Research, explain.Mentioned in this podcast:State of the Union as it happenedSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. This week’s show was mixed by Kelly Garry. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: Roll CallRead a transcript of this episode on FT.com

The US Food and Drug Administration last week said it would not consider a new flu vaccine for public distribution. But a few days later, it changed course. Is that reversal part of a larger change in the Trump administration’s efforts to ‘Make America Healthy Again’? The FT’s US Pharmaceuticals Correspondent Patrick Temple-West and US Managing Editor Brooke Masters explain. Plus, the FT’s James Politi decodes the Supreme Court’s decision on Trump’s sweeping tariffs.Mentioned in this podcast:Trump administration reverses move to block Moderna flu vaccine trialWhite House launches TrumpRx as drug companies warn of sales hitSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. We had help this week from Lauren Fedor and Maneula Saragosa. This week’s show was mixed by Sam Giovinco. Special thanks to Pierre Nicholson. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. The FT does not use generative AI to voice its podcasts.CREDIT: MS NOW, CNN, Forbes, @SecKennedy on X, Associated PressRead a transcript of this episode on FT.com

Netflix and Paramount, two large American media companies, are fighting to purchase Warner Bros Discovery. Now, US President Donald Trump and the Department of Justice are getting involved. The FT’s Los Angeles bureau chief Christopher Grimes and US deals and activism correspondent Oliver Barnes explain the president’s connections to both potential buyers and the legal scrutiny facing those companies.Mentioned in this podcast:Activist investor takes aim at Warner Bros deal with NetflixDonald Trump’s top antitrust enforcer Gail Slater pushed out as turf war deepensSign up for the FT’s Swamp Notes newsletter hereSwamp Notes was hosted this week by Sonja Hutson and is produced by Henry Larson. This week’s show was mixed by Sam Giovinco. Special thanks to Pierre Nicholson. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. The FT does not use generative AI to voice its podcasts.CREDIT: KARE, FOX Business, CBS NewsRead a transcript of this episode on FT.com