Unhedged

In a massive surprise on Wednesday, one of Rob Armstrong’s predictions turned out to be right. The Fed did indeed cut interest rates by half a percentage point. A cut this big is deeply unusual, and normally happens in a crisis. But there are a lot of reasons to think we’re not in a crisis at all. Today on the show, Katie Martin and Rob Armstrong talk about what the Fed just did, and where the central bank is headed. Also, we go long European merger drama and short well-being at big banks. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Read a transcript of this episode on FT.com

Apollo Global Management is publicly traded and one of the largest alternative asset managers in the world. But what does it really do? Today on the show, Rob Armstrong asks reporters Sujeet Indap and Eric Platt to describe the parts that make up Apollo. Also they go long Boeing and long News Corp. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Read a transcript of this episode on FT.com

Forty years ago Ireland had a high number of emigrants and very few multinational corporations. Then it became a tax haven. Today, the country is the headquarters for the European arms of companies such as Apple, Google and Intel. The country also has an €8bn surplus, and is about to get €13bn more following a court ruling with the iPhone maker. Today on the show, Katie Martin and Irish economist David McWilliams try to figure out what Ireland should do with all this extra cash. Also they go short Trump Media and long the Netflix series, The Perfect Couple. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Read a transcript of this episode on FT.com

Will the US central bank lower interest rates by 25 or 50 basis points? Fed chair Jay Powell has hinted rates are coming down, but not by how much. Today on the show, Katie Martin and Rob Armstrong take sides and argue the case for the expected 25 basis point cut, and a larger 50 basis point cut. Also we short Apple’s new phone, and go long the amazing technology of the veterinarian. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Read a transcript of this episode on FT.com

By many measures, the US housing market is broken. High demand is causing high prices, and yet, year after year, new supply fails to arrive. What’s behind the mismatch? And is there any way to solve it? Today on the show, Robert Armstrong and Aiden Reiter discuss proposals from the two US presidential candidates, and other ideas. Also, we go short Turkey and short the yield curve. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Read a transcript of this episode on FT.com

The run-up in the markets over the past year or so has been largely driven by tech companies with outsized returns. But that seems to be changing. Names such as Walmart, Berkshire Hathaway and UnitedHealthCare have been performing strongly while the once-hot tech sector seems to lag. Today on the show, Katie Martin and Rob Armstrong ask if this is a sign of an era shift in the market. Also we ask if Jerome Powell was lucky or good.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Read a transcript of this episode on FT.com

Toby Nangle is a regular contributor to the FT. Before he was a journalist, he was an asset manager for more than 25 years, and many of his clients were sovereign wealth funds. And some of the sovereigns of those wealth funds were doing things that made Nangle uncomfortable. So he quit. Today on the show, we discuss a massive problem faced by the investment industry: the ethical behaviour of its clients. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festivalRead a transcript of this episode on FT.com

The price of gold reached a record high this week, passing $2,500 an ounce. Market watchers often ascribe a rise like this to inflation, fears about political instability or the endless insanity of the wild-eyed goldbug. But which is it? Today on the show, Katie Martin and Rob Armstrong unpack gold’s rise. Also we go long and short Nvidia. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festivalRead a transcript of this episode on FT.com