Unhedged

President Donald Trump announced his pick for the next Fed chair at the end of last week. It was Kevin Warsh, a former member of the Fed Board of Governors. Today on the show, Katie Martin and Rob Armstrong dissect Warsh’s previous statements and try to figure out how being in charge will change his outlook. Also they go long theme parks and short grindcore. Take the FT’s anonymous annual bonus survey here. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on FT.com

Since the second inauguration of US President Donald Trump, the dollar has been in a slow but persistent decline. Today on the show, Katie Martin and Rob Armstrong try to figure out what is happening and if it will continue. Also they make a bold prediction for the next chair of the Federal Reserve. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on FT.com

Gold and silver are both racing to record highs. But can it last? Today on the show, Katie Martin and Rob Armstrong talk about factors that might put the brakes on the frenzy. Also they go long the Melania Trump documentary and long the New England Patriots. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on FT.com

The “Taco trade” proved profitable again this week as US President Donald Trump walked back his proposals for invading Greenland. ("Taco", of course, is the acronym for "Trump always chickens out".) Gone too are threatened tariffs on allies that stood up to defend the island. Today on the show, Rob Armstrong and Lex editor John Foley discuss the president’s retreat and the market’s joy. Also they go short Grønlandsbanken and long wintry days in New York. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on FT.com

As Donald Trump threatens a takeover of Greenland, Europe responds with military deployments, sending the markets into a low-key swivet. Today on the show, Rob Armstrong and Alphaville reporter Toby Nangle discuss what financial weapons the EU has to defend against an increasingly warlike US president. Also they go long Dutch tech company ASML and long a return to live television. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on FT.com

We’re sharing a preview of another podcast we think you’ll enjoy, Business History. Former Planet Money hosts Jacob Goldstein and Robert Smith examine the surprising stories of businesses big and small, bringing to life the greatest innovations, the boldest entrepreneurs and the craziest mavericks in the archives of commerce and finance. Today’s episode: How Warren Buffett rose from obscurity to become one of the richest people in the world. To hear more, find Business History on YouTube, Apple, Spotify, or wherever you get podcasts. 

The results of the FT’s 2025 stock picking contest are in! Today on the show, Katie Martin, Rob Armstrong and the FT’s asset management reporter Alan Livsey take a look at the winning and losing ideas of 2025. Also they go short prediction markets and short the dollar. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on FT.com

On Sunday night, Federal Reserve Chairman Jay Powell took the extraordinary step of issuing a video saying he is being threatened with a criminal indictment because the Fed failed to follow "the preferences of the President." Today on the show, Katie Martin and Rob Armstrong ask if the Fed can survive a Soviet-style smear campaign and legal attack. Also they go long print and long Are You Dead?, an app for checking if you’re dead or not.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on FT.com