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Government bonds keep the lights on for countries all over the world and set the cost of money for everyone from the US to your mortgage lender. But even as bonds experience a rocky year, the public seems unaware and experts can’t quite explain what’s going on. The FT’s Robin Wigglesworth, author of A Fabulous Debt and host of The Story of Money podcast, tells Katie Martin why he thinks bonds are hard to understand and whether we’re approaching a slow-rolling crisis. Plus, Robin goes long witches, and Katie shorts superyachts. Subscribe to The Story of Money podcast on YouTube, Apple Podcasts, or Spotify. 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Britain’s chancellor of the exchequer John Healey will deliver his annual budget on October 28. And with the UK facing the highest borrowing costs in the G7, the spending item he will be most keen to get under control will be the government’s interest payments bill. The FT’s economics commentator Chris Giles tells Katie Martin why dull is good when it comes to public finances. 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Tech stocks and bonds took a kicking on Thursday, adding urgency to a question investors have been asking themselves for months now: is the AI boom about to go splat? Katie Martin and Rob Armstrong sense a great disturbance in the Force. But if the bubble really is about to burst, where can investors run for shelter? Plus, Rob shorts the letter K, and Katie shorts protein recycling. 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US consumers are still in love with buying things, buoyed by stock markets that are near all-time highs. But could sky-high mortgages and diesel prices spoil their shopping spree? And if the strains on the economy continue, what does that mean for the November midterm elections? Katie Martin and Rob Armstrong ask how long the stock market wealth bubble can prop up the US economy. Plus, Rob shorts silly jackets and Katie shorts silly smokers. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. Credit to Roderick MacLeod for the Charts on the Radio jingle! You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

France’s borrowing costs are skyrocketing. And its leading candidates for next April’s presidential elections - on both extremes of the political spectrum - seem alarmingly unalarmed. All of this gives hosts Katie Martin and Rob Armstrong, and markets correspondent Ian Smith, a bad feeling about where things might be headed. So does another eurozone crisis beckon? Plus, Katie and Rob go long Norway and John Le Carré, while Ian shorts oversized cars. 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s starting to look like every market is becoming a one-trick pony. Since the summer, stock markets would have been down – were it not for the Big Tech companies galloping ahead on the back of AI. Corporate bond issuance and even the US dollar are also riding high on the AI trade. But what if that pony turns out to be a bucking bronco? Rob Armstrong and Katie Martin saddle up and find out. Plus Rob goes long TIPS, and Katie shorts acronyms… such as TIPS. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. Until October 28 you can save on a standard annual digital subscription at ft.com/unhedgedsale You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

While most people are distracted by the latest blow-up in US Treasuries, our hosts Katie Martin and Rob Armstrong lift the lid on a less watched corner of the debt markets. The world’s hyperscalers – giant companies such as Amazon and Meta – need to borrow as much as they can to build the data centres needed for the AI boom. FT markets reporter Emily Herbert tells us what their elephantine debt issuance has been doing to corporate bond markets around the world. Plus, Katie shorts sniff tests, Emily goes long soup and Rob entrusts his life savings to a supermarket manager in Surrey. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Over the summer, the FT held a revamped version of its stock picking game – think fantasy football for the global equity markets. Some 13,000 people took part – a shocking number considering how unfashionable active fund management has become in the real world. Katie Martin and Rob Armstrong invite their FT Money colleague Nathan Brooker, who runs the competition, to discuss the psychology of stock picking, and whether it has a future in real life. Plus, Nathan shorts holiday spoilers, Katie shorts pesky kids, and Rob throws active investors some love. The FT’s next stock picking game launches on Monday October 5. Entry is free to all FT subscribers aged 18 or over. Registrations will remain open for a number of weeks after the launch date. To participate, go to: https://stockpickinggame.ft.com 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Global bond yields took a big leg up on Wednesday, with the US 10-year Treasury now well north of 5 per cent. Could further rises trip up a heavily indebted government? Or perhaps an overleveraged hedge fund, with untold market fallout? Hosts Katie Martin and Rob Armstrong are joined by FT senior markets correspondent Ian Smith. Plus, Rob goes long his own foresight, while Katie extends a long arm of comfort to a banker who sent a career-ending email. 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Investment funds boast triple-digit returns. Retail investors enthusiastically pile in. Then – surprise! – they turn out to be scams… and implode. The story that played out in Istanbul last week may be as old as the city’s Grand Bazaar. But what does it say about financial regulation in Turkey, and should foreign investors be concerned? Host Rob Armstrong catches up with the FT’s Turkey correspondent, John Paul Rathbone. Plus, Rob shorts the 10-year US Treasury, while JP goes for a long swim in the Bosphorus. 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In response to persistently above-target inflation, the Federal Reserve raised interest rates a quarter-point this week. Typically, this would not merit a full podcast. But in our current world – which includes a persistently Fed-baiting US president – this unexpected return to normalcy is something that hosts Katie Martin and Rob Armstrong have chosen to celebrate. Also, Rob goes long the endangered potato, while Katie is long Russian oligarchs bankrolling wedding events.  Until October 28 you can save on a standard annual digital subscription to the Financial Times at ft.com/unhedgedsale. 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When the Terminator robots come for us all, will there be anywhere safe to run? Certainly not the US Treasury market, where the 10-year yield just broke the totemic 5% level. It’s a sobering thought. But hosts Katie Martin and Rob Armstrong wonder if it’s sobering enough to end the AI stock market mania? Also in the show, Rob and Katie take sartorial long positions on armholes and loafers. Until October 28 you can save on a standard annual digital subscription to the Financial Times at ft.com/unhedgedsale. 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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. 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Katie called it – so she claims. There are signs that foreign investors may be losing trust in US assets. This has been the source of a running debate between the hosts Katie Martin and Rob Armstrong on this podcast, and Rob finally concedes she may have a point. Awkwardly for him, he does so in front of a live audience, for a special episode recorded at the FT Weekend Festival in London’s Kenwood House. Plus, Rob goes long a Scotch whisky carry trade, while Katie goes long our lovely Unhedged audience. 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Britain has a problem. Almost half of the country’s working age adults are not saving into a pension at all. So if you know somebody who isn’t thinking enough about their future retirement, it may be time to have a frank conversation with them. In today’s show, Katie Martin talks to two experts about why nobody seems to be taking their pensions seriously enough – Gavin Lewis, managing director at asset management leviathan BlackRock, and the FT’s consumer editor Claer Barrett, who writes our Serious Money personal finance column. Also, Gavin goes long longevity, Katie goes long gold exuberance and Claer shorts Andy Burnham’s social media feed. Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast. Visit ft.com/festival to find out more. 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 [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.