FT News Briefing Trump and Zelenskyy tout progress on peace but ‘thorny’ issues remain
43 snips
Dec 29, 2025 
Katie Martin, FT markets columnist and host of the Unhedged podcast, dives into the high-stakes peace talks between Trump and Zelenskyy, emphasizing the unresolved territorial disputes that hinder progress. She predicts the bond market's resilience, discussing how it avoided disaster in 2025 thanks to strategic moves and tariff changes. Martin also analyzes potential risks from Fed leadership changes and the UK's gilt market dynamics, and ultimately reassures listeners that while 2026 might bring challenges, the bond market is likely to hold steady.
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Peace Talks Near Breakthrough But Stalled
- Donald Trump and Volodymyr Zelensky discussed a 20-point peace plan but did not resolve territorial and demilitarized zone issues.
- Trump claimed progress “close to 95%” while admitting one or two thorny sticking points remain unresolved.
April Bond Market Scare
- Katie Martin recalled days in April when U.S. bond prices plunged amid Trump trade tariff shocks and stock market turmoil.
- She described it as close to an 'accident' until the administration partially reversed course, easing market fear.
Fed Chair Choice Drives Market Moves
- The Fed chair choice can trigger significant bond-market volatility because the market reacts strongly to the chair's signals.
- Markets may discipline a dovish appointee like Kevin Hassett, as bonds exert powerful political influence.