Unhedged Live from the FTWeekend Festival in London
27 snips
Sep 9, 2025 Live from a vibrant festival, the hosts dive into the chaotic landscape of 2025, marked by unpredictable tariffs and a shifting labor force. They humorously unpack the 'taco trade' and its surprising market impacts due to political antics. The discussion moves to the complexities of bond markets and how tariffs breed investor complacency. A serious take on gold investment debates contrasts with a celebratory toast to champagne, highlighting diverse perspectives on market trends.
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Taco Trade Explains Policy Whipsaws
- Robert Armstrong argues the "taco trade" shows Trump often signals policy then retreats, creating market whipsaws.
- He suggests markets and politicians frequently give him space, so instability persists until others act.
Markets Look Past Political Chaos
- Katie Martin and Robert Armstrong note markets largely ignore chaotic US policy because corporate earnings and tech profits remain strong.
- Professional investors also feel compelled to stay invested despite political risk, reinforcing market resilience.
Employment Data Lags Policy Effects
- They discuss tariffs, immigration and weak jobs data and highlight delays before bad business sentiment shows up in hiring.
- Robert warns the numerator/denominator ambiguity in unemployment complicates interpreting recent reports.