Unhedged

The current administration rode in on a wave of support from America’s traders, lenders and money managers. But that might be changing. Today on the show, Rob Armstrong talks to the FT’s US finance editor, James Fontanella-Khan, about what the titans of Wall Street really think about President Donald Trump. Also they go long AC Milan and short the market. 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 Hosted on Acast. See acast.com/privacy for more information.

With the continuing decline in the price of US Treasuries, Katie, Rob and Aiden take up the debate about the future of America’s status as a truly exceptional safe haven. Today on the show, the trio discuss the damage President Donald Trump has already done and ask how long it will last. Afterwards, they take long and short bets on 10-year Treasuries, the S&P 500 and the euro/dollar trade. 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 Hosted on Acast. See acast.com/privacy for more information.

John Foley, Head of Lex and a tech enthusiast, dives into the recent plunge of Nvidia shares due to U.S. export bans on technology to China, impacting their H20 chip forecast. He sheds light on the broader implications for AI development and the geopolitical landscape affecting tech markets. The conversation also covers challenges in semiconductor regulations, market confidence, and the rise of new ventures like DeepSeek, all while keeping a humorous twist with the mention of 'Sperm Racing.'

High tariffs on Chinese imports have initiated a complex trade war that could impact both the U.S. and China significantly. The discussion dives into how these tariffs affect American businesses and consumers, highlighting the challenges of reviving domestic manufacturing. China's political resilience is examined, revealing its leverage in negotiations despite U.S. assumptions. The hosts also tackle trade deficits and their implications for global finance, all while mixing in humorous commentary and metaphorical fun throughout.

The hosts dive into the chaos of trade wars and their impact on investor confidence. They discuss the burdens of tariffs on U.S. small businesses, spotlighting a comic book store owner's struggles. The complexities of sophisticated trading strategies are examined, alongside the risks they pose in volatile markets. Trust in U.S. Treasuries takes a hit as concerns about inconsistent policies grow. Lastly, they reflect on hints of change in economic policy, balancing skepticism and optimism for global trade's resilience.

The discussion kicks off with the surprising rise in Treasury yields, challenging conventional wisdom about bond prices. Political actions spark market volatility, as tariffs reshape investor sentiment. The hosts inject humor into their reflections on past predictions while advocating for patience over impulsive buying during market dips. They analyze how shifting global trade dynamics affect risk and investment strategies, underscoring the importance of vigilance in unpredictable situations. Gold prices surge, signaling a shift in investor behavior that demands caution.

After a surprising tariff announcement, markets took a nosedive, especially in tech and banking. The hosts dissect how these tariffs will hit American consumers hard, acting like hidden taxes. They also humorously discuss unexpected topics, including a playful mock tariff on penguins. Insights into treasury inflation-protected securities shine as a beacon for investors during this chaotic economic period. The complexity of international trade relationships amid tariffs adds another layer of intrigue, revealing the delicate balancing act policymakers must navigate.

Markets are on edge as economic sentiment wavers. Soft indicators like consumer surveys clash with hard data, causing confusion for investors. The conversation dives into Indonesia’s ambitious sovereign wealth fund and its potential pitfalls, raising governance concerns. Labor market stagnation and credit spreads are spotlighted, revealing broader economic health issues. Plus, the unpredictable world of Bitcoin adds another layer to the financial landscape, showcasing the challenges of navigating mixed signals in today's economy.

Join John Foley, a Lex editor with deep insights into the tech industry, and Rob Smith, the Financial Times' corporate finance expert, as they dive into CoreWeave's unique approach to the IPO landscape. They explore how the company evolved from crypto mining to AI capacity renting, leveraging NVIDIA chips. Discussions reveal the complexities of CoreWeave's financial dynamics, including its risky debt and client relationships, while also touching on investment strategies in the wake of market uncertainties and automotive tariff changes.

The discussion kicks off with Trump’s ambitions for lower interest rates and the controversial Mar-a-Lago Accord. The hosts playfully dissect U.S. trade policies while exploring the current dollar dilemma and its effect on real estate. Insights into the treasury market reveal strategies for shorting 10-year bonds amidst expected volatility. The conversation takes a whimsical turn with humorous tales connected to Trump's oil sanctions, blending serious economic analysis with light-hearted commentary.