It’s hard to square US President Donald Trump’s circle. Earlier this week, he said his administration was speaking with Iranian officials. Stocks shot up, oil crashed. Then, Iran denied that talks were ongoing and the US ordered more troops to the Gulf. The FT’s foreign affairs correspondent Abigail Hauslohner and markets columnist Katie Martin explain the role markets play in why Trump’s messaging doesn’t align with his actions.

Mentioned in this podcast:

Iran’s military leaders dismiss Donald Trump’s deal claims

Markets were not made for Trump’s never-ending ping-pong

Swamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Kent Militzer. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson.

The FT does not use generative AI to voice its podcasts.

CREDIT: NBC News, CBS News

Read a transcript of this episode on FT.com

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