Swamp Notes
Financial Times
Swamp Notes is the weekly US politics podcast from The Financial Times. Every Friday, host Marc Filippino talks to reporters in Washington as well as the FT's veteran US political commentators and a cast of expert guests to explain what the latest moves in the Capitol mean for the economy, business and for people in America — and beyond. Subscribe and listen for incisive analysis, on-the-ground insights and a uniquely global perspective. Hosted on Acast. See acast.com/privacy for more information.
Episodes
Mentioned books
28 snips
Mar 27, 2026 • 20min
How markets may be affecting US military action in Iran
Katie Martin, FT markets columnist who tracks oil, stocks and bond reactions. Abigail Hauslohner, FT foreign affairs correspondent focused on U.S.–Iran tensions and Middle East strategy. They discuss U.S. troop movements to the Gulf. They unpack how oil and markets respond to presidential messaging. They explore strategic choke points like Khark Island and how market moves can change political options.
26 snips
Mar 20, 2026 • 19min
The AI revolt in Maga-land
Joe Miller, Washington correspondent for the Financial Times known for on‑the‑ground U.S. political reporting, recounts a Missouri road trip. He explores local backlash to fast‑tracked AI data centres. He discusses fears over secrecy, water use and noise. He describes polling showing Trump voters want slower AI development and the state‑federal tensions over regulation.
Mar 18, 2026 • 24min
The Bethlehem Project: The housing domino effect
A visit to Bethlehem, Pennsylvania uncovers how fewer homes built since 2008 and pandemic shifts squeezed supply. Rising mortgage rates and delayed first-time buyers are crowding the rental market. Stories of eviction and a proposed 120-unit affordable housing project show the local scramble for solutions.
Mar 16, 2026 • 1min
Introducing Untold: Opus Dei
A deep dive into a secretive Catholic organisation and its reach into American power circles. Exploration of elite recruitment, discipline and the group's cultural influence. A look at how spiritual aims intersect with political networks and institutions.
39 snips
Mar 13, 2026 • 24min
The economic fallout of the Iran war
Sam Fleming, FT economics editor focused on macro and central banks, and Myles McCormick, FT U.S. economics correspondent expert in energy markets, discuss the Iran conflict’s economic shock. They cover why oil surged above $100 and LNG strains, how bond markets and central banks are reacting, which economies face the biggest exposure, and the political risks from rising fuel costs.
40 snips
Mar 6, 2026 • 21min
Trump’s ‘war of whim’ in Iran
Abigail Hauslohner, FT foreign affairs correspondent with on‑the‑ground conflict reporting, and Edward Luce, FT national editor and political analyst, discuss the US‑Iran military campaign. They trace how the strikes unfolded and why timing surprised many. They explore shifting US aims, Trump’s impulsive decision making, strains with allies, and the regional fallout for Gulf states.
18 snips
Feb 27, 2026 • 22min
What the State of the Union means for the US midterm elections
John McHenry, vice-president at conservative pollster North Star, offers polling analysis. Lauren Fedor, Deputy Washington Bureau Chief at the Financial Times, provides on-the-ground political reporting. They discuss how the president framed the State of the Union, its appeal on economic and immigration themes, shifting approval ratings, key primaries to watch, redistricting’s impact, and foreign policy as a wildcard.
24 snips
Feb 20, 2026 • 22min
Maha’s big reversal and a Scotus decision on tariffs
Brooke Masters, FT U.S. managing editor focusing on healthcare and policy, and Patrick Temple-West, FT pharmaceuticals correspondent tracking FDA and biotech, unpack a rapid FDA reversal on Moderna’s flu trial. They also break down the Supreme Court ruling on Trump’s tariffs and what it means for trade policy. Short, sharp takes on political maneuvering around drug pricing and public health.
11 snips
Feb 13, 2026 • 19min
Trump’s starring role in the Warner Bros fight
Oliver Barnes, FT deals and activism correspondent, breaks down the bidding chaos around Warner Bros. Chris Grimes, FT Los Angeles bureau chief, explains Hollywood power plays and industry fallout. They cover Netflix and Paramount’s clash, Trump’s ties to bidders, DOJ antitrust scrutiny, activist investor moves and the high-stakes shareholder vote to watch next.
30 snips
Feb 6, 2026 • 19min
The political cost of America’s surging electricity bills
Myles McCormick, FT U.S. economics correspondent who analyzes economic and political fallout, and Martha Muir, FT U.S. energy reporter covering electricity markets and utilities. They probe why U.S. power bills are climbing. They trace drivers from data centres and weather to grid upgrades and policy decisions. They explore regional differences and the political pressure mounting over affordability.
