Unhedged

They unpack whether market rallies mean a return to pre-February 28 conditions. They explain why shipping through the Strait of Hormuz will not instantly normalize. They discuss stock and bond moves, shifting rate-cut expectations, and why US markets may outperform Europe. They note rising earnings estimates, tech resilience, and unconventional talk about de-dollarization and crypto toll ideas.

They compare today’s inflation talk to both the 1970s and the 1960s 'guns and butter' fiscal tradeoffs. Military and consumer spending gets linked to market mania and the fate of long-duration tech stocks. The conversation also digs into stressed consumer credit and rising delinquencies among younger borrowers. Quick takes cover pricey Europe flights and skepticism about AI-enabled glasses.

Malcolm Moore, Energy editor at the Financial Times and global energy markets specialist, breaks down fallout from the Iran war. He explains market panic, how much oil is effectively missing, logistics and contract headaches, which countries are most at risk, jet fuel strains, why coal may surge as a fallback, and best- and worst-case timelines for recovery.

Hannah Murphy, a San Francisco technology reporter focused on Big Tech and regulation, discusses the LA jury verdict finding Meta and Google liable over addictive products for children. She explains the test-case strategy and product liability angle. They cover how design is framed outside speech, global child-safety rules, potential spillovers to AI, and what appeals and market stakes might look like.

Ian Smith, senior markets correspondent at the Financial Times, covers UK and European bond turmoil. He talks about what drove the sharp gilt sell-off and how interest-rate expectations shifted. He explains why gilts were hit hardest and the role of leveraged hedge fund trades. He outlines the wider impact on long-term borrowing costs and why everyday borrowers should care.

They unpack why markets react so strongly to presidential remarks and whether traders read intent or literal policy. They trace a dramatic oil price flip tied to a social media post and probe suspicious pre-announcement trades. They cover gold’s surprising drop, central bank selling and what that says about market behavior. Plus a light segment on television and the perils of being tall.

They unpack how rising oil from the war could feed inflation and complicate central bank decisions. They debate whether energy shocks should be looked through or fought and why oil is uniquely tricky for policymakers. They explore bond market repricing, shifting rate-cut expectations and why Europe and parts of Asia may feel the pain more.

They probe why markets stay calm even as geopolitical violence around Iran and rising oil prices rattle sentiment. They discuss fund managers piling into cash while equity allocations remain high. They explore scenarios for oil supply disruption and whether conflict could permanently lift oil risk premia. They contrast short-term reporting cycles with longer-term political and strategic shifts.

Antoine Gara, FT US private equity and deals reporter, explains private credit basics and its trillion-dollar rise. He discusses liquidity limits, opaque reporting and recent headlines about withdrawal gates. Conversation covers causes like defaults and bank originations, retail distribution risks, managers’ responses, and whether this could become a wider financial problem.

A wild 23‑hour oil price swing and why front‑month futures went haywire while longer contracts stayed calm. Traders’ chaos and the market mechanics behind historic curve steepness. The economic fallout if the Strait of Hormuz shut and how strategic reserve releases helped. Why Europe and Japan felt the shock more than the US. Plus quirky cultural picks like neckties and Korean food crazes.