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    Unhedged

    Markets, finance and strong opinions

    Robert Armstrong dissects the most important market trends and discusses how Wall Street's best minds respond to them.

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    • Wednesday, 18 October, 2023
      Markets
      Better growth = more uncertainty Premium content

      And company shaming in Japan

      A montage of a person holding keys in front of the US Federal Reserve seal
    • Tuesday, 17 October, 2023
      News Corp
      The Murdoch discount Premium content

      And Citi’s sandwich sacking

      Skyline of skycrapers
    • Monday, 16 October, 2023
      Robert Armstrong
      Positive real yields sting safe stocks Premium content

      And how tight policy constrains supply

    • Friday, 13 October, 2023
      Markets
      A scary, but noisy, inflation report Premium content

      Plus staples and geopolitics

      Skyscrapers
    • Thursday, 12 October, 2023
      Global Economy
      The multipolarity thesis: the verdict of Unhedged and Chartbook Premium content

      Is America still indispensable?

      Montage of an eagle on the Federal Reserve building in Washington
    • Wednesday, 11 October, 2023
      Capital markets
      Whispers of a consumer slowdown Premium content

      And more on the term premium

      A close-up of Benjamin Franklin on the back of a $100 bank note
    • Tuesday, 10 October, 2023
      Markets
      War and asset prices Premium content

      Markets are bad at assessing geopolitical risk

    • Monday, 9 October, 2023
      Ethan Wu
      Why the term premium is rising Premium content

      A return to the historical norm implies much higher long yields

    • Friday, 6 October, 2023
      Markets
      Bank stocks’ problem isn’t just rates Premium content

      And explaining the rising term premium

      A Wall Street sign
    • Thursday, 5 October, 2023
      Markets
      The Biden scorecard: the verdict of Unhedged and Chartbook Premium content

      The first of three collaborations with historian Adam Tooze

      Joe Biden
    • Wednesday, 4 October, 2023
      Markets
      US growth is good, but less good Premium content

      And ESG valuation effects

      Benjamin Franklin as he appears on a $100 bill
    • Tuesday, 3 October, 2023
      Asset allocation
      The stock market turns cautious Premium content

      Growth is still strong. Why are equities falling?

    • Monday, 2 October, 2023
      Markets
      The September rate spike Premium content

      What just happened?

    • Thursday, 28 September, 2023
      Markets
      The small-cap blues Premium content

      Plus, growth stocks, rates and pricing power

      The Federal Reserve eagle
    • Wednesday, 27 September, 2023
      Markets
      Amazon & the FTC Premium content

      Investors seem to agree with Lina Kahn

      A montage of the New York skyline and $100 bank notes
    • Tuesday, 26 September, 2023
      Anti-ESG investing
      Anti-ESG investing

      And the unkillable rates-growth stocks argument

      A view of commercial real estate from the ground up
    • Monday, 25 September, 2023
      Robert Armstrong
      Bad correlation redux Premium content

      Diversification after the bond rally

    • Friday, 22 September, 2023
      Markets
      Bad correlation is back Premium content

      And private equity adds leverage

      A montage of the New York skyline and $100 bills
    • Thursday, 21 September, 2023
      Markets
      Humble Jay gets it right Premium content

      Higher for longer is the right balance, for now

      Jay Powell at a press conference
    • Wednesday, 20 September, 2023
      Property sector
      Rentals won’t save the housing market Premium content

      And assessing the risks from oil prices

      A montage of homes and the US Federal Reserve seal
    • Tuesday, 19 September, 2023
      Markets
      The arc of history, and markets Premium content

      What can we predict?

      Montage of trader and screens
    • Monday, 18 September, 2023
      Robert Armstrong
      Buybacks’ moment of truth Premium content

      And waiting on wage growth

    • Friday, 15 September, 2023
      Markets
      Copper as lifeline and as investment Premium content

      If you think global warming can be solved, buy copper

      A Wall Street sign
    • Thursday, 14 September, 2023
      US inflation
      A whiff of bad inflation news Premium content

      And the Treasury basis trade scare story

      A businessman walking on Wall Street
    • Wednesday, 13 September, 2023
      Markets
      This inscrutable economic cycle Premium content

      Sectoral disruptions mean old patterns needn’t apply

      A montage of the US Treasury building and a line graph
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