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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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  • Monday, 12 January, 2026
    Robert Armstrong
    Criminalising the Fed

    Plus the employment/growth puzzle

    Premium content
  • Saturday, 10 January, 2026
    Oil
    Trump whipsaws markets

    A week of bold actions and wild rhetoric

    An illustration showing red and blue financial line graphs superimposed over New York City skyscrapers.
  • Friday, 9 January, 2026
    Robert Armstrong
    Where are the hated stocks?

    Contrarians have their work cut out

    Premium content
    A trader gestures while sitting at a desk surrounded by multiple monitors displaying financial charts and data.
  • Thursday, 8 January, 2026
    Robert Armstrong
    Bank mergers reconsidered

    They are much needed and very hard to get right

    Premium content
    A Wall Street street sign with surrounding tall buildings in the background, tinted with red and blue gradient.
  • Wednesday, 7 January, 2026
    Robert Armstrong
    2026 predictions, part two

    Just a few rate cuts, and cyclicals lead

    Premium content
    A woman with painted nails and multiple rings holds her hands above a glowing crystal ball on a table with candles and mystical objects.
  • Tuesday, 6 January, 2026
    Robert Armstrong
    2026 predictions, part one

    A strong economy, a bubble that doesn’t burst, and a bit of AI sanity

    Premium content
    A glowing crystal ball surrounded by swirling mist in shades of blue, pink, and turquoise.
  • Monday, 5 January, 2026
    Robert Armstrong
    Trump, Venezuela and the limits of the Taco trade

    Plus, banks and activist investors

    Premium content
  • Tuesday, 23 December, 2025
    Robert Armstrong
    The year in review (part two)

    Our 2025 predictions, reviewed

    Premium content
    A power generator sits outside a house, powering a brightly lit Christmas tree visible through a window during a power outage.
  • Monday, 22 December, 2025
    Robert Armstrong
    The year in review (part one)

    The defining market themes of 2025

    Premium content
  • Saturday, 20 December, 2025
    Hakyung Kim
    America’s current account woes

    The risks of a weaker dollar on the current account deficit

    An illustration showing red and blue financial line graphs superimposed over New York City skyscrapers.
  • Friday, 19 December, 2025
    Hakyung Kim
    Inflation: little to trust 

    Plus, Trump in Venezuela

    Premium content
    Jay Powell
  • Thursday, 18 December, 2025
    Robert Armstrong
    Two views of AI and Big Tech

    How much has changed?

    Premium content
    A photo close-up of a person using a mobile phone and the logos of Microsoft, Apple, Tesla, Google, Amazon, Meta and Nvidia
  • Wednesday, 17 December, 2025
    Robert Armstrong
    The economy is fine and everyone hates it

    An old puzzle re-emerges

    Premium content
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  • Tuesday, 16 December, 2025
    Robert Armstrong
    How leveraged is the financial system?

    And pricing inflation risk

    Premium content
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  • Monday, 15 December, 2025
    Robert Armstrong
    RMP = QE?

    Fed bill buying vs Fed bond buying

    Premium content
  • Saturday, 13 December, 2025
    Hakyung Kim
    The fashionably late Fed

    Consequences of the Fed’s relative delay in cutting rates

    An illustration showing red and blue financial line graphs superimposed over New York City skyscrapers.
  • Friday, 12 December, 2025
    Hakyung Kim
    The impact of a Russia-Ukraine peace deal

    What will and won’t change with a resolution to the war

    Premium content
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  • Thursday, 11 December, 2025
    Hakyung Kim
    The Fed is stuck

    Plus, the solar stock rally

    Premium content
    Jerome Powell touches his glasses and looks downward during a press conference, appearing serious or contemplative.
  • Wednesday, 10 December, 2025
    Robert Armstrong
    More good(ish) news on employment

    Plus, don’t buy the dip

    Premium content
    A collage showing New York City skyscrapers with a red and a blue financial line graph intersecting above the skyline.
  • Tuesday, 9 December, 2025
    Robert Armstrong
    The commodities rally

    A hopeful sign for the economy in 2026?

    Premium content
    A worker in protective gear uses a rod to control molten silver pouring from a large ladle at a smelting plant.
  • Monday, 8 December, 2025
    Robert Armstrong
    Bessent’s brag

    Does the administration control the Treasury market?

    Premium content
    The words "The Treasury" are engraved on the facade of a government building with a Treasury Department seal visible on the wall.
  • Saturday, 6 December, 2025
    Hakyung Kim
    The yen-yield break-up

    The dollar-yen exchange rate is moving opposite the traditional pattern with yields

    An illustration showing red and blue financial line graphs superimposed over New York City skyscrapers.
  • Friday, 5 December, 2025
    Robert Armstrong
    The US slowdown, and how it ends

    Fiscal stimulus vs inflation

    Premium content
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  • Thursday, 4 December, 2025
    Robert Armstrong
    Stocks’ irrational rate-cut rally

    And the prospects for a Hassett-led Fed

    Premium content
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  • Wednesday, 3 December, 2025
    Hakyung Kim
    More on crypto winter

    And our readers on the essence of economics

    Michael Saylor in silhouette walking past a large illuminated Bitcoin logo and partial text on stage at the Bitcoin 2025 conference.
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