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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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    • Friday, 21 June, 2024
      Harriet Clarfelt
      European markets have been on a wild ride Premium content

      And default divergence

      3 hours ago
      A montage of a financial trader
    • Thursday, 20 June, 2024
      Robert Armstrong
      It’s an AI market now Premium content

      And that is worrisome

      Jensen Huang speaks in front of a Nvidia logo
    • Tuesday, 18 June, 2024
      Robert Armstrong
      Printer does not go brr any more Premium content

      And the market goes up anyway

      The New York Stock Exchange
    • Monday, 17 June, 2024
      Markets
      Navigating a top-heavy stock market Premium content

      And more on American exceptionalism

      The largest free-flying US flag in the world hangs from the western span of the George Washington Bridge over the Hudson River between New Jersey and New York City
    • Friday, 14 June, 2024
      Robert Armstrong
      Dan Davies: ‘finance is a tool of control’ Premium content

      How the market blocks accountability

      A montage of dollar bills in a person’s hand
    • Thursday, 13 June, 2024
      US economy
      The Fed refuses to celebrate Premium content

      For good reason

      A montage of Fed chair Jay Powell
    • Wednesday, 12 June, 2024
      Robert Armstrong
      American exceptionalism revisited Premium content

      And 0DTEs

      A montage of a trader at the New York Stock Exchange
    • Tuesday, 11 June, 2024
      Robert Armstrong
      AI can pick stocks better than you can Premium content

      Why wouldn’t it?

      A montage of trader on the New York Stock Exchange looking at screens
    • Monday, 10 June, 2024
      Robert Armstrong
      This is what normalisation looks like Premium content

      And more on margins

    • Friday, 7 June, 2024
      Robert Armstrong
      Musk’s $56bn is not the problem Premium content

      Executive pay is a mess almost everywhere

      Elon Musk
    • Thursday, 6 June, 2024
      Robert Armstrong
      Higher margins are a mixed blessing Premium content

      And volatility is suppressed

      Person looks at a computer screen
    • Wednesday, 5 June, 2024
      Robert Armstrong
      How to recognise a slowdown

      Ignore the noise and focus on employment

      Montage of dollar bills and Manhattan skyline
    • Tuesday, 4 June, 2024
      Markets
      Salesforce and the power of cash Premium content

      And how stimulus lifts stocks

    • Monday, 3 June, 2024
      Robert Armstrong
      The US consumer might finally be pulling back Premium content

      And equity spreads

    • Friday, 31 May, 2024
      Robert Armstrong
      Tech’s tortoise beats the hare Premium content

      And market breadth revisited

      Trader looks at computer screens
    • Thursday, 30 May, 2024
      Robert Armstrong
      The CRE non-crisis rolls on Premium content

      And one more point on valuations

      A montage of buildings on Wall Street
    • Wednesday, 29 May, 2024
      Markets
      The valuation mystery: more clues Premium content

      Rates, returns and demographics

      Skyscrapers in New York
    • Monday, 27 May, 2024
      Robert Armstrong
      The valuation mystery Premium content

      It matters. But how?

    • Friday, 24 May, 2024
      Asia-Pacific equities
      Market calm hides a sense of unease Premium content

      And Hong Kong’s China rally — not done yet?

    • Thursday, 23 May, 2024
      Markets
      Wall Street feasts on unlimited breadsticks and endless shrimp Premium content

      Red Lobster’s collapse is a chance to revisit one of the most sensational boardroom showdowns of recent memory

    • Wednesday, 22 May, 2024
      Capital markets
      What happens when money market funds close? Premium content

      And the shrinking gap between investment-grade and junk

      A montage of a hand holding dollar bills
    • Monday, 20 May, 2024
      Robert Armstrong
      The revenge of the yield curve Premium content

      And Walmart

    • Friday, 17 May, 2024
      Markets
      More capital is not the answer Premium content

      An interview with Yale’s Steven Kelly

      Exterior of the New York Stock Exchange
    • Thursday, 16 May, 2024
      Robert Armstrong
      Good, not great, news on inflation Premium content

      And more on gold

      A montage of a woman carrying an umbrella walking in front of the New York Stock Exchange
    • Wednesday, 15 May, 2024
      Markets
      A debt crisis at the economy’s edge Premium content

      And the gold rally

      Manhattan skyline
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