The US-Iran conflict is back on, inflation is sticky and US interest rates are steady — for now, anyway. Today on the show, Katie Martin and Rob Armstrong discuss the quieter Fed under new chair Kevin Warsh, and try to make sense of his silence. Also, they go long ducks and novelty political candidates from outer space. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at unhedged@ft.com. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The Fed’s silent treatment

Unhedged

Pushkin. It looks like the US war with Iran is back on. The US is dropping bombs on Iranian infrastructure and Iran has been firing on commercial shipping in the Strait of Hormuz. Here we go again. Donald Trump has declared that as far as he's concerned, the ceasefire is over. Now markets are a bit spooked. Oil is up about $80 a barrel. It's not like March, but the question is,

is this enough to push inflation up and force the new chair of the Federal Reserve, Kevin Walsh, to raise interest rates after all? Today on the show, it's war and wash. This is Unhedged, the markets and finance podcast from the Financial Times. I'm Pushkin. I'm Katie Martin, a markets columnist at the FT in London. Joining me down the line from Brooklyn, New York,

is Rob Armstrong off of the Unhedged newsletter. Rob, who are you supporting in the football now that the US is out? The Britain soccer cats out of allegiance to you, Katie. I have a lot of friends over there. And because of that, I'm rooting, I'm hoping that it comes home briefly before it goes back to

France. Okay, good. Thanks. Thank you for your service. So, um, God, war again? Really? Why? What's going on? Well, I think, you know, we now have learned that Trump announcing that the ceasefire is over tells you that the ceasefire is over right now on Thursday at 9.46 a.m. Eastern time. But it

doesn't tell you very much about whether the ceasefire will be over on Friday. Even saying that, the fact that missiles are being shot and shipping is being disrupted has to change your calculus of the situation, even acknowledging that it could all be different tomorrow. So it matters.

The Fed’s silent treatment

Read the full transcript

The candid version is on a podcast,
not the earnings call.

The Fed’s silent treatment

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.