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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, 18 April, 2025
    Aiden Reiter
    Does the market need to be concerned about AI adoption? Premium content

    And a conversation with Brent Neiman, whose research was cited in the ‘reciprocal tariff’ calculations

  • Thursday, 17 April, 2025
    Aiden Reiter
    Decoding recent moves in Treasury yields Premium content

    Uncertainty is high — but maybe not disastrously so

    $100 US dollar bill
  • Wednesday, 16 April, 2025
    Aiden Reiter
    Emerging markets’ unexpected outperformance after “liberation day” Premium content

    It may not last forever

    A montage showing stars from the Chinese and US flags and US dollars
  • Tuesday, 15 April, 2025
    Sujeet Indap
    A Chips Act cautionary tale Premium content

    Wolfspeed has stepped into a trap

    A photo of the head of a wolf
  • Monday, 14 April, 2025
    Robert Armstrong
    The tariff crisis is not existential Premium content

    And lessons from ‘73

    Street sign for Wall Street in New York City, with tall buildings in the background
  • Friday, 11 April, 2025
    Robert Armstrong
    The Trump tariff crisis is not over yet Premium content

    Plus more on valuing stocks in a crisis, and inflation

    Donald Trump holding an umbrella
  • Thursday, 10 April, 2025
    Robert Armstrong
    Markets 1, Trump 0

    Plenty of game left to play, though

    A montage of Donald Trump in front of colorful graphs
  • Wednesday, 9 April, 2025
    Robert Armstrong
    Do Treasuries hedge stocks right now? Premium content

    Tariffs and positive correlation

    The US Treasury building
  • Tuesday, 8 April, 2025
    Robert Armstrong
    When to buy the dip

    Risky assets are cheaper — but not cheap enough

    A stock trader
  • Monday, 7 April, 2025
    Robert Armstrong
    Solving for three variables with markets in chaos Premium content

    And a warning from Canada’s job numbers

  • Friday, 4 April, 2025
    Robert Armstrong
    What the dollar’s bad day shows Premium content

    Tariffs are supposed to be dollar positive. What happened?

    A montage of $100 bills
  • Thursday, 3 April, 2025
    Markets
    Trump goes for shock therapy Premium content

    The market was far too optimistic

    A montage of Donald Trump holding up the executive order he signed during his trade tariffs announcement at the White House with the seal of the president of the United States in the foreground and an American flag in the background
  • Wednesday, 2 April, 2025
    Robert Armstrong
    The source of the gold rally may be fear Premium content

    Plus more bad hard data

    Gold bars
  • Tuesday, 1 April, 2025
    Robert Armstrong
    What to expect on ‘liberation day’ Premium content

    And will wealthy consumers pull back?

    A montage with Donald Trump in the foreground and the flags of Canada, the US and Mexico in the background
  • Monday, 31 March, 2025
    Robert Armstrong
    Bad ‘hard’ data creeps in Premium content

    And replies on CoreWeave

  • Friday, 28 March, 2025
    Robert Armstrong
    Valuing CoreWeave Premium content

    Plus the US fiscal impulse

  • Thursday, 27 March, 2025
    Robert Armstrong
    Poor consumer sentiment is still just talk Premium content

    And it may never turn into action

    A close-up of a woman in American flag shoes walking in front of a New York Stock Exchange sign
  • Wednesday, 26 March, 2025
    Robert Armstrong
    There is no Bessent put in the Treasury market Premium content

    And people are still buying a lot of US stocks

  • Tuesday, 25 March, 2025
    Robert Armstrong
    Cheap oil is not the Trump administration’s top energy priority Premium content

    Plus politics versus markets in Turkey

    A worker of the Venezuelan state oil company PDVSA looks at the Iranian-flagged oil tanker Fortune as it docks at the El Palito refinery in Puerto Cabello in the northern state of Carabobo, Venezuela
  • Monday, 24 March, 2025
    Robert Armstrong
    Private equity’s struggles Premium content

    Are they cyclical or structural?

  • Friday, 21 March, 2025
    Robert Armstrong
    Bessent’s debt dilemma Premium content

    And tariffs’ drag on earnings

    A montage of Scott Bessent with the seal of the seal of the Department of the Treasury in the background
  • Thursday, 20 March, 2025
    Robert Armstrong
    The Fed’s uncertainty doesn’t scare markets Premium content

    Plus the debt ceiling and the end of QT

    Jay Powell
  • Wednesday, 19 March, 2025
    Robert Armstrong
    Clarity on tariffs can’t come soon enough Premium content

    April 2 will be a big day

    Jamieson Greer testifies during a Senate Finance Committee hearing on his nomination to be US Trade Representative
  • Tuesday, 18 March, 2025
    Robert Armstrong
    Small-cap stocks are not signalling recession Premium content

    Plus retail sales

    A montage a bear and charts in the background
  • Monday, 17 March, 2025
    Robert Armstrong
    Maybe it is a healthy correction Premium content

    Plus the flat dollar

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