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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, 12 September, 2025
    Hakyung Kim
    Inflation: boiling the frogs

    Plus what Tricolor means

    Premium content
    A line of black and white dominoes is shown falling in succession across a divided blue and pink background.
  • Thursday, 11 September, 2025
    Aiden Reiter
    Misplaced trust in tariff revenues

    And the annual jobs revision

    Premium content
    A trader gestures in front of multiple monitors displaying financial charts and data in a trading room.
  • Wednesday, 10 September, 2025
    Robert Armstrong
    More on Fed independence

    And putting numbers on outmigration

    Premium content
    A hand holding two keys in front of the Federal Reserve Board of Governors seal on a blue and red gradient background.
  • Tuesday, 9 September, 2025
    Robert Armstrong
    Six reasons to be cheerful about the stock market

    And South Korea revisited

    Premium content
    A person wearing high heels with an American flag pattern stands on the trading floor of the New York Stock Exchange
  • Monday, 8 September, 2025
    Hakyung Kim
    The US job market is getting (slowly) worse

    Plus, a bubble in gold?

    Premium content
  • Friday, 5 September, 2025
    Robert Armstrong
    AI boom, AI bust?

    Plus European value stocks, and more on the Fed

    Premium content
    A person walks in a data centre
  • Thursday, 4 September, 2025
    Hakyung Kim
    Long bonds’ synchronised decline

    Plus more on jobs and growth

    Premium content
    A trader gestures toward multiple monitors displaying financial charts and data in a market trading environment.
  • Wednesday, 3 September, 2025
    Robert Armstrong
    Gold and the US mess

    Is the yellow metal seeing what other assets ignore?

    Gold bars
  • Tuesday, 2 September, 2025
    Robert Armstrong
    Why the market is ignoring the attack on the Fed

    It’s not only irrational

    Premium content
    Lisa Cook and Donald Trump in separate close-up photos; Trump wears a red hat reading "TRUMP WAS RIGHT ABOUT EVERYTHING!"
  • Friday, 22 August, 2025
    Robert Armstrong
    Our Jackson Hole speech

    Definitely not what Jay would say

    Two people in silhouette stand inside Jackson Lake Lodge, with Mount Moran visible through large windows in the background
  • Thursday, 21 August, 2025
    Robert Armstrong
    The tech ‘sell-off’

    Plus, the homebuilder stock rally, and more on concentration

    Premium content
    Trader on floor of New York Stock Exchange
  • Wednesday, 20 August, 2025
    Robert Armstrong
    The signal from semiconductors

    And from housing starts

    Premium content
    Close-up view of multiple semiconductor chips mounted on a blue computer circuit board
  • Tuesday, 19 August, 2025
    Robert Armstrong
    Retail sales or payrolls: which is right about the US economy?

    Plus volatility suppression, and data centre depreciation

    Premium content
    Street sign for Wall Street in New York’s financial district, with surrounding tall buildings and a red-blue colour overlay
  • Monday, 18 August, 2025
    Robert Armstrong
    Tech utterly dominates markets. Should we worry?

    Concerns about concentration and valuation should be kept separate

    Premium content
    An AI processor from AMD, on display at a conference in 2024
  • Friday, 15 August, 2025
    Robert Armstrong
    Defensive stocks’ offensive performance

    And Chinese deflation

    Premium content
    Wall Steet
  • Thursday, 14 August, 2025
    Robert Armstrong
    The bond market stand-off

    Plus survey response rates and the BLS

    Premium content
    Multiple $100 bills arranged in a grid, with a blue and red gradient overlay.
  • Tuesday, 12 August, 2025
    Aiden Reiter
    Stagflation takes centre stage

    It’s always been on the table, but the picture is getting clearer

    Premium content
    Dominoes
  • Monday, 11 August, 2025
    Hakyung Kim
    Job creation: supply vs demand

    And final thoughts on slowing US profits

    Premium content
  • Friday, 8 August, 2025
    Aiden Reiter
    US economic data quality is declining

    The problem is solvable, but not by scapegoating

    Premium content
    The US department of labour headquarters
  • Thursday, 7 August, 2025
    Robert Armstrong
    The Buffett premium

    And worried Wall Street strategists

    Premium content
    A montage with Warren Buffett and Greg Abel in the foreground and Berkshire Hathaway’s headquarters in Omaha, Nebraska, in the background
  • Wednesday, 6 August, 2025
    Robert Armstrong
    Without tech, where’s the profit growth?

    And the public private assets paradox

    Premium content
    A montage of black and white dominoes
  • Tuesday, 5 August, 2025
    Robert Armstrong
    Corporate profits are slowing

    And the Kugler resignation

    Premium content
    A street sign for Wall Street with big buildings in the background
  • Monday, 4 August, 2025
    Robert Armstrong
    How bad was the jobs report?

    Not quite as bad as it looked

    Premium content
  • Friday, 1 August, 2025
    Robert Armstrong
    Inflation is rising, and it’s not just the tariffs

    Plus the simplicity of the Mag 7

    Premium content
    US dollars on a purple background
  • Thursday, 31 July, 2025
    Robert Armstrong
    The FOMC and the luxury of dissent

    Plus more on tariffs and price increases

    Premium content
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