Swamp Notes: The Federal Reserve’s tariff dilemma
US President Donald Trump’s global trade war has made a mess for the Federal Reserve. Despite an encouraging US consumer price index report this week, there are major concerns about the inflationary nature of Trump’s tariffs. Meanwhile, the Fed has cut growth forecasts. And if all that wasn’t enough, Trump is breathing down chair Jay Powell’s neck to cut interest rates. The FT’s US economics editor Claire Jones and economics commentator Chris Giles explain why the central bank is caught in a difficult position.Mentioned in this podcast:Jay Powell’s tariff dilemma: defend the economy or contain inflationAlphaville: An emergency rate cut from the Fed?US inflation falls more than expected to 2.4% in MarchFederal Reserve ‘absolutely’ ready to help stabilise market if needed, top official saysSign up for the FT’s newsletter Chris Giles on Central BanksSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Katya Kumkova. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
12 Apr 17min
Uncertainty reigns in US markets
US inflation fell more than expected to 2.4 per cent in March, and France’s Renault is one of the few carmakers insulated from Donald Trump’s trade war. Plus, Indonesia is looking to run its colossal new sovereign wealth fund “like a public company”. Mentioned in this podcast:US inflation falls more than expected to 2.4% in March Indonesia’s new sovereign wealth fund vows transparency ‘like a public company’ Renault emerges as winner in Trump tariff chaos Sky to bring hit US series ‘Saturday Night Live’ to the UK Credit: NBCThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katya Kumcova, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
11 Apr 11min
Trump’s tariff reversal
US stocks surged on Wednesday after Donald Trump paused ‘reciprocal’ tariffs for 90 days. Plus, the EU and China are working on a new trade relationship because of the levies. Meanwhile, Apple is looking to boost production in India. Mentioned in this podcast:EU calls for ‘negotiated resolution’ with China in face of US tariffsApple turns to India to help ease Trump’s China tariffsUS stocks soar as Donald Trump backs down in global trade warThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
10 Apr 9min
Markets might not have hit the bottom yet
Donald Trump is pushing ahead with another 50 per cent tariff on Chinese goods, and there are questions about what will happen to nearly $2tn worth of pledges to invest in the US because of the levies. Plus, the FT’s Katie Martin explains why a selloff in US Treasuries could mean a world of hurt for markets. Mentioned in this podcast:Donald Trump to proceed with extra 50% tariff on China as trade war escalatesUS tariffs threaten almost $2tn of investment pledges by global companies Markets could get a lot worse — and quicklyThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
9 Apr 10min
Companies look for US tariff workarounds
Equities markets continued to adapt to the tariffs unleashed by US President Donald Trump, oil prices hit a four-year low on Monday, and investors are expecting the European Central Bank to make two rate cuts by July. Plus, the FT’s Stephen Foley explains how consultants are advising their clients on limiting the damage from tariffs. Mentioned in this podcast:Oil drops further as fears of global recession riseCompanies get creative in finding ways to limit impact of Trump’s tariffsECB expected to cut rates in April and June as tariffs threaten recessionThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
8 Apr 10min
How Italy could decide the EU’s response to tariffs
The UK plans to introduce a lighter regulatory regime for private equity and hedge funds, and Italy may block an EU plan to respond to US President Donald Trump’s tariffs. Plus, popular ‘private browsing’ apps hosted by Apple and Google may violate American sanctions, and the trade war has triggered the biggest sell-off in the US junk bond market since 2020. Mentioned in this podcast:Apple and Google app stores host VPNs linked to sanctions-hit Chinese groupBritain to dilute rules for private equity and hedge fundsMeloni under pressure to back EU ‘bazooka’ against Trump tariffsTariffs spark US junk bond sell-off as recession risk mountsThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
7 Apr 10min
Swamp Notes: The costs of Trump’s tariffs
This week the US imposed new tariffs on most of the world. The FT’s US national editor Ed Luce joins us to analyze why they are baffling economists and worrying markets. Ed’s take? The US is taking itself out of the globalised economic system it built, and the consequences could be grave. Mentioned in this podcast:Donald Trump’s beautiful trade warTrump tracker: US tariffsSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Katya Kumkova. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
5 Apr 13min
Trump’s tariffs rattle global markets
US President Donald Trump’s tariffs caused a global market sell-off on Thursday. Now, there are concerns that these levies will push the US into a recession. We speak to the FT’s senior markets correspondent Ian Smith and our economics editor Sam Fleming about the repercussions. Mentioned in this podcast:Dollar drops as Donald Trump’s tariffs stoke economic fearsBling, bags and booze fall victim to Trump’s trade war Will Donald Trump’s ‘liberation day’ tariffs drag US into recession? The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
4 Apr 10min
