Markets Explained

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Latest episodes

• Jobs soft, oil flows improving but the bond market is still not happy

  October 5, 2026 · 17 min

  The US labour market could have added fuel to the bond market fire last week, but in fact it still looks broadly stuck in a ‘no hire, no fire’ pattern. With more and more oil leaving the Strait of Hormuz, one might also have expected the…

• Oil up, bond yields up, yet equities up too

  September 28, 2026 · 17 min

  On this week’s podcast, Hugh and Karen discuss the latest developments in the oil markets, including talk of diesel export curbs. They also highlight why the rise in bond yields has more to do with the resilience of economic growth than…

• The bond market is judge, jury and (sometimes) executioner

  September 21, 2026 · 19 min

  In this podcast, Hugh and Karen pick up on the latest political headlines from both Germany and the Middle East. They remind us why the economic implications are often far more sanguine than the political headlines would suggest, and why…

• Oil, inflation, and unhappy bond markets

  September 14, 2026 · 16 min

  Lots to discuss again this week, with conflict raging on in the Middle East, central banks under pressure to raise rates and bond markets still unsettled.

• Will the Budget walk the walk?

  September 7, 2026 · 14 min

  In this week's podcast, Karen and Hugh discuss the latest flurry of economic news which suggests the global economy is weathering the barrage of shocks thrown at it. They also share their immediate reaction to the new UK Chancellor of the…

• Why bond yields are rising

  September 1, 2026 · 15 min

  Bond markets are off to a bumpy start in September with government borrowing costs rising sharply around the globe. In this week’s podcast, Karen and Hugh break down what is troubling bond investors, how policymakers may respond, and…

• Bond intervention

  August 24, 2026 · 15 min

  This week, Karen and Hugh discuss recent strong economic data and lingering inflation concerns that are pushing up bond yields. They then delve into what to make of the bond market interventions we’re increasingly seeing from finance…

• A global earnings knockout

  August 17, 2026 · 13 min

  The market is wrapping up a stellar earnings season with growth broadening by geography and sector. No wonder markets keep hitting all-time highs. Karen and Hugh break down the earnings news and discuss what the macro data suggests about…