Swamp Notes

The Trump administration announced that it is taking a 10 per cent stake in troubled chipmaker Intel. It’s another interventionist move by the White House in less than a year since US President Donald Trump returned to office. What does it mean that the federal government is getting more involved in the free market? The FT’s Richard Waters and the American Enterprise Institute’s Michael Strain discuss.  Mentioned in this podcast:US to take 10% stake in troubled chipmaker IntelWhy Intel investors have embraced an interventionist White HouseTrump’s Intel deal is a threat to US economic libertyEmail Marc with your questions (Marc.Filippino@FT.com)Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is Hosted by Marc Filippino and produced by Henry Larson. Our show is mixed by Sam Giovinco. The FT’s acting co-head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: Howard Lutnick on XRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The world trade order is being remade. US President Donald Trump has led that charge with tariffs and trade deals that have upended the past 30 years of advancement towards global free trade. If that order is going away, what should replace it? Council on Foreign Relations president Michael Froman and the FT’s senior trade writer Alan Beattie talk through one option for the future of international exchange.Mentioned in this podcast:Read Michael Froman’s Foreign Affairs articleNo, Trump is not ushering in a new global trading orderCanada cultivates Nordic connections to offset its reliance on US tradeSign up for the FT’s Swamp Notes newsletter hereEmail Marc with your questions (Marc.Filippino@FT.com)Swamp Notes is produced by Henry Larson. This week’s show was mixed by Samantha Giovinco. The FT’s acting co-head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

One of the president’s most recent executive orders paved the way for American retirement accounts to invest in cryptocurrencies and private equity. It’s a seismic change for savers and investors both. The FT’s Sujeet Indap and Duke University professor Elisabeth de Fontenay break down what it means for you and for Washington.Mentioned in this podcast:Email Marc with your questions (Marc.Filippino@FT.com)Donald Trump exposes US retirees to new world of risk with 401k orderTrump opens US retirement plans to crypto and private equity investmentsSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. Our show was mixed by Kelly Garry and Kent Militzer. The FT’s acting co-head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Six months after the Trump administration gutted the US Agency for International Development, experts are tracking the impact of its absence. The FT’s David Pilling and the Brookings Institution’s George Ingram describe the surprising ways countries are adapting to a world with less resources for the poor, sick and starving.Mentioned in this podcast:Email Marc with your questions (Marc.Filippino@FT.com)What the closure of USAID is really costing the worldUSAID cuts threaten 14mn extra deaths by 2030, warns studyThe shifting future of foreign aidSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. Samantha Giovinco mixed this week’s episode. The FT’s acting co-head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On a visit to the UK this week, Trump broke from Israeli Prime Minister Benjamin Netanyahu’s stance on the war in Gaza. The FT’s Edward Luce and US foreign affairs correspondent Abigail Hauslohner unpack how the situation in the region became so dire, and why world leaders are pressuring Trump to act. Mentioned in this podcast:Has Gaza tested the limits of Donald Trump’s support for Benjamin Netanyahu?‘Worst-case scenario’ of famine unfolding in Gaza, says global hunger monitorThe west’s complicity in GazaSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson and mixed by Samantha Giovinco. We had help from Marc Filippino. The FT’s acting co-head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: CNN, Times News, France24Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US president is angry with the chair of the Federal Reserve over interest rates. He’s applying a lot of pressure on Jay Powell to lower them or leave his job. The FT’s Claire Jones and Adam Posen, president of the Peterson Institute for International Economics, break down what will happen if Trump succeeds in either of those goals.Mentioned in this podcast:Email Marc with your questions (Marc.Filippino@ft.com)Donald Trump and Jay Powell spar as US president visits Federal ReserveWhy a $2.5bn refurbishment of the Federal Reserve could be Jay Powell’s undoingDonald Trump brings war against the Fed to Jay Powell’s home turfSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson and mixed by Samantha Giovinco. We get help from Lauren Fedor. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: CNBCRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Zohran Mamdani shocked a city, and his own political party, when he soundly defeated his influential rival in New York City’s Democratic mayoral primary election. Now, as the second leg of the race reveals itself, Mamdani has a chance to redefine how the party talks about its critical issues. The FT’s Rana Foroohar and the American Enterprise Institute’s Michael Strain discuss what the party can learn from its nominee and what it would mean if he won.Mentioned in this podcast:Email Marc with your questions (Marc.Filippino@ft.com)New York’s Zohran Mamdani wins over some of the city’s business eliteMake America affordable againZohran Mamdani is wrong — of course billionaires should existSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson and mixed by Samantha Giovinco. We had help from Lauren Fedor. The FT’s acting co-head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: Zohran Mamdani For NYC, NBC News, NPR, NY1, CNBCRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When US President Donald Trump threatened 200 per cent tariffs on foreign-made pharmaceuticals, investors responded like it was a placebo. It’s the latest spat between drugmakers and an administration that share a complicated relationship. The FT’s Hannah Kuchler and Patrick Temple-West explain why Trump and Big Pharma aren’t getting along, and what that prescribes for the future of the industry.Mentioned in this podcast:Email Marc your questions (Marc.Filippino@ft.com)Investors shrug off Donald Trump’s 200% tariff on pharmaThe looming ‘patent cliff’ facing Big PharmaSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. Topher Forhecz is the FT’s executive producer. The FT’s acting co-head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: The White House, Roll CallRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump’s approach to the economy has left investors on edge and markets unsure how to react. But his tariffs, trade deals and Truth Social posts have left some corporations better off than others. The FT’s Derek Brower and Gregory Meyer break down who is coming out on top, and who is getting left behind.Mentioned in this podcast:Triumphing under Trump: the corporate winners and losersIs Donald Trump’s ‘big, beautiful bill’ a political curse for Republicans?Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. This week’s episode was mixed by Samantha Giovinco. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: The White House, LiveNOW from Fox, ForbesRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

After more than a week of fighting between Israel and Iran, US President Donald Trump bombed the Islamic republic and then announced a ceasefire. Former national security adviser John Bolton and the FT’s chief foreign affairs commentator Gideon Rachman share their views on what America’s relationship with Iran should look like next and what will happen to the embattled regime.Mentioned in this podcast:Email Marc with your questions (Marc.filippino@ft.com)How Israel inadvertently reawakened Iranian nationalismEarly intelligence suggests Iran’s uranium largely intact, European officials sayTrump’s fragile peace in the Middle EastListen to the Rachman Review podcast Sign up for the FT’s Swamp Notes newsletterSwamp Notes is produced by Henry Larson. Kelly Garry mixed this week’s episode. The FT’s acting co-head of audio is Topher Forhecz. Special thanks to Pierre Nicholson.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

As the conflict between Israel and Iran enters its second week, US President Donald Trump is openly considering bombing the Islamic republic. If he does, he runs the risk of angering a faction in his coalition that has long derided US military intervention overseas. The FT’s Edward Luce and Guy Chazan unpack the conservative power players and Maga influencers who now find themselves on opposite sides. Mentioned in this podcast:Donald Trump’s anti-war pledge tested as Israel’s attack on Iran splits Maga baseMaga’s battle with Israel for Trump’s mindHow Trump can offer Iran a way outSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson and Lauren Fedor. This week’s show was mixed by Kelly Garry. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: Tucker Carlson, OANN, Christian Science Monitor, Fox NewsRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump deployed federal troops to quell protests in Los Angeles the same week of a massive military parade in Washington, DC. How might this change the relationship between the country and its military? James Politi, the FT’s Washington bureau chief, and Chris Mirasola, law professor at the University of Houston, break down how the administration is defending its growing comfort with displays of armed force.Mentioned in this podcast:Donald Trump tests limits of presidential authority by sending troops into Los AngelesUS court halts order demanding Donald Trump return control of California’s National GuardSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson, Katya Kumkova and Lauren Fedor. Kelly Garry mixed this episode. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump doubled tariffs on steel to 50 per cent this week. He’s also allowing Japan’s Nippon to buy the US Steel Corporation. The moves are meant to bring back manufacturing to America’s steel industry. But will they? FT senior trade writer Alan Beattie and Zehra Munir, the FT’s industrial reporter, discuss whether Trump can make good on a popular promise. Mentioned in this podcast:It’s always steel — tariffs provide Trump with a familiar trade weaponDonald Trump’s US Steel gamble: Pennsylvania workers warm to Nippon tie-upSign up for the FT’s Trade Secrets newsletter hereSign up for the FT’s Swamp Notes newsletter hereCredit: The White House YouTube channelSwamp Notes is produced by Katya Kumkova, Henry Larson and Lauren Fedor. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the economic events reshaping the world in the wake of US President Donald Trump’s election. Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Episodes will also be available on the FT’s YouTube channel.If you’d like to get in touch and ask Martin and Paul a question, please email economics.show@ft.com Read Martin’s FT column hereSubscribe to Paul’s substack here Hosted on Acast. See acast.com/privacy for more information.

Republicans are often known as the party of fiscal responsibility. This week, Swamp Notes unravels the US House of Representatives’ “big, beautiful” bill and its uncertain path forward in the Senate. Edward Luce, US national editor and columnist, and James Politi, Washington bureau chief, explain what made congressional Republicans go all in on big spending, tax cuts and more debt. Subscribe to the new Swamp Notes feed here. Mentioned in this podcast:Read Edward Luce’s column on the new ‘moron premium’ for TreasuriesUS House passes Donald Trump’s showpiece tax billSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Lauren Fedor, Katya Kumkova and Henry Larson. Topher Forhecz is the acting co-head of audio. Special thanks to Pierre Nicholson.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, Swamp Notes goes to London for a live recording. Katie Martin, host of the Unhedged podcast, and Chris Giles, author of the FT’s Central Banks newsletter, discuss what Trump’s next few months might be like. Have markets truly recovered from the “liberation day” shock? What happens after the 90-day tariff pause is over? Our guests weigh in. Mentioned in this podcast:Read the latest Chris Giles on Central Banks column hereListen to the Unhedged podcast hereSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Katya Kumkova. Topher Forhecz is the acting co-head of audio. Special thanks to Mischa Frankl-Duvall and Pierre Nicholson. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Within the space of one week, US President Donald Trump endorsed tax increases for America’s top earners and promised to slash drug prices by up to 70 per cent. It’s a platform that echoes former presidential candidate Bernie Sanders and others on the political left. So why are we hearing it from Trump, and why now? FT’s Washington bureau chief James Politi and global business columnist Rana Foroohar are on the show to discuss.Mentioned in this podcast:Trump leans left in bid to revive flagging poll numbersWhy ‘Make Hollywood Great Again’ makes senseSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Katya Kumkova. Topher Forhecz is the acting co-head of audio. Special thanks to Sonja Hutson and Pierre Nicholson. CREDIT: clip from ForbesRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Introducing Swamp Notes, the FT's US politics chat show. Every Saturday, host Marc Filippino talks to reporters in Washington as well as the FT's veteran US political commentators and a cast of expert guests to explain what the latest moves in the Capitol mean for the economy, business and for people in America — and beyond. Subscribe and listen for incisive analysis, on-the-ground insights and a uniquely global perspective. Swamp Notes launches May 17. Hosted on Acast. See acast.com/privacy for more information.