The ‘big beautiful’ budget vs the bond market
May 27, 2025•22 min
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Episode description
President Donald Trump’s ‘big beautiful’ bill was passed by the House of Representatives last week. It adds yet more deficit spending to the US budget. But can it survive the bond market? Today on the show, Rob Armstrong and Katie Martin discuss how deficit spending affects the bond market and what can happen when yields rise dramatically. Also they go long the euro as a new international reserve currency and short drinking in bookstores.
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You can email Robert Armstrong and Katie Martin at unhedged@ft.com.
Read a transcript of this episode on FT.com
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