Emerging markets’ surprising performance
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 17 April 2025
⏱️ 12 minutes
🧾️ Download transcript
Summary
Federal Reserve chair Jay Powell is warning that US tariffs are ‘likely’ to put at risk the central bank’s goals of keeping prices and unemployment in check, and chipmakers are reeling from a tough week. Plus, UK inflation fell more than expected to 2.6 per cent in March and the FT’s Aiden Reiter explains why emerging markets are doing surprisingly well in all this market volatility.
Mentioned in this podcast:
Trump tariffs put Fed’s jobs and inflation goals at risk, Powell says
Unhedged: Emerging markets’ unexpected outperformance after “liberation day”
ASML’s chipmaking machine orders disappoint amid tariff uncertainty
UK inflation falls more than expected to 2.6% in March
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Michela Tindera, Katie McMurran, 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
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Transcript
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| 0:00.0 | We're Equinor, an energy company searching for better. Currently, we supply 27% of the UK's gas, |
| 0:07.0 | 15% of its oil, and we're playing our part in the UK's energy transition. In 2023, we invested |
| 0:14.1 | 20% of our global gross spend in renewables and lower carbon solutions. Today, our wind farms power |
| 0:20.0 | 750,000 homes, and we expect this to grow |
| 0:23.1 | to over 7 million UK households. We're an energy company searching for better. Equinore.com. |
| 0:29.0 | UK. |
| 0:34.0 | Good morning from the Financial Times. Today is Thursday, April 17th, and this is your FT News Briefing. |
| 0:41.1 | Donald Trump's tariffs are complicating the Federal Reserve's dual mandate, |
| 0:45.4 | and his trade policies aren't doing great things for the chip industry either. |
| 0:50.1 | But you know who's coming off pretty well in all of this? |
| 0:53.4 | Emerging markets, especially when you compare them to U.S. stocks. |
| 0:57.9 | It's interesting that the broader index is outperforming the S&P 500, which we would not have expected going into the big terror of reveal. |
| 1:05.6 | I'm Kasha Bersalian, and here's the news you need to start your day. |
| 1:15.4 | Thank you. and here's the news you need to start your day. So about the Fed's dual mandate, the U.S. Central Bank has two goals, |
| 1:19.7 | keep inflation around 2 percent and maximize employment levels. |
| 1:23.8 | Well, Fed Chair Jay Powell said yesterday that tariffs are making it difficult to meet both. |
| 1:29.1 | During a speech in Chicago, he warned that just like Donald Trump's levies were larger than expected, |
| 1:34.9 | the same could end up being true about their economic effects. |
| 1:38.5 | For one, we could see a return of higher inflation. |
| 1:41.9 | That would put the U.S. Central Bank between a rock and a hard place. |
| 1:45.7 | It could raise interest rates to bring down prices, but that would risk an economic slowdown, |
| 1:50.6 | which would end up costing people their jobs. U.S. stocks continued to slide as the Fed Chair spoke. |
... |
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