Global Carry Trade Chaos
Slate Money
Slate Podcasts
4.1 • 1.1K Ratings
🗓️ 31 January 2026
⏱️ 45 minutes
🧾️ Download transcript
Summary
This week: Volatility in the Japanese bond market is threatening the global trade house of cards. Felix Salmon, Elizabeth Spiers, and Emily Peck, unpack the changes in Japan’s economy and why they have such a big worldwide impact. Then, they discuss the weakening US dollar and what Trump's fed chair nominee says about his administration. And finally, corporate messaging around social issues has all but gone away, but the recent horrors in Minnesota have somewhat turned that tide. The hosts get into what factors pushed CEOs to speak out against actions of ICE, if somewhat mildly, and what it might mean in terms of Big Tech’s support of Trump.
In the Slate Plus episode: Can we defend…Elon Musk?
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Podcast production by Jessamine Molli and Cheyna Roth.
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Transcript
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| 0:00.0 | Hello and welcome to Slate Money, your guide to the business and finance news of the week. I'm Felix |
| 0:17.2 | Salmon of Bloomberg. I'm here with Emily Peck of Axios. Hello, hello. |
| 0:21.5 | I'm here with Elizabeth Spires of The Nation. |
| 0:24.5 | You're writing something for them about the Melania Dog? |
| 0:27.0 | Yes. |
| 0:27.5 | Hello. |
| 0:28.4 | We are going global this week. |
| 0:30.6 | We're going to talk about global foreign exchange markets, global interest rates, global |
| 0:35.6 | carry trades, what this all means for markets and money. |
| 0:40.0 | We're going to talk about Kevin Warsh, the new Fed chair. |
| 0:43.3 | We're going to talk about whether Donald Trump has found the limits of what he's capable of doing. |
| 0:49.5 | We're going to talk about CEOs talking about de-escalation. |
| 0:53.2 | We have a whole Slate Plus segment about Elon Musk and his |
| 0:57.0 | latest IPO shenanigans. It's a pretty full show this week, so stay tuned. It's all coming |
| 1:03.6 | up on Slate Money. All right, people. |
| 1:19.4 | It doesn't happen every week here on Slate Money, |
| 1:22.2 | but every so often we talk about the globally important |
| 1:25.8 | interconnectedness of all things financial. And we're just |
| 1:29.1 | going to have to get really big. And when it comes to financial markets, everyone thinks, |
| 1:34.6 | well, there's bonds and there's stocks, which is true. But bonds are really just a special case of |
| 1:39.0 | rates. And rates are basically FX. And currencies and rates the real ground-level underpinning of the |
| 1:47.6 | entire global economy and trillions of dollars, literally trillions of dollars, trades in the |
... |
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