Swamp Notes

Iran and the US more or less came to the table earlier this week. But the agreed ceasefire is already starting to show cracks. For the final episode of Swamp Notes, the FT’s Washington bureau chief explains why both sides decided to pause the fighting, and what this conflict has revealed about Donald Trump’s foreign policy.Mentioned in this podcast:The Middle East ceasefire deal is fraying. What’s next for Trump?Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and Sonja Hutson. It’s produced by Henry Larson. This week’s show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: NBC News, CNN, Al Jazeera EnglishRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A year ago this week, US President Donald Trump rocked the world with his so-called liberation day announcement. America’s tariff regime affected all aspects of life from the global economy to the day-to-day of average business owners. As part of a special FT News Briefing series, the FT’s US economics editor Claire Jones explains what changed, and what didn’t, because of those tariffs. Mentioned in this podcast:Listen to the rest of the FT News Briefing’s Liberation Day series Sign up for the FT’s Swamp Notes newsletter Swamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Kelly Garry. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s hard to square US President Donald Trump’s circle. Earlier this week, he said his administration was speaking with Iranian officials. Stocks shot up, oil crashed. Then, Iran denied that talks were ongoing and the US ordered more troops to the Gulf. The FT’s foreign affairs correspondent Abigail Hauslohner and markets columnist Katie Martin explain the role markets play in why Trump’s messaging doesn’t align with his actions.Mentioned in this podcast:Iran’s military leaders dismiss Donald Trump’s deal claimsMarkets were not made for Trump’s never-ending ping-pongSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Kent Militzer. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: NBC News, CBS NewsRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When it comes to data centres, the Trump administration has been urging AI companies to “build, baby, build”. But the White House’s agenda is facing resistance from an unlikely place: the very states that won Donald Trump the presidency.The FT’s Joe Miller went on a road trip to Missouri to talk to some AI sceptics. Mentioned in this podcast:Donald Trump’s AI push fuels revolt in Maga heartlandsSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino, and produced by Henry Larson and Sonja Hutson. This week’s show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US housing market is in a crunch. It’s more unaffordable than ever before to buy a home, and the average age for first-time buyers across the country is now 40, according to the National Association of Realtors. Not only is that making it harder for people to own property, it’s also putting pressure on the rental market. Host Sonja Hutson travels to Bethlehem, Pennsylvania to get a better picture of how we got here, and how residents are dealing with the high cost of shelter.Mentioned in this podcast:‘We need that help’: US cities struggle with housing affordability crisisThe Bethlehem Project is hosted and produced by Sonja Hutson and edited by Marc Filippino. Fact checking by Henry Larson. The show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s global 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.

Introducing Opus Dei, a new season of Untold from the Financial Times. Host Antonia Cundy uncovers the cultural and political influence of a controversial Catholic organisation in America. Opus Dei exists to help people get closer to God, but some members say they found other agendas – and unexpected harm – entangled in that spiritual mission. The first episode of Untold: Opus Dei launches March 25. Listen on Apple Podcasts, Spotify, Pocket Casts or wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

The US and Israeli war with Iran has expanded across the Gulf. Iran has effectively shuttered the Strait of Hormuz, sending the prices of oil and liquefied natural gas way up. The economic realities of the conflict could pose a problem for President Donald Trump, who was elected in part because of his promise to make life more affordable for Americans. The FT’s Myles McCormick and Sam Fleming explain what consequences the war against Iran will have for the global economy.Mentioned in this podcast: Donald Trump’s Iran war tests US voters’ patience as petrol prices riseWhich leading economies will pay the biggest price for the Iran war?Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: Reuters, Associated Press, CNBC, CNNRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump started a war with Iran last week. The American and Israeli bombing campaign has killed more than a thousand people, according to Iranian state media. Iran’s retaliatory strikes threaten to cut off all energy exports in the coming days.The FT’s US national editor Edward Luce and US foreign affairs correspondent Abigail Hauslohner explain how that war is changing Washington and America’s allies.  Mentioned in this podcast:Donald Trump has no ‘phase two’ plan for Iran war, says US senatorDonald Trump’s dangerous ‘war of whim’US holds talks with Iranian Kurdish militants over anti-regime operationsSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. This week’s show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: CBC, US Central Command on XRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On Tuesday, US President Donald Trump gave what is likely to be his most viewed remarks of the year. He spent little time on his most controversial decisions, instead focusing on economic issues and immigration that have appealed to voters in the past. But, at a point when Trump’s approval ratings are dropping, what does his speech mean for the looming midterm elections? The FT’s deputy Washington bureau chief Lauren Fedor and Jon McHenry, vice-president of the polling firm North Star Opinion Research, explain.Mentioned in this podcast:State of the Union as it happenedSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. This week’s show was mixed by Kelly Garry. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: Roll CallRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US Food and Drug Administration last week said it would not consider a new flu vaccine for public distribution. But a few days later, it changed course. Is that reversal part of a larger change in the Trump administration’s efforts to ‘Make America Healthy Again’? The FT’s US Pharmaceuticals Correspondent Patrick Temple-West and US Managing Editor Brooke Masters explain. Plus, the FT’s James Politi decodes the Supreme Court’s decision on Trump’s sweeping tariffs.Mentioned in this podcast:Trump administration reverses move to block Moderna flu vaccine trialWhite House launches TrumpRx as drug companies warn of sales hitSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. We had help this week from Lauren Fedor and Maneula Saragosa. This week’s show was mixed by Sam Giovinco. Special thanks to Pierre Nicholson. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. The FT does not use generative AI to voice its podcasts.CREDIT: MS NOW, CNN, Forbes, @SecKennedy on X, Associated PressRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Netflix and Paramount, two large American media companies, are fighting to purchase Warner Bros Discovery. Now, US President Donald Trump and the Department of Justice are getting involved. The FT’s Los Angeles bureau chief Christopher Grimes and US deals and activism correspondent Oliver Barnes explain the president’s connections to both potential buyers and the legal scrutiny facing those companies.Mentioned in this podcast:Activist investor takes aim at Warner Bros deal with NetflixDonald Trump’s top antitrust enforcer Gail Slater pushed out as turf war deepensSign up for the FT’s Swamp Notes newsletter hereSwamp Notes was hosted this week by Sonja Hutson and is produced by Henry Larson. This week’s show was mixed by Sam Giovinco. Special thanks to Pierre Nicholson. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. The FT does not use generative AI to voice its podcasts.CREDIT: KARE, FOX Business, CBS NewsRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump gathered a robust coalition of voters in 2024, in part, on the promise of slashing electricity bills. But now, more than a year after his return to the Oval Office, prices are on the rise. The FT’s US energy reporter Martha Muir and US economic correspondent Myles McCormick examine why those costs are ticking up and how that might affect November’s midterm elections.Mentioned in this podcast:The political cost of America’s surging electricity billsSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: NBC News, NBC 4Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A 37-year-old demonstrator, Alex Pretti, was killed by border patrol agents in Minnesota last week. His death sparked international outrage. It also prompted the Trump administration to back down from its most strenuous immigration enforcement positions. The FT’s Washington bureau chief James Politi and deputy Washington bureau chief Lauren Fedor look ahead at what the administration’s pivot could mean for deportations and the president’s remaining time in office. Plus, the FT’s US economics editor Claire Jones breaks down Trump’s pick for chair of the Federal Reserve.Mentioned in this podcast:US plans ICE drawdown in Minnesota after outcry over immigration raidsHow Donald Trump was forced to back off his harshest immigration tacticsDonald Trump nominates Kevin Warsh as Federal Reserve chairSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: The White House, NBC News, Roll Call, ForbesRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

An affordability crisis is sweeping through the US. High prices of food, rents and healthcare are forcing Americans to cut back on necessities. This comes as President Donald Trump’s administration is curbing government support. Sonja Hutson visits Bethlehem, Pennsylvania, and the surrounding Lehigh Valley, and learns how residents are trying to make ends meet.Mentioned in this podcast:‘Scraping for crumbs’: Americans squeezed by affordability crisisInside Trump’s AmericaSwamp Notes: The Bethlehem Project is produced by Sonja Hutson and Henry Larson, and edited by Marc Filippino. The show was mixed by Sam Giovinco. Our Executive Producer is Topher Forhecz. Cheryl Brumley is the FT’s Global 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.

Before his trip to Davos this week, Donald Trump threatened tariffs, and even hinted at using military force, to take over Greenland. The US president’s fixation ripped open a diplomatic wound that has been growing steadily over the past year. The Council on Foreign Relations' Benn Steil and the FT’s US foreign affairs correspondent Abigail Hauslohner explain how this week may have reshaped the western world permanently. Mentioned in this podcast:‘Waiting for the king’: how Trump dominated Davos Broad mandate of Trump’s Board of Peace sets it up for rivalry with UNRead Benn’s column in The DispatchCredit: The World Economic Forum, Roll CallSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Sam Giovinco. Help from Lauren Fedor The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

State governments and many activists are pushing back on the federal government’s mass immigration raids. In response, US President Donald Trump threatened to use the Insurrection Act to quell protests in Minneapolis. The FT’s US national correspondent Guy Chazan and US legal correspondent Stefania Palma describe how this tension is changing the relationship between local leaders and the Trump administration.Mentioned in this podcast:‘Anger, grief and tear gas:’ outrage in Minnesota after ICE shootingDonald Trump threatens to deploy military to Minnesota after ICE shootingSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Sam Giovinco. Our executive producer is Topher Forhecz and the FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: Alpha News, Fox NewsRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

After a military operation to capture Venezuela's leader, the Trump administration is seeking influence over other regions across the western hemisphere. The FT’s national editor Edward Luce and US-Europe foreign affairs correspondent Amy Mackinnon share their insights on how Trump and his cabinet have come to embrace the idea of foreign intervention.Mentioned in this podcast:Trump really wants GreenlandUS says using military is among ‘options’ to acquire GreenlandHow the US’s audacious operation to capture Nicolás Maduro unfoldedSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Sam Giovinco. The FT’s acting co-head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: Roll Call, CNN, Democracy Now!Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The FT’s Lauren Fedor and Derek Brower look back on the moments that stood out in 2025 and offer their predictions for what’s to come in the new year.Mentioned in this podcast:Forecasting the world in 2026Email Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Sam Giovinco. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: Zohran Mamdani for NYC, CBS News, ABC News, The joint congressional committee on inaugural ceremonies, CNBCRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This is an episode of Political Fix, the FT weekly podcast that takes you into the corridors of Westminster to unwrap, analyse and debate British politics with a regular panel of FT correspondents.Can you name all the Labour frontbenchers who resigned or were sacked during the past year? Why was Peter Mandelson delayed from returning to the UK after being sacked as US ambassador? And who will be crowned Political Fix’s Wonk-in-Chief? Find out as host George Parker puts the entire podcast panel - Miranda Green, Stephen Bush, Robert Shrimsley, Jim Pickard and Anna Gross - through their paces in this big, fat, fiendishly difficult end-of-year quiz. The panellists also highlight their most memorable moment of 2025 and unveil their wildest predictions for the year ahead. Plus, discover who scooped all the chocolate coins in the studio to win the annual Political Fix stockpicks portfolio prize.This is a repeat of an episode published on Political Fix, a sister podcast of FT News Briefing, on December 19, 2025To listen and subscribe to more episodes, find Political Fix on your favourite platform by clicking here! Hosted on Acast. See acast.com/privacy for more information.

Four Republican members of the US House of Representatives broke ranks and supported Democrats this week to force a vote on healthcare spending. The FT’s US national correspondent Guy Chazan and deputy Washington bureau chief Lauren Fedor explain the ticking clock Congress is facing down on health insurance, and what will happen to Americans if prices increase dramatically.Mentioned in this podcast:‘A full-blown crisis’: Americans brace for a surge in healthcare costsUS healthcare costs set to leap as senators fail to reach dealEmail Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino, and produced by Henry Larson. 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. The FT does not use generative AI to voice its podcasts.CREDIT: CBS News, NBC News ChicagoRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

High school is a time of massive change in any teenager’s life. But students today are going through this transition period at a time when the US is more polarized, there's a lot of economic anxiety and teens are far more plugged into social media than ever before. Host Sonja Hutson and FT data reporter Ian Hodgson went to a high school in Bethlehem to get a sense of what it's like growing up in Donald Trump's America. Mentioned in this podcast:Anxious and disillusioned: being young in Trump’s AmericaInside Trump’s AmericaSwamp Notes: The Bethlehem Project is produced by Sonja Hutson and edited by Marc Filippino. The show was mixed by Breen Turner. 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.

A new FT investigation maps out the web of data brokers, private companies and government agencies that federal agents are using to help with their mass deportations. The FT’s Peter Andringa and Stefania Palma explain how corporate entities have created a surveillance network that can track immigrants across the country. Mentioned in this podcast:Trump’s immigration data dragnetUS criminal immigration cases overtake drug and fraud prosecutionsEmail Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. 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. The FT does not use generative AI to voice its podcasts.CREDIT: CBS NewsRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When Congress passed Trump’s tax and spending bill this year, it included a provision that would create investment accounts for recently born children. Now, at least two billionaires want to chip in to the programme as well. The FT’s Brooke Masters and Alex Rogers detail how this plan works, and why some Republicans are going all in on a government entitlement programme. Correction: This podcast was updated from its original version. The original podcast mischaracterized Australia's superannuation programme. We said individual participation is mandatory and the government puts money into accounts. In fact, employers are required to participate, and the government organizes it. That portion of the conversation has been removed.Mentioned in this podcast:Check out FT Globetrotter’s Washington D.C. travel guideMichael and Susan Dell pledge $6.25bn to help fund ‘Trump Accounts’ for childrenRepublicans propose $1,000 ‘Trump account’ for American babiesEmail Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletterSwamp Notes is produced by Henry Larson. This week’s show was mixed by Sam Giovinco. We had help this week from Lauren Fedor. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: Roll CallRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Imagine a graph with one line going up over time. Below it, another line does just the opposite. It kind of looks like the letter K. The FT’s Claire Jones and Rob Armstrong break down why people are saying that letter represents the state of the economy and what it means for the White House.Mentioned in this podcast:Does the K-shaped economy theory even make sense?Email Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is hosted by Marc Filippino and produced by Henry Larson. This week’s show was mixed by Sam Giovinco. The FT’s acting co- head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. The FT does not use generative AI to voice its podcasts.CREDIT: Bloomberg, PBS, CNNRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Congress moved quickly to pass a bill asking the Department of Justice to release documents related to the late convicted sex offender Jeffrey Epstein. It’s a move that the president was opposed to for much of the year. The FT’s Lauren Fedor and Chris Cook break down what’s changed for the White House, and what’s different about these new documents.Mentioned in this podcast:Donald Trump signs bill to release Jeffrey Epstein filesJeffrey Epstein’s network: ‘Life among the lucrative and louche’Email Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereTo sign up for free to the new FT Alphaville newsletter on substack, go to ftav.substack.comThe FT does not use generative AI to voice its podcasts.Swamp Notes is produced by Henry Larson. This week’s show was mixed by Sam Giovinco. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: FOX News, C-SPAN, NBC News, NewsweekRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Investors are spending billions of dollars on novel ways to extend human life through inventive treatments, therapies, and even manipulating our genes. And increasingly, it seems as though anti-ageing efforts have moved from the super rich to a mass market consumer industry. In this series, we’re covering the past, present and future of the longevity movement. We’ll be looking at where the fixation on longevity is coming from, and trying to understand the practical and ethical issues at the heart of this cutting-edge field of research. From Silicon Valley fantasies, to Singaporean health spas, to Colombian genetic clinics and beyond, the FT’s Hannah Kuchler and Michael Peel ask whether breakthroughs in science and technology can really help us live longer, and even stop us aging altogether.Free to read: US ‘wellness’ industry scents opportunity to go mainstreamThe quest to make young blood into a drugThis season of Tech Tonic was produced by Josh Gabert-Doyon. The senior producer is Edwin Lane. Flo Phillips is the executive producer. Sound design by Breen Turner and Samantha Giovinco. Fact checking by Simon Greaves, Lucy Baldwin and Tara Cromie. Original music by Metaphor Music. Manuela Saragosa is the FT’s acting co-head of audio.The FT does not use generative AI to voice its podcasts. Hosted on Acast. See acast.com/privacy for more information.

When Nick Fuentes, a white nationalist and Holocaust denier, appeared on a podcast with former Fox News host Tucker Carlson, it set off a firestorm in conservative circles. The FT’s Joe Miller and Edward Luce explain how this faction on the far-right is gaining power and what it means for the future of the Republican party.Mentioned in this podcast:Trump’s Maga coalition fractures over far-right interviewDon’t blame the left for US antisemitismUS Department of the Treasury Final Monthly Treasury Statement Receipts and Outlays of the United States GovernmentEmail Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. This week’s show was mixed by Sam Giovinco. The FT’s acting co head of audio is Topher Forhecz. Help from Lauren Fedor. Special thanks to Pierre Nicholson. CREDIT: The Tucker Carlson Show, The Ben Shapiro Show, Forbes, Kevin Roberts on XRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Over the next several years, the Financial Times is diving in deep on some of the US’s biggest economic and political issues, all through the lens of one city: Bethlehem, Pennsylvania. Bethlehem is a politically divided area in one of the most critical swing states in the country, and it encapsulates lots of different stories that American politicians are telling about the US and who it's for.We’ll be featuring some of those stories on the Swamp Notes podcast in a special series called The Bethlehem Project. In this first episode, we explore how an immigration raid at a construction site sent a chill through the community and exposed fault lines in the debate around who belongs in the US.Mentioned in this podcast:‘Everyone’s at risk’: Donald Trump’s immigration crackdown reaches BethlehemWhy the Democrats are losing post-industrial AmericaInside Trump’s AmericaRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Democrats won the three largest races and a smattering of others on Tuesday’s off-year elections. They are the biggest electoral wins since Donald Trump took the Oval Office a year ago. The FT’s Lauren Fedor and Guy Chazan discuss which races stood out, and how each party may interpret how the results will affect other races.Mentioned in this podcast:Donald Trump tries to brush off election losses as Democrats hail shift in moodThe meaning of Zohran MamdaniEmail Marc your questions here ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. This week’s show was mixed by Sam Giovinco. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: The White House, Vivek Ramaswamy, ABC News, Electron MediaRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US military has killed more than 60 people in attacks on boats they say are running drugs in Latin America. Its navy has moved its most powerful warship to the Caribbean. Meanwhile, the Trump administration is increasing its rhetoric against Venezuelan President Nicolás Maduro. James Story, the former top US diplomat to Venezuela, and the FT’s Michael Stott, puzzle out what the Pentagon and Maduro may do next.Mentioned in this podcast:Venezuela’s creaking military prepares for US strikesDonald Trump aims to topple Venezuela’s leader with military build-upEmail Marc your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp 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 and Roxanna Vigil at the Council on Foreign Relations.CREDIT: NBC News, CBS NewsRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump and his family have made at least $1bn since he was elected to serve a second term, thanks to their rapidly growing cryptocurrency empire. That’s according to an FT investigation which also found that at least 30 individuals or companies that collectively donated to the president’s causes have received benefits or advantages. The FT’s Joe Miller and Alex Rogers unpack their findings. Mentioned in this podcast:How dozens of Trump’s donors have benefited from his second termHow the Trump companies made $1bn from cryptoEmail Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. We had help from Lauren Fedor. This week’s show was mixed by Sam Giovinco. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: KVUERead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Stephen Miller has played a central part in shaping White House policy since Donald Trump’s first term as president. But with less opposition this time around from Congress or other figures inside the administration, Miller’s hardline agenda has started to come to life. The FT’s US national correspondent Guy Chazan and US national editor Ed Luce join this week’s Swamp Notes to explore what Trump’s top policy adviser might be planning next.Mentioned in this podcast:Stephen Miller: Donald Trump’s ‘prime minister’ executes his plan to reshape AmericaStephen Miller, Trump’s implementer-in-chiefRussell Vought: the man on a ‘divine mission’ to traumatise US bureaucratsSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson and Ethan Plotkin. Topher Forhecz is the FT’s executive producer. Our show is mixed by Sam Giovinco. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: CNN, Washington Post, DaystarRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump has long campaigned for the Nobel Peace Prize, and he seemed closer to that goal earlier this week when he helped broker a ceasefire in Gaza. But the Nobel Committee had other plans. So what exactly is Trump’s track record on peacemaking and what does it take to actually win the Nobel Peace Prize? Norwegian humanitarian studies professor Kristin Sandvik and the FT’s US-Middle East foreign policy correspondent Abigail Hauslohner explain. Mentioned in this podcast:How Trump cornered Netanyahu into signing up for peaceDonald Trump looms large over Nobel Peace PrizeEmail Marc with your questions. ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. We had help from Lauren Fedor. This week’s show was mixed by Sam Giovinco. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: NBC News, Forbes Breaking News, C-SPAN, Norwegian Nobel CommitteeRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

For the first time in nearly seven years, the US Congress was unable to come to a spending agreement in time. The government shut down. Democrats want to challenge President Donald Trump and extend healthcare subsidies. Republicans don’t want to budge. The Financial Times’ Washington bureau chief James Politi and deputy chief Lauren Fedor break down how it all went down and the position Democrats now find themselves in. Mentioned in this podcast:Donald Trump threatens permanent spending cuts as US shutdown continuesWhat happens when the US government shuts down?Email Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. This week’s show was mixed by Sam Giovinco. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: FOX News, Reuters, ABC News, C-SPANRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Jimmy Kimmel’s late-night show is back on the air.The president of the US isn’t happy about it. He’s threatened to revoke licenses from broadcast networks that air negative programming about him. The former counselor to the chairman of the Federal Communications Commission, Gigi Sohn, and the FT’s Los Angeles bureau chief Christopher Grimes unpack what’s at stake for America’s television industry.Mentioned in this podcast:Inside Disney’s decision to bring back Jimmy KimmelIs America entering a new era of McCarthyism?Email Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. This week’s show was mixed by Sam Giovinco. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: Benny Johnson podcast, New York Post, Verdict with Ted CruzRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On Monday, Donald Trump posted on social media that he wanted US public companies to ditch quarterly reporting. It is yet another move by his administration to hand more power to corporate executives and take power away from investors. The FT's Wall Street editor Sujeet Indap and global business columnist Rana Foroohar break down the arguments for and against the president’s efforts, and what it’ll mean for businesses.Mentioned in this podcast:Trump’s quarterly reporting move is the wrong idea at the wrong timeDonald Trump tilts balance of power from investors to CEOsBonus ep: How the UK is navigating the Trump eraEmail Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. Sam Giovinco mixed this week’s episode. Our show is mixed by Kelly Garry. 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.

The US Supreme Court’s next term is just weeks away, and the decisions facing the court’s nine justices could define the future of President Donald Trump’s second administration. The FT’s Brooke Masters and Stefania Palma break down what makes this new era of the Supreme Court so unique and controversial.Mentioned in this podcast:US Supreme Court to decide how far Donald Trump’s power really goesWill the Supreme Court stand up to Trump?Email Marc with your questions ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. This week’s show was mixed by Sam Giovinco. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: FOX News, CBS NewsRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump is coming to the UK next week. What can we expect from his visit? And where do things stand between the US and the UK? In this special bonus episode, our two FT political chat shows, Political Fix and Swamp Notes, team up to unpack relations between the two longtime allies. Marc Filippino, host of the Swamp Notes podcast, and US managing editor Brooke Masters are joined by Political Fix’s George Parker and Lucy Fisher to discuss. This episode was recorded on September 6 in front of a live audience at the FT Weekend Festival in London. Mentioned in this podcast:-Listen to the Swamp Notes podcast on Acast, Apple Podcasts, Spotify, Pocket Casts or wherever you get your podcasts.-Listen to the Political Fix podcast on Acast, Apple Podcasts, Pocket Casts or Spotify.Swamp Notes is produced by Henry Larson. The executive producer for Political Fix is Flo Phillips. This episode was mixed by Breen Turner. The FT’s acting co-heads of audio are Topher Forhecz and Manuela Saragosa. Hosted on Acast. See acast.com/privacy for more information.

The Bureau of Labor Statistics released the latest round of jobs numbers this week. A former BLS commissioner, Erica Groshen, and the FT’s US economics correspondent Myles McCormick break down what’s inside that report and what it means for a federal agency preparing for a controversial new leader.Mentioned in this podcast:US adds just 22,000 jobs in August as labour market sputtersDonald Trump picks Heritage economist to head US Bureau of Labor StatisticsEmail Marc with your question ([email protected])Sign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson. This week’s show was mixed by Alex Higgins. 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.

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 ([email protected])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 ([email protected])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 ([email protected])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 ([email protected])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 ([email protected])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 ([email protected])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 ([email protected])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 ([email protected])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.