Ian Smith
@iankmsmith.ft.com
Senior Markets Correspondent at the Financial Times. Previously insurance, finance, stocks, pensions, you get the idea. This is my real account: I never promote crypto or any other investment
Stories: https://www.ft.com/ian-smith
Contact: [email protected]
Stories: https://www.ft.com/ian-smith
Contact: [email protected]
Nice to see reality still beats social media reality, but some courage in this guy
www.theguardian.com/sport/2025/d...
www.theguardian.com/sport/2025/d...
December 20, 2025 at 8:58 AM
Nice to see reality still beats social media reality, but some courage in this guy
www.theguardian.com/sport/2025/d...
www.theguardian.com/sport/2025/d...
ECB hold, BoE cut, US inflation falls as the rates market tries to get all its work off its desk before Christmas
more at ft dot com
more at ft dot com
December 18, 2025 at 1:48 PM
ECB hold, BoE cut, US inflation falls as the rates market tries to get all its work off its desk before Christmas
more at ft dot com
more at ft dot com
The US jobs market: also not so happy
www.ft.com/content/17a1...
www.ft.com/content/17a1...
December 16, 2025 at 5:17 PM
The US jobs market: also not so happy
www.ft.com/content/17a1...
www.ft.com/content/17a1...
Normally wouldn't encourage this sort of thing, but some OK efforts here
December 15, 2025 at 11:18 AM
Normally wouldn't encourage this sort of thing, but some OK efforts here
BofA on QE-or-not-QE
December 15, 2025 at 11:08 AM
BofA on QE-or-not-QE
US rationale
www.ft.com/content/1f06...
www.ft.com/content/1f06...
December 11, 2025 at 7:31 AM
US rationale
www.ft.com/content/1f06...
www.ft.com/content/1f06...
it's going to be quite a ride
December 10, 2025 at 10:01 PM
it's going to be quite a ride
whether the little red line can follow traders' expected path will have broad implications for markets and the global economy in 2026
Data visualisation by @raydouglas.bsky.social
Data visualisation by @raydouglas.bsky.social
December 9, 2025 at 10:11 AM
whether the little red line can follow traders' expected path will have broad implications for markets and the global economy in 2026
Data visualisation by @raydouglas.bsky.social
Data visualisation by @raydouglas.bsky.social
we keep getting these warnings over the perils of over-concentration on a few big service providers
we will definitely not ignore them and carry on
we will definitely not ignore them and carry on
November 28, 2025 at 4:17 PM
we keep getting these warnings over the perils of over-concentration on a few big service providers
we will definitely not ignore them and carry on
we will definitely not ignore them and carry on
what to avoid: what happened last time
www.ft.com/content/370c...
after an initially positive market reaction, higher borrowing numbers and an OBR warning over inflationary impact knocked gilts
www.ft.com/content/370c...
after an initially positive market reaction, higher borrowing numbers and an OBR warning over inflationary impact knocked gilts
November 26, 2025 at 10:16 AM
what to avoid: what happened last time
www.ft.com/content/370c...
after an initially positive market reaction, higher borrowing numbers and an OBR warning over inflationary impact knocked gilts
www.ft.com/content/370c...
after an initially positive market reaction, higher borrowing numbers and an OBR warning over inflationary impact knocked gilts
A Budget that augurs for weaker growth but also keeps inflation in check could make BoE cuts more likely: boosting gilts but weighing on sterling.
Political risks could cut either way for the £ depending how it lands. Some warn credibility concerns could be reignited
www.ft.com/content/fefd...
Political risks could cut either way for the £ depending how it lands. Some warn credibility concerns could be reignited
www.ft.com/content/fefd...
November 25, 2025 at 9:11 AM
A Budget that augurs for weaker growth but also keeps inflation in check could make BoE cuts more likely: boosting gilts but weighing on sterling.
Political risks could cut either way for the £ depending how it lands. Some warn credibility concerns could be reignited
www.ft.com/content/fefd...
Political risks could cut either way for the £ depending how it lands. Some warn credibility concerns could be reignited
www.ft.com/content/fefd...
The UK is “one of the countries which can be disciplined by the bond market right now”
For today's The State of Britain newsletter, I wrote about how the gilt market might greet the Budget
on.ft.com/3XEmv0y
For today's The State of Britain newsletter, I wrote about how the gilt market might greet the Budget
on.ft.com/3XEmv0y
November 20, 2025 at 10:25 PM
The UK is “one of the countries which can be disciplined by the bond market right now”
For today's The State of Britain newsletter, I wrote about how the gilt market might greet the Budget
on.ft.com/3XEmv0y
For today's The State of Britain newsletter, I wrote about how the gilt market might greet the Budget
on.ft.com/3XEmv0y
not high yields but sharp rises and a lot of debt
November 19, 2025 at 11:01 AM
not high yields but sharp rises and a lot of debt
Yield curve has re-steepened as people add back some risk premium www.ft.com/content/abfe...
"The gilt market is thinking: we’ve had enough of them," a bond salesperson tells @emilydherbert.bsky.social
www.ft.com/content/abfe...
"The gilt market is thinking: we’ve had enough of them," a bond salesperson tells @emilydherbert.bsky.social
www.ft.com/content/abfe...
November 14, 2025 at 1:24 PM
Yield curve has re-steepened as people add back some risk premium www.ft.com/content/abfe...
"The gilt market is thinking: we’ve had enough of them," a bond salesperson tells @emilydherbert.bsky.social
www.ft.com/content/abfe...
"The gilt market is thinking: we’ve had enough of them," a bond salesperson tells @emilydherbert.bsky.social
www.ft.com/content/abfe...
One investor speaks, latest on blog
www.ft.com/content/abfe...
www.ft.com/content/abfe...
November 14, 2025 at 12:32 PM
One investor speaks, latest on blog
www.ft.com/content/abfe...
www.ft.com/content/abfe...
The pound is quietly souring against the euro – though due more to mounting expectations of interest rate cuts than events in Westminster. Hit lowest in more than two years today
www.ft.com/content/9eb6...
www.ft.com/content/9eb6...
November 12, 2025 at 1:19 PM
The pound is quietly souring against the euro – though due more to mounting expectations of interest rate cuts than events in Westminster. Hit lowest in more than two years today
www.ft.com/content/9eb6...
www.ft.com/content/9eb6...
November 7, 2025 at 2:47 PM
Government bonds have performed better, pushing down yields, but they have also closed a gap with interest rate swaps of the same maturity.
That shows markets are now “less worried about supply”, investors say. US charted but also true in UK.
www.ft.com/content/a86f...
That shows markets are now “less worried about supply”, investors say. US charted but also true in UK.
www.ft.com/content/a86f...
October 31, 2025 at 2:29 PM
Government bonds have performed better, pushing down yields, but they have also closed a gap with interest rate swaps of the same maturity.
That shows markets are now “less worried about supply”, investors say. US charted but also true in UK.
www.ft.com/content/a86f...
That shows markets are now “less worried about supply”, investors say. US charted but also true in UK.
www.ft.com/content/a86f...
given the lack of fundamentals, it is admittedly hard to provide a clear valuation level for "silly" beyond "this line went near-vertical"
October 28, 2025 at 3:05 PM
given the lack of fundamentals, it is admittedly hard to provide a clear valuation level for "silly" beyond "this line went near-vertical"
Gold now off 10% since the peak
It had got very silly (cf our goldmania Big Read a couple of weeks ago www.ft.com/content/3401...)
We mentioned some BofA analysis in there: after similar historical melt-ups, price busts have been larger
It had got very silly (cf our goldmania Big Read a couple of weeks ago www.ft.com/content/3401...)
We mentioned some BofA analysis in there: after similar historical melt-ups, price busts have been larger
October 28, 2025 at 11:31 AM
Gold now off 10% since the peak
It had got very silly (cf our goldmania Big Read a couple of weeks ago www.ft.com/content/3401...)
We mentioned some BofA analysis in there: after similar historical melt-ups, price busts have been larger
It had got very silly (cf our goldmania Big Read a couple of weeks ago www.ft.com/content/3401...)
We mentioned some BofA analysis in there: after similar historical melt-ups, price busts have been larger
It was all a very clear plan...
www.ft.com/content/96ac...
www.ft.com/content/96ac...
October 26, 2025 at 10:41 PM
It was all a very clear plan...
www.ft.com/content/96ac...
www.ft.com/content/96ac...
Gilts on track for their best week since April and yields now below where they started 2025.
Global risk-off move, a little bit more priced for BoE rate cuts, and "right noises" on headroom all helping, say investors
Thank you for playing...
www.ft.com/content/3295...
Global risk-off move, a little bit more priced for BoE rate cuts, and "right noises" on headroom all helping, say investors
Thank you for playing...
www.ft.com/content/3295...
October 17, 2025 at 8:33 AM
Gilts on track for their best week since April and yields now below where they started 2025.
Global risk-off move, a little bit more priced for BoE rate cuts, and "right noises" on headroom all helping, say investors
Thank you for playing...
www.ft.com/content/3295...
Global risk-off move, a little bit more priced for BoE rate cuts, and "right noises" on headroom all helping, say investors
Thank you for playing...
www.ft.com/content/3295...