Market Maker

The Federal Reserve has raised interest rates for the first time in three years, with Fed Chair Kevin Warsh delivering a unanimous 25 basis point hike as inflation once again becomes the dominant concern for financial markets.

In this episode, Anthony Cheung and Piers Curran break down why the Fed decided to hike, what Warsh means by “removing accommodation”, and why the decision could be an important test of the Fed’s independence amid political pressure from Donald Trump.

We also explain the reaction across bonds, equities and the US dollar, why short and long-term Treasury yields are moving differently, and what the Fed’s latest projections could mean for interest rates over the rest of 2026.

Whether you’re following markets as an investor or preparing for a global markets interview, this episode gives you a practical framework for understanding one of the most important macro stories shaping the global economy.

(00:00) Why This Fed Decision Matters
(01:13) Why the Fed Hiked
(06:49) Policy Accomodation
(09:13) What’s Driving Inflation?
(16:18) Is the Fed Independent?
(21:44) How Markets Reacted
(25:51) What Happens Next?
(29:56) Lessons From Past Rate Hikes
(32:50) Interview Cheat Sheet

Application season is underway, and if you’re targeting investment banking, understanding what’s actually happening in M&A can give you a real advantage in interviews.

In this episode, Anthony Cheung and Stephen Barnett break down the huge resurgence in global dealmaking in 2026, why mega-deals are dominating, which sectors and banks are benefiting, and how interest rates, AI and valuations are shaping the outlook.

Most importantly, we explain how to turn that knowledge into better interview answers: which deals to research, how to structure your response and how to demonstrate genuine commercial understanding rather than simply memorising headlines.

(00:00) Investment Banking Interview Prep
(01:48) The M&A Boom
(04:47) Why Mega Deals Are Surging
(10:52) What Drives M&A?
(17:46) Merger Arbitrage
(19:41) The Hottest Sectors
(24:04) Which Banks Are Winning?
(26:15) How to Target Your Applications
(30:21) Stephen's Favourite Episode
(33:26) Anthropic IPO Prediction
(34:46) Impact of US Mid-Terms
(41:23) Number One Advice

Oil is back above $100 a barrel, food prices are climbing and central banks are once again facing pressure to raise interest rates. Is the world heading towards a second wave of inflation?

In this episode, Anthony Cheung and Piers Curran explain why the latest inflation threat goes far beyond the headline oil price. China is returning to the crude market just as conflict continues to disrupt global energy supplies, while refinery problems are pushing petrol and diesel prices even higher.

At the same time, food commodities including wheat, rice, coffee, sugar and cocoa are rising as war, extreme weather and supply disruption hit global production. We look at how those higher costs eventually reach the supermarket checkout and why a £100 UK weekly shop from 2020 could soon cost around £150.

Finally, we break down what this means for the Federal Reserve, Bank of England and other central banks, why bond yields are rising, and whether higher inflation could force interest rates to stay higher for longer.

(00:00) Is Inflation Coming Back?
(01:33) Why Oil Is Above $100
(05:57) The Trump Oil Problem
(07:11) Petrol Prices Surge
(12:43) How Oil Traders React
(15:58) Food Inflation Returns
(22:44) Why Food Prices Are Rising
(23:59) Interest Rates Going Higher?
(28:47) The Stagflation Risk
(31:36) The £150 Weekly Shop

Nvidia has agreed to acquire Hugging Face for $12.9 billion, paying around 86x revenue for one of the most important platforms in open-source AI.

In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down what Hugging Face actually does, why Nvidia wants it, and how the deal fits into Jensen Huang’s wider strategy to control more of the AI ecosystem.

We look at Hugging Face’s journey from a failed chatbot to the “GitHub of AI”, why open-source AI is becoming increasingly important, and whether Nvidia’s growing influence should concern regulators and developers. We also look at the parallels with Microsoft’s acquisition of GitHub and the extraordinary returns generated by some of Hugging Face’s earliest investors, including NBA star Kevin Durant.

A deep dive into the strategy, valuation and economics behind one of the biggest AI deals of the year.

(00:00) Nvidia Buys Hugging Face
(08:23) Why Nvidia Moved Now
(15:56) Who Made Billions?
(18:59) What Is Hugging Face?
(27:42) How Hugging Face Started
(30:19) The $12.9bn Valuation
(32:31) Nvidia’s AI Strategy
(44:04) Kevin Durant’s 240x Return

Can governments really control financial markets, or can they simply delay the inevitable?

Japan has spent nearly $100 billion trying to support the yen, with the US taking the extraordinary step of joining the intervention. But despite the firepower, the forces driving the currency, interest rate differentials, the carry trade and Japan’s economic fundamentals, haven’t simply disappeared.

In this episode, Anthony Cheung and Piers Curran explain how FX intervention actually works, why governments and central banks step into financial markets, and why intervention often treats the symptom rather than the underlying cause.

We also revisit the extraordinary 2015 Swiss franc collapse, when the Swiss National Bank abandoned its currency floor and triggered one of the most dramatic moves in modern FX history, before looking at the US Treasury market and the attempts to bring rising long-term bond yields under control.

From the Japanese yen to US Treasuries, this is a practical guide to what happens when governments decide to fight the market and why the market often has the final say.

(00:00) Can Governments Control Markets?
(07:26) Why the Yen Is So Weak
(15:24) The Yen Carry Trade
(17:59) The Intervention Explained
(19:41) Symptom or Disease?
(21:14) Japan’s $100bn Intervention
(27:11) The Swiss Franc Collapse
(41:10) The US Bond Market Problem
(45:51) What Could Break Next?
(52:49) What Happens Next?