Last week Treasury secretary Scott Bessent directed his department to double its purchase of treasuries in an attempt to bring down the price. Of course, it backfired. Today on the show, Rob Armstrong and Katie Martin pick apart the Trump administration’s unprecedented behaviour and wonder how long the US can keep borrowing as it has.

Also, they go short the dollar and long stockpiling canned food. Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast. Visit ft.com/festival to find out more.

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com View our accessibility guide.