Global bond yields surged on Wednesday, with the US 10-year Treasury climbing above 5 per cent, raising concerns about heavily indebted governments and overleveraged hedge funds. The Unhedged podcast explores whether further rises could trigger market fallout.

Hosts Katie Martin and Robert Armstrong discuss the implications with FT senior markets correspondent Ian Smith. The episode also features Rob's market foresight and Katie's take on a career-ending email sent to a banker.

For a free 30-day trial to the Unhedged newsletter, visit https://www.ft.com/unhedgedoffer. A transcript of this episode is available on FT.com.