Swamp Notes
Swamp Notes is the weekly US politics podcast from The Financial Times. Every Friday, host Marc Filippino talks to reporters in Washington as well as the FT's veteran US political commentators and a cast of expert guests to explain what the latest moves in the Capitol mean for the economy, business and for people in America — and beyond. Subscribe and listen for incisive analysis, on-the-ground insights and a uniquely global perspective.
Episodes
The Bethlehem Project has moved to the FT News Briefing
Democrats are looking for a bit of a rebrand after losing the White House and both houses of Congress in 2024. They have an opportunity this November to test out some new types of candidates. In a critical swing district in Pennsylvania, the party establishment has coalesced around a progressive, blue-collar candidate named Bob Brooks. The other frontrunner in the race, Ryan Crosswell, represents
A shaky ceasefire
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
One year since ‘liberation day’
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. Menti
How markets may be affecting US military action in Iran
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 messagin
The AI revolt in Maga-land
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 heartla
The Bethlehem Project: The housing domino effect
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
Introducing Untold: Opus Dei
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 2
The economic fallout of the Iran war
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 expl
Trump’s ‘war of whim’ in Iran
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 Washingto
What the State of the Union means for the US midterm elections
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
Maha’s big reversal and a Scotus decision on tariffs
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 P
Trump’s starring role in the Warner Bros fight
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 compan
The political cost of America’s surging electricity bills
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.Menti
Trump’s immigration climbdown. Plus, a new Fed chair?
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
The Bethlehem Project: America's affordability squeeze
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 f
Trump’s bid to remake the world order
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 we
Can states stop Trump's immigration raids?
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 adm
Why Trump wants to ‘run’ other countries
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 Gr
The biggest predictions in politics next year
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 (Marc.Filippino@FT.com)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 mi
Political Fix: Quizmas special
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 c
Congress’ healthcare fight carries big consequences
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 podcas
The Bethlehem Project: Being young in Trump’s America
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 D
US uses private data to track immigrants
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 im
Trump’s plan to give babies money
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 podc
Is the US economy really K-shaped?
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 (M
Trump changes tack on the Epstein files
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
Coming soon from Tech Tonic: Defying death
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 fixatio
Maga fractures over far-right interview
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 i
The Bethlehem Project: An immigration raid divides a community
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’l
Does the Democrats’ election sweep change anything?
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
What Trump wants from Venezuela
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 Ma
Who’s benefiting from Trump’s presidency?
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 the
How Stephen Miller is defining Trump’s second term
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
Is Donald Trump the president of peace?
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-Mi
Democrats draw a line in the sand with government shutdown
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
An FCC insider on Kimmel, TV and free speech
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.
The future of corporate America under Trump
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’l
How the Supreme Court can change the course of Trump’s presidency
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 goesW
Bonus ep: How the UK is navigating the Trump era
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 joi
Can we keep trusting US economic data?
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 pi
Uncle Sam to become Intel’s biggest shareholder
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 dis
How to rebuild global trade
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
Trump opens retirement to crypto
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 (Marc.Filippino
The real cost of gutting USAID
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 (Marc.Filippino@F
Gaza crisis puts Trump at a crossroads
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
Trump’s case against Fed chair Powell
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 (Marc.
Is Zohran Mamdani the future of the Democratic party?
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 l
Big Pharma’s big tariffs
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.M
The corporate winners and losers under Trump
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
John Bolton on the Iran war that wasn’t
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 pod
Trump considers war in Iran
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 si
What a militaristic president means for democracy
US President Donald Trump deployed federal troops to quell protests in Los Angeles the same week of a massive military parade in Washington, DC. How might this change the relationship between the country and its military? James Politi, the FT’s Washington bureau chief, and Chris Mirasola, law professor at the University of Houston, break down how the administration is defending its growing comfort
Trump’s big play to save steel production
US President Donald Trump doubled tariffs on steel to 50 per cent this week. He’s also allowing Japan’s Nippon to buy the US Steel Corporation. The moves are meant to bring back manufacturing to America’s steel industry. But will they? FT senior trade writer Alan Beattie and Zehra Munir, the FT’s industrial reporter, discuss whether Trump can make good on a popular promise. Mentioned in this
Coming soon: The Wolf-Krugman Exchange
In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the economic events reshaping the world in the wake of US President Donald Trump’s election. Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Epis
Do Republicans still care about debt?
Republicans are often known as the party of fiscal responsibility. This week, Swamp Notes unravels the US House of Representatives’ “big, beautiful” bill and its uncertain path forward in the Senate. Edward Luce, US national editor and columnist, and James Politi, Washington bureau chief, explain what made congressional Republicans go all in on big spending, tax cuts and more debt. Subscribe
Trump’s next 100 days
This week, Swamp Notes goes to London for a live recording. Katie Martin, host of the Unhedged podcast, and Chris Giles, author of the FT’s Central Banks newsletter, discuss what Trump’s next few months might be like. Have markets truly recovered from the “liberation day” shock? What happens after the 90-day tariff pause is over? Our guests weigh in. Mentioned in this podcast:Read the latest
Trump’s tilt to the left
Within the space of one week, US President Donald Trump endorsed tax increases for America’s top earners and promised to slash drug prices by up to 70 per cent. It’s a platform that echoes former presidential candidate Bernie Sanders and others on the political left. So why are we hearing it from Trump, and why now? FT’s Washington bureau chief James Politi and global business columnist Rana Foroo
Coming Soon: Swamp Notes
Introducing Swamp Notes, the FT's US politics chat show. Every Saturday, host Marc Filippino talks to reporters in Washington as well as the FT's veteran US political commentators and a cast of expert guests to explain what the latest moves in the Capitol mean for the economy, business and for people in America — and beyond. Subscribe and listen for incisive analysis, on-the-ground insights and a
