Ian Smith
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iankmsmith.ft.com
Ian Smith
@iankmsmith.ft.com
8.3K followers 1.9K following 1.3K posts
Senior Markets Correspondent at the Financial Times. Previously insurance, markets, finance, stocks, pensions, you get the idea

Stories: https://www.ft.com/ian-smith
Contact: ian.smith@ft.com
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Ian Smith @iankmsmith.ft.com · 28d
“I thought it was important to have something that physically exists, something you can actually hold in your hands"

We dig into one of the markets stories of the year: gold mania
www.ft.com/content/3401...

Story by me, Leslie Hook, Harry Dempsey, data visualisation by @raydouglas.bsky.social
iankmsmith.ft.com
A year into this markets job, really getting somewhere: got my first "Hi Katie" email today

cc @katie0martin.ft.com
November 10, 2025 at 12:30 PM
iankmsmith.ft.com
icymi
iankmsmith.ft.com Ian Smith @iankmsmith.ft.com · 2d
Measures of expected dollar volatility have tumbled, and the currency's value has recovered some ground against peers, as investors and analysts say the "Trump shock" is over for FX markets...

By @emilydherbert.bsky.social, me + @kateduguid.bsky.social
www.ft.com/content/c817...
Dollar volatility tumbles as currency markets move past ‘Trump shock’
Investor expectations of US currency swings have fallen to lowest since before last year’s presidential election
www.ft.com
November 10, 2025 at 8:27 AM
iankmsmith.ft.com
Measures of expected dollar volatility have tumbled, and the currency's value has recovered some ground against peers, as investors and analysts say the "Trump shock" is over for FX markets...

By @emilydherbert.bsky.social, me + @kateduguid.bsky.social
www.ft.com/content/c817...
Dollar volatility tumbles as currency markets move past ‘Trump shock’
Investor expectations of US currency swings have fallen to lowest since before last year’s presidential election
www.ft.com
November 9, 2025 at 11:10 AM
iankmsmith.ft.com
AI rally has hit a bit of an air pocket. Latest from @tim.fo + George Steer
www.ft.com/content/8c6e...
Tech stocks head for worst week since April after $900bn AI sell-off
Nasdaq has fallen 4% this week as investors worry about sky-high valuations
www.ft.com
November 7, 2025 at 3:05 PM
iankmsmith.ft.com
A rather useful + important chart from @tobyn.bsky.social
www.ft.com/content/cf2a...
November 7, 2025 at 2:47 PM
iankmsmith.ft.com
Live-blogging the BoE here
www.ft.com/content/9558...
UK interest rates: Bank of England set for close vote on interest rates
Economists expect BoE to hold rates at 4 per cent but anticipate tight decision
www.ft.com
November 6, 2025 at 11:58 AM
iankmsmith.ft.com
In the ultra-competitive market for corporate pensions deals, and with credit spreads incredibly tight, big insurers are leveraging up their gilts to eke out higher returns.

Leveraged gilts backing pensions: never goes wrong obviously
www.ft.com/content/427a...
Leverage creeps into gilts market as insurers seek to boost returns
Use of derivatives to enhance bets on UK government bonds raises parallels with strategies that fuelled 2022 meltdown
www.ft.com
November 6, 2025 at 7:24 AM
iankmsmith.ft.com
K-Pop Demons be careful, there be hunters out there tonight 🎃🎃🎃
October 31, 2025 at 7:46 PM
iankmsmith.ft.com
Global debtmageddon moving further off?

Gauges of investor concern about long-term sovereign debt supply in US and UK have recovered in recent weeks, on a mix of
- QT slowing/stopping
- less pessimism on deficits
- moves to shorten sov debt maturity
www.ft.com/content/a86f...
Fed eases debt concerns with plan to end QT and buy more bonds
US central bank could begin net purchases of Treasuries early in 2026
www.ft.com
October 31, 2025 at 11:12 AM
Reposted by Ian Smith
tobyn.bsky.social
The US govt shutdown has completely borked short term break-even inflation rates www.ft.com/content/560e...
What’s the market pricing for US inflation?
Don’t ask a bond trader
www.ft.com
October 30, 2025 at 9:14 AM
iankmsmith.ft.com
Classic scare story
October 30, 2025 at 5:49 PM
iankmsmith.ft.com
If you've been yearning to ask @katie0martin.ft.com about bubbly markets, this is your chance
www.ft.com/content/8da5...
Submit your questions to Katie Martin: Are markets in a bubble?
Take part in a live Ask an Expert Q&A with the FT’s markets columnist Katie Martin on Thursday October 30, at 1pm GMT
www.ft.com
October 30, 2025 at 11:34 AM
iankmsmith.ft.com
The LSE comeback starts here

**Rocky music plays**
www.ft.com/content/10ff...
Shawbrook shares jump on London debut
Specialist lender’s listing follows dearth of IPOs in recent years
www.ft.com
October 30, 2025 at 9:13 AM
Reposted by Ian Smith
whitehouse.senate.gov
Step by step we move toward The Great Climate Insurance Collapse.
E&E News: Insurers flee wildfire-prone California despite state assistance
Regulations to enable large rate increases contrast with other state efforts to stabilize insurance markets.
subscriber.politicopro.com
October 28, 2025 at 7:53 PM
iankmsmith.ft.com
Today's must-read on increasingly massive US stock swings by @emilydherbert.bsky.social including the role of single-stock options and leverage
www.ft.com/content/e4b2...
$100bn stock swings expose ‘fragility’ beneath Wall Street rally
Options and ETF frenzy have helped make largest US stocks more volatile, raising stakes ahead of Big Tech earnings
www.ft.com
October 28, 2025 at 11:37 AM
iankmsmith.ft.com
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
October 28, 2025 at 11:31 AM
iankmsmith.ft.com
Your must-read today via @leeharris.ft.com, Euan Healy

Private loan credit ratings may be ‘systematically’ inflated, warns BIS
www.ft.com/content/9d1f...
Private loan credit ratings may be ‘systematically’ inflated, warns BIS
Lack of transparency of debt popular with US insurers increases risk of ‘fire sales’, report says
www.ft.com
October 27, 2025 at 1:30 PM
iankmsmith.ft.com
It was all a very clear plan...
www.ft.com/content/96ac...
October 26, 2025 at 10:41 PM
iankmsmith.ft.com
These Wemby highlights are mad
stevejones20.bsky.social Steve Jones @stevejones20.bsky.social · 16d
WHAT THE HELL IS VICTOR WEMBANYAMA
October 26, 2025 at 8:49 PM
Reposted by Ian Smith
tobyn.bsky.social
🚨What’s up with private credit ratings? on.ft.com/47sTNV9
What’s up with private credit ratings?
Could this be a film we’ve seen before?
on.ft.com
October 24, 2025 at 6:29 AM
iankmsmith.ft.com
Great story from @leeharris.ft.com @iancjohnston.bsky.social on les uninsurables
www.ft.com/content/e8fb...
Stolen Louvre treasures are uninsured, France says
Government confirms country will not be reimbursed for loss of jewels from Paris museum heist
www.ft.com
October 21, 2025 at 5:36 PM
iankmsmith.ft.com
goldmania takes a dent
www.ft.com/content/5ad2...
October 21, 2025 at 4:10 PM
iankmsmith.ft.com
“He will remain a prince” 😂
www.bbc.co.uk/news/live/cv...
Prince Andrew gives up royal titles including Duke of York after 'discussion with King'
In a statement, the prince says:
www.bbc.co.uk
October 17, 2025 at 6:40 PM
iankmsmith.ft.com
“When the tide goes out . . . things are going to come out"

Don't miss @ericgplatt.ft.com @kateduguid.bsky.social + @pollard.bsky.social on the First Brands test for CLOs
www.ft.com/content/2cd2...
Investors warn on leveraged loan risks after First Brands collapse
Rapid growth of $2tn market has led to hastily done deals and hurried due diligence, say fund managers
www.ft.com
October 17, 2025 at 1:47 PM
iankmsmith.ft.com
“I think that there are now clear signs that the Fed has likely over-drained liquidity from the system"

Important one from @kateduguid.bsky.social @senojerialc.bsky.social
www.ft.com/content/6066...
Banks tap Fed lending facility in sign of short-term market strains
Institutions borrow $15bn from standing repo facility in space of two days in sign of liquidity pressures
www.ft.com
October 17, 2025 at 1:43 PM