With a rate cut from the US central bank now almost guaranteed, we break down what it actually means and why the Fed is also quietly ending its multi-billion-dollar balance sheet tightening.

Meanwhile, Wall Street's heavyweights, J.P. Morgan, Morgan Stanley, Goldman Sachs and BlackRock just posted monster earnings. We unpack why deal-making is back, what Jamie Dimon's "cockroach" comment means for private credit, and how Morgan Stanley reclaimed its equity throne.

Finally, silver? It just hit a 45-year high, driven by a short squeeze that’s forcing traders to fly silver bars across the Atlantic. Literally.

From central bank policy to commodity chaos this is your one-stop weekly debrief to make sure you're on top of all things markets.

(00:00) Intro & Themes in Focus

(04:25) Fed Cut Locked & Loaded

(09:12) Understanding QE & QT

(21:12) Wall Street's big comeback

(23:09) J.P. Morgan Credit Problem

(27:56) Private Credit Warning

(32:26) Morgan Stanley's Stellar Performance

(37:01) Goldman's Huge Quarter

(40:06) GS Job Cuts Amid AI Adoption

(43:27) BlackRock's £13.5trl Boom

(47:12) Silver Gets Short Squeezed

*****

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Student interested in Global Markets? Try our free Finance Accelerator simulation

Want to train with Anthony and the team in London this December? Check out the Finance Bootcamp

In this episode, Anthony is joined by Marc Bergeron, a veteran of nearly four decades in finance, from bond trading in the '80s to co-founding his own firm and now championing mentorship at Orchard Global, a leading alternative investment manager.

Marc shares real stories about navigating market crashes, learning the hard way about soft skills, and why adaptability and resilience are make-or-break traits in today’s finance world.

Whether you're a student wondering where to start or a young professional trying to find your edge, Marc's journey offers invaluable insights (and a few hard-won lessons) to help you grow and thrive in the industry.

(00:00) Intro & Guest Intro

(01:31) From Engineering to Finance

(03:39) Life on the ’80s Trading Floor

(07:33) Starting a Finance Firm

(14:54) Entrepreneurial Mindset

(14:29) Soft Skills in Finance

(17:10) Resilience & Adaptability

(24:06) Mentoring & Continuous Learning

(31:17) Organisational Resilience

(34:06) Biggest Lessons & Regrets

(38:22) One Book You Should Read

(42:00) Final Thoughts & Warwick Event

*****

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In this Career Insight episode, Anthony Cheung speaks with Ben Hayward, co-founder and CEO of TwentyFour Asset Management, about his unexpected journey into finance. From studying history of art and pursuing advertising to launching a fixed-income boutique in the midst of the 2008 financial crisis, Ben shares invaluable lessons in career adaptability, leadership, and resilience.

Whether you're a student eyeing your first internship or a young professional navigating your next move, this conversation offers practical advice on breaking into finance, understanding complex credit products, and thriving in asset management. Learn how to simplify financial storytelling, build confidence under pressure, and shape company culture from the top down.

(00:00) Intro to Ben Hayward & 24AM

(04:42) From Art to Finance

(08:07) Starting Out at Citi

(13:03) Becoming an Entrepreneur

(19:23) Managing Stress & Resilience

(25:40) Building Culture at 24AM

(34:10) The power of storytelling

(43:27) Asset Management Explained

(47:35) What makes Fixed Income Unique

(52:16) Advice on Confidence & Resilience

(56:24) Career Tips for Success

Find out more about TwentyFour Asset Management

In this episode of the Market Maker podcast, we dive into the largest leveraged buyout in history - Electronic Arts going private in a $55 billion all-cash deal led by Saudi Arabia’s PIF, Silver Lake, and Jared Kushner’s Affinity Partners. What does this blockbuster transaction say about the future of gaming, geopolitics, and private capital?

We also unpack Jefferies’ record-breaking Q3 performance as dealmaking makes a comeback. Is this a lead indicator for bulge bracket banks like Goldman Sachs and J.P. Morgan?

Finally, we look at why London has dropped out of the top 20 global IPO markets for the first time in decades. With capital increasingly flowing to the US, what can the UK do to reclaim its financial edge?

From LBO mechanics and corporate strategy misfires to the intersection of AI, finance, and global power plays, this is an episode packed with insight for anyone tracking markets, banking, and business strategy.

(00:00) Intro & Themes in Focus

(02:25) US Gov Shutdown & Market Impact

(09:26) Coca-Cola's Costa Coffee Misstep

(14:02) Biggest Leverage Buyout Ever

(19:33) Saudi's Gaming Investment Strategy

(27:16) EA Deal Breakdown

(31:44) Strategic Themes in EA Deal

(34:49) Jeffries' Record & Insights

(39:14) London's IPO Market Decline

(44:24) Fixing London's Financial Scene

****

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In this episode, Anthony speaks with Romy Cuadras, Head of Alternatives and Fund Solutions at Pictet Wealth Management, about her unconventional path into finance and the lessons she’s learned across global markets.

Romy shares how her Cuban heritage, resilience, and adaptability shaped a career spanning operations, trading, hedge funds, and now leading alternatives for ultra-high-net-worth clients. She offers practical advice on navigating pressure, stakeholder management, and why curiosity, courage, and financial independence are critical skills for young professionals.

It’s an honest look at succeeding in wealth management, full of insights on soft skills, resilience, and standing out in an increasingly competitive industry.

(00:00) Intro

(00:49) Romy’s Journey

(10:43) Positive Mindset

(15:59) Head of Alternatives

(17:38) Soft Skills in Finance

(25:37) Thriving Under Pressure

(33:19) Stakeholder Dynamics

(39:06) Diversity as Strength

(45:33) Standout Performers

(51:22) Meaningful Career

*****

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Connect with Anthony Cheung

In this week’s Market Maker Podcast, Anthony and Piers dive into three huge stories shaping markets, technology, and careers in finance:

Trump’s U-turn on Ukraine & the defense stock boom – What does his latest stance mean for NATO, Europe’s defense spending, and why has one German arms manufacturer surged 2,000% since the war began?

Nvidia’s $100bn OpenAI deal & the global AI race – From landmark partnerships with OpenAI, Alibaba, and Intel, to political maneuvering at the top table, we break down how Nvidia is cementing itself as the backbone of AI infrastructure.

HSBC’s quantum leap – The bank claims a 34% improvement in bond price predictions using quantum computing. We unpack what this really means, how it could reshape Wall Street, and why students and early-career professionals should pay attention.

Whether you’re curious about markets, fascinated by frontier tech, or exploring your future in finance, this episode connects the dots between geopolitics, AI, quantum, and the career skills that will matter most.

💡 Timestamps

(00:00) Intro & Topics

(02:04) Trump’s U-Turn & Defense Stocks

(08:55) Nvidia’s $100bn OpenAI Deal

(25:13) Nvidia’s Global Strategy & Politics

(30:45) Quantum Computing in Finance

👉 Useful Resources

AmplifyME free Markets Finance Accelerator

AmplifyME free Banking Finance Accelerator

📌 Student Training Programmes

5-day In-Person Bootcamp in London

3-Week Virtual Summer Analyst Programme

🤝 Connect

Anthony Cheung

Piers Curran

In this episode of the Market Maker Podcast, Anthony is joined by M&A expert Silvia Magni to break down one of the most common questions in investment banking:

👉 What’s the difference between sector coverage and product teams?

Whether you're prepping for investment banking interviews, navigating your M&A career path, or deciding between technical vs client-facing roles, this episode covers everything you need to know to make an informed decision.

🔍 What You’ll Learn:

• Sector coverage vs product teams: key differences

• What each team actually does day-to-day

• How career paths vary between execution and industry focus

• How to switch teams internally (and what banks look for)

• Why industry knowledge is critical for winning M&A mandates

• Interview tips to speak confidently about team structures

Perfect for students, graduates, and career switchers targeting analyst or associate roles at bulge bracket banks, elite boutiques, or M&A advisory firms.

⏱️ Timestamps:

(00:00) Intro

(00:30) What is sector coverage?

(02:39) Can you change sectors?

(04:14) Sector differences

(05:18) Understanding product teams

(07:13) Choosing the right path in IBD

(08:42) Switching between teams

(10:15) Why industry knowledge is an edge

(13:13) Key takeaways

🔔 Subscribe for weekly episodes

New episodes every week diving into M&A, markets, and career advice in finance.

This week, Anthony and Piers dive into the Fed’s unexpected “risk management” rate cut, what does that even mean? And why is Powell suddenly more concerned about jobs than inflation?

Then it's on to Trump’s latest bombshell, scrapping quarterly earnings in favour of semiannual reports. Maverick nonsense or a legitimate debate about investor pressure and corporate costs?

Finally, the team dissect the failed sale of Argos from Sainsbury’s to JD.com. Why did the deal collapse? What does it say about cross-border M&A, boardroom discipline, and China’s global shopping spree?

Whether you’re trading the headlines or prepping for a finance interview, this episode is packed with the market mechanics and strategic insight you need.

(00:00) Intro & News in Focus

(02:23) Fed Rate Cut & Market Implications

(10:03) Trading Psychology & Market Reactions

(11:55) Fed Dot Plots Explained

(18:21) Trump’s Corporate Earnings Proposal

(20:21) Press Bias & News Interpretation

(21:00) Quarterly vs. Semiannual Reporting

(26:12) Tech's Role in Corporate Transparency

(31:30) Argos Deal Breakdown

(42:43) Investor Sentiment & M&A Takeaways