Rates strategists Jay Barry and Afonso Borges recap Treasury’s November refunding announcement and the expectations for issuance over the medium term. Speakers: Jay Barry, Fixed Income Strategy Afonso Borges, Fixed Income Strategy This podcast was recorded on 31 October 2024. This communication is provided for information purposes only. Institution…

Jonny Goulden & Saad Siddiqui discuss how EM asset markets are looking ahead of the US election and takeaways from the recent Washington conferences. This podcast was recorded on 31 October 2024. This communication is provided for information purposes only. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not…

Srini Ramaswamy and Ipek Ozil discuss the impact of the upcoming election on Rates markets, as well as Fed’s balance sheet policy and monetary policy expectations. Speakers: Srini Ramaswamy, Global Head of Rates Derivatives Strategy Ipek Ozil, Senior Derivative Strategist This podcast was recorded on 25 October 2025. This communication is provided …

In this podcast, we discuss our recently launched default outlook for 2025. Our 2025 EM Corporate HY default forecast is 2.7%. If achieved, it will be another below average default year, extending the improvement trend from 7-14% default rates between 2021-2023. Such default rates would also be modestly below DM credit. Regionally, we expect 3.0% f…

A lot of ink has been spilled on the impact of US elections on the euro. But a less discussed question is what the Euro area response to mitigate any such trade conflict will be. Greg Fuzesi and Meera Chandan discuss the economic, policy and FX impact, if tariff risks are realized. Speakers: Meera Chandan, Global FX Strategy Greg Fuzesi, Economic a…

The BCOM Precious Metals Index has continued its year-to-date rally in October, gaining nearly 4% so far this month despite higher US yields and a stronger US dollar. The continued outperformance in gold and silver comes as markets price in greater odds of a Trump presidency and possible Republican sweep, fueling precious metals length as a hedge a…

In this episode of The Smart Economy Podcast, host Dylan Grabowski is joined by Ganesh Swami, CEO and co-founder of Covalent. Join them as they: Explore the three facets of AI in blockchain: decentralized training, inference, and data Analyze Covalent's role in bridging Web2 and Web3 technologies Discuss the evolution of blockchain data needs from …

Spreadbites is a new monthly podcast and video series where we discuss key trends in credit markets. Stephen Dulake, Global Head of Spreads Product Research, and Samantha Azzarello, Head of Content Strategy, are joined by Saul Doctor, Head of Credit Derivatives and Index Research and Eric Beinstein, Head of US High Grade Credit Research to unpack t…

US Short Duration strategists Teresa Ho and PJ Vohra discuss the Fed’s new tool, Reserve Demand Elasticity, and its use of the fed funds rate and aggregate reserves to measure in real-time the ampleness of reserves in the banking system. They also discuss some interesting findings from MMFs’ September holdings. Speakers: Teresa Ho, Head, U.S. Short…

During this Commodities edition of the At Any Rate Podcast, Tracey Allen, head of agricultural research will discuss takeaways from London Sugar Week and share an update on the state of agri markets and risks to watch out for following World Food Day on 16 October. Speaker: Tracey Allen, Head of Global Agricultural Research This podcast was recorde…

We run through takeaways from the week thinking about the ECB, UK data, Asia FX and Antipodean FX, as well as dollar outperformance. Speakers: Arindam Sandilya, Global FX Strategy James Nelligan, Global FX Strategy This podcast was recorded on 18 October 2024. This communication is provided for information purposes only. Institutional clients can v…

In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss their thoughts on the upcoming ECB meeting, funding dynamics and swap spreads as the UK budget at the end of this month. This podcast was recorded on 14 October 2024. This communication is provided for information purposes only. Institutional clients can view the related re…

US Rates Strategists Jay Barry and Phoebe White discuss their takeaways from the September CPI report, the recent volatility in rates and inflation markets, and thoughts on Fed balance sheet policy following the most recent FOMC meeting minutes. With Treasury valuations somewhat cheap and positioning now short, we think yields have limited further …

We run through the expected impact on FX from different US election outcome scenarios and we provide an overview of relevant FX hedges. Speakers: Meera Chandan, Global FX Strategy Arindam Sandilya, Global FX Strategy Ladislav Jankovic, Global FX Strategy James Nelligan, Global FX Strategy Patrick Locke, Global FX Strategy This podcast was recorded …

It took an escalation in Iran-Israel tensions and the optimism generated by the Chinese government’s stimulus efforts to lift oil out of its three-month downward trajectory. Nevertheless, sustaining bullish price momentum in oil has proven to be a high maintenance task: without additional catalysts, the ‘war’ and ‘stimulus’ premiums have been prone…

In this episode of The Smart Economy Podcast, host Dylan Grabowski is joined by JP Thor, Founder of THORChain, a network that facilitates native asset settlement between Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos Hub, Dogecoin, Bitcoin Cash, and Litecoin. Join them as they discuss: How THORChain is building a more interconnected DeFi ecosystem…

Rates strategists Jay Barry and Srini Ramaswamy discuss how this week’s labor markets data shift the debate over Fed policy, and how greater policy uncertainty has implications for the rates, curve and vol. They also discuss recent developments in funding markets and the implications for Quantitative Tightening Speakers: Jay Barry, Co-Head, US Rate…

Oil prices have been moving higher as the market anticipates Israel’s response to Iran’s missile strike earlier this week. Since last October, we have recommended selling geopolitical premium in oil, this time, however, it feels different. We assume that attacking Iran’s energy facilities would not be Israel’s preferred course of action, but rather…

The valley of the dollar smile proved to be treacherous after all, with payrolls and other strong US data catapulting us back into US exceptionalism. Our Global FX Strategists discuss the outlook for currency markets following the strong jobs data, including impacts on the broad dollar and funding currencies as well as recent developments in Europe…

Jonny Goulden & Saad Siddiqui discuss the evolving macro backdrop and how geopolitical events can impact EM assets. Speakers: Jonny Goulden, Emerging Markets Strategist Saad Siddiqui, Emerging Markets Strategist This podcast was recorded on 2 October 2024. This communication is provided for information purposes only. Institutional clients please vi…

Is China’s policy blitz a game-changer for commodities and FX? We discuss the read-through. Maintain bearish oil and bullish copper forecasts. On paper, this should be the valley of the dollar smile but upcoming US election makes this an uncomfortable proposition. SNB didn’t push back on CHF strength, which is a green light for more appreciation. S…

Jonny Goulden and Saad Siddiqui discuss the latest market developments and their impacts for the EM fixed income asset class. Speakers: Jonny Goulden, Emerging Markets Strategist Saad Siddiqui, Emerging Markets Strategist This podcast was recorded on 26 September 2024. This communication is provided for information purposes only. Institutional clie…

US Short Duration strategists Teresa Ho and PJ Vohra discuss the impressive growth of MMF AUMs this year and why the easing cycle is not going to immediately lead to outflows. They also discuss MMF portfolio positioning and MMF reform. Speakers: Teresa Ho, Head, U.S. Short Duration Strategy Pankaj Vohra, U.S. Short Duration Strategy This podcast wa…

In this episode of The Smart Economy Podcast, host Dylan Grabowski is joined by Fabian Gompf, Chief Executive Officer of the Web3 Foundation, created to nurture and steward technologies and applications in the field of decentralized web software protocols, particularly those that utilize modern cryptographic methods to safeguard decentralization fo…

Our Global FX Strategists James Nelligan, Patrick Locke & Junya Tanase unpack the FX implications from a loaded week that featured the Fed and BoJ, and discuss implications for low-yielding currencies against more cyclical FX going forward. This podcast was recorded on 20 September 2024. This communication is provided for information purposes only.…

Following a 50bp interest rate cut by the Fed this week gold has risen to another new all time high above $2,600/oz. Strong physical demand from China and central banks supported gold prices over the past two years but investor flow, and retail-focused ETF builds in particular, continue to hold the key to a further sustained rally over the upcoming…

Jonny Goulden and Saad Siddiqui discuss the latest market developments and their impacts for the EM fixed income asset class. This podcast was recorded on 20 September 2024. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4799877-0 for more …