Speakers: Ipek Ozil, Head of U.S. Interest Rate Derivatives Strategy Teresa Ho, Head of U.S. Short Duration Strategy Ipek Ozil and Teresa Ho discuss the potential SLR reform, its implementation timeline, and its potential impact on the rates markets. This podcast was recorded on 21 May 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4987601-0 for more information; please visit www.j...
May 21, 2025•13 min•Ep. 550
Speakers: Khagendra Gupta, European Rates Strategist Ipek Ozil, US Rates Strategy In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of US and Eurex futures roll and their outlook for Jun25/Sep25 bond futures rollover. This podcast was recorded on 19 May 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-4971531-0 and https://www.jpmm.com/research/content/GPS-4984252-0 ...
May 19, 2025•13 min•Ep. 549
This week, Global FX Strategists Patrick Locke & James Nelligan discuss the FX implications across tariff de-escalation, US fiscal developments, data surprises and central bank meeting risk. Speakers: Patrick Locke, Global FX Strategy James Nelligan, Global FX Strategy This podcast was recorded on 16 May 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4983958-0 for more informat...
May 16, 2025•15 min•Ep. 548
A better-than-expected US-China trade reprieve and reduced recession probabilities has diminished the downside tail risks to both base metals demand and prices. While prices could continue to run higher in the near-term amid a further extension of Chinese demand front-loading following the 90-day tariff reprieve, we are cautious of the longevity of this extension and still think a more bearish reckoning is likely in 2H25 as all the pull-forward in demand eventually drives a rather significant ha...
May 16, 2025•15 min•Ep. 547
Jonny Goulden and Saad Siddiqui discuss the latest market developments and their impacts for the EM fixed income asset class. Speakers: Jonny Goulden, Head of EM Fixed Income Strategy Saad Siddiqui, Emerging Markets Strategist This podcast was recorded on 15 May 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4985028-0 for more information; please visit www.jpmm.com/research/disclos...
May 15, 2025•15 min•Ep. 546
What are the near-term macro implications for China from the temporary tariff roll-back in Geneva? Can the truce become permanent? What are the spillover effects to the rest of the region? Are the Japan and Korea trade deals imminent? Are currency accords part of these deals? Will the BoJ continue normalizing sooner than October? Sajjid Chinoy, Haibin Zhu, Ayako Fujita and Seokgil Park discuss these questions and more. This podcast was recorded on May 14, 2025. This communication is provided for...
May 15, 2025•28 min•Ep. 545
US Rates strategists Phoebe White, Teresa Ho, and Ipek Ozil discuss their takeaways from this week's Fed meeting and tariff announcements. With a deterioration in labor market data still likely to drive Fed easing later this year, Treasury yields are expected to fall over coming months. Meanwhile, funding markets remain healthy, and stability has returned to swap spreads. Speakers: Phoebe White, Head of US Inflation Strategy Teresa Ho Gentile, Head of US Short Duration Strategy Ipek Ozil, Head o...
May 09, 2025•15 min•Ep. 544
Meera Chandan, Arindam Sandilya, Patrick Locke and Octavia Popescu discuss how the USD/Asia view is evolving after record volatility, as well as recent central bank meetings and the US-UK trade deal with the read-through to FX. Speakers: Meera Chandan, Global FX Strategy Arindam Sandilya, Global FX Strategy Patrick Locke, Global FX Strategy Octavia Popescu, Global FX Strategy This podcast was recorded on 9 May 2025. This communication is provided for information purposes only. Institutional clie...
May 09, 2025•21 min•Ep. 543
In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss a variety of topics covering thoughts around the impact of de-dollarisation on Euro govie and swap markets, the May BoE meeting and UK rates as well as the Riksbank and Norges Bank meetings this week. Speakers Francis Diamond, Head of European Rates Strategy Aditya Chordia, European Rates Strategist Khagendra Gupta, European Rates Strategist This podcast was recorded on 09 May 2025. This communication is provided for inf...
May 09, 2025•19 min•Ep. 542
Over the past five decades, foreign investors have been steadily accumulating US financial assets, which have reached nearly $57trn as of the end of 2024. Yet, there are signs that sovereign wealth funds and reserve managers appear to be rethinking the risk-reward parameters of holding US assets. Gold could further benefit from this shift. Given its limited supply growth, even relatively small reallocations into the metal can significantly impact prices. A potential shift of just 0.5% of foreign...
May 09, 2025•13 min•Ep. 541
Arindam, Jemmy and Mixo discuss the outlook for Taiwanese and Asian equities more broadly in the wake of historic TWD FX appreciation This podcast was recorded on May 8, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmorganmarkets.com/research/content/GPS-4975042-0 , https://jpmorganmarkets.com/research/content/GPS-4974799-0and https://jpmorganmarkets.com/research/content/GPS-4975936-0 for more information; pleas...
May 09, 2025•27 min•Ep. 540
J.P. Morgan strategists Jay Barry and Meera Chandan discuss latest developments in the Treasury and FX markets in the context of this week's employment data, trade negotiations, and Treasury's May refunding announcement. Speakers: Jay Barry, Head of Global Rates Strategy Meera Chandan, Co-Head of Global FX Strategy This podcast was recorded on May 2, 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/rese...
May 02, 2025•26 min•Ep. 539
In this week’s At Any Rate podcast, our Global FX team addresses the large move in USD/TWD late in the week alongside implications for USD/CNY, Asia FX and global FX more broadly. We also recap recent FX-relevant macro data and central bank decisions, and look ahead to how FX might respond around central bank meetings next week. Speakers: Arindam Sandilya, Global FX Strategy Meera Chandan, Global FX Strategy Patrick Locke, Global FX Strategy James Nelligan, Global FX Strategy This podcast was re...
May 02, 2025•20 min•Ep. 538
Speaker: Natasha Kaneva, Head of Global Commodities Research The oil market seems to be pre-positioning to benefit from the tailwinds of tariff de-escalation, along with shifts towards deregulation and tax cuts. But while the recent de-escalation in trade talks has reduced the probability of a bear case, the ‘Trump put' does not extend to energy, as the administration continues to prioritize lower oil prices to manage inflation. On the demand side, markets may be underestimating the final tariff...
May 02, 2025•13 min•Ep. 537
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 01 May 2025. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized t...
May 01, 2025•19 min•Ep. 536
Sajjid Chinoy, Rajiv Batra and Arindam Sandilya discuss the outlook for EM Asia macro, equity and fixed income markets in the wake of the IMF / WB meetings in Washington DC last week This podcast was recorded on Apr 28, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved....
Apr 28, 2025•30 min•Ep. 535
During this episode, Tracey shares her takeaways from the recently held Geneva Sugar conference and provides an update on the cocoa market after the relative strength in recent grinding data. Speakers: Tracey Allen, Head of Ags Research This podcast was recorded on April 25, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This ma...
Apr 25, 2025•11 min•Ep. 534
After hitting our out-of-consensus upside EUR/USD targets of 1.14-1.16, we now set our sights at 1.20 and discuss the underlying rationale. We also discuss the outlook for the broader euro bloc as well as the main take-aways for FX from our suite of systematic models. Speakers Meera Chandan, Global FX Strategy James Nelligan, Global FX Strategy Antonin Delair, Global FX Strategy This podcast was recorded on 25 April 2025. This communication is provided for information purposes only. Institutiona...
Apr 25, 2025•16 min•Ep. 533
Heightened trade policy uncertainty and an apparent shift in OPEC’s reaction function prompt a reassessment of our outlook and price projections. Having reached our year-end price forecasts eight months early, we lower our 2025 Brent price forecast to $66 ($62 WTI), down from $73/bbl. Additionally, we adjust our 2026 targets to $58 ($54 WTI), a slight decrease from the previous $61. The price floor is now much lower. Unlike the Biden administration, which limited downside risk by guiding the ref...
Apr 17, 2025•15 min•Ep. 532
Changing dynamics of natural gas power generation demand are at play for summer 2025, while stronger production response is likely delayed to 2026. We expect up to 1.1 Bcf/day of gas-to-coal switching in summer 2025, however we flag risks of higher prices subject to weather risks and renewable availability. In 2026, we expect increase in production to alleviate such risks and push prices lower. Lastly, we address what the recession risks may mean for the US natural gas market. Speakers: Natasha ...
Apr 11, 2025•9 min•Ep. 531
Our Global FX Strategists debrief a volatile week for currency markets - including key takeaways on the policy front and what challenges still lie ahead from a global macro perspective. They also discuss the the details of the recent USD sell-off, as well as expectations for USD/CNH going forward. Speakers: Arindam Sandilya, Global FX Strategy Patrick Locke, Global FX Strategy James Nelligan, Global FX Strategy This podcast was recorded on 11 April 2025. This communication is provided for inform...
Apr 11, 2025•18 min•Ep. 530
US Rates strategists Jay Barry, Srini Ramaswamy, Phoebe White, and Ipek Ozil discuss the historic volatility observed in US rates markets over the past week and its drivers. Treasury market liquidity deteriorated, and swap spreads narrowed sharply, but the cash/futures basis and repo rates were relatively stable. Speakers: Jay Barry, Head of Global Rates Strategy Srini Ramaswamy, Global Head of Interest Rate Derivatives Strategy Phoebe White, Head of US Inflation Strategy Ipek Ozil, Head of US I...
Apr 10, 2025•23 min•Ep. 529
In the debut Asia edition of the ‘At Any Rate’ podcast, Sajjid Chinoy and Arindam Sandilya discuss the outlook for EM Asia macro and markets in the wake of US reciprocal tariffs. Key topics discussed: How global economic views are evolving post-Liberation Day; channels of transmission to Asian growth and growth forecast changes Asian policymakers’ responses; policy tools deployment across different countries Rates and bonds investing Asian FX - how the dollar behavior is shaping FX views; primar...
Apr 10, 2025•22 min•Ep. 528
During this commodities edition, Tracey discusses the implications of Liberation Day tariffs for agri markets and the outlook ahead. Speaker: Tracey Allen, Head of Agricultural Commodities Research This podcast was recorded on 4, April 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4949701-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosu...
Apr 04, 2025•9 min•Ep. 527
In this week’s At Any Rate Podcasts, our strategists Meera Chandan, Saad Siddiqui and Patrick Locke discuss the outlooks for the broad dollar, G10 FX and EM FX following major tariff announcements and subsequent stress in risk markets. Speakers: Meera Chandan, Global FX Strategy Saad Siddiqui, Emerging Markets Research Patrick Locke, Global FX Strategy This podcast was recorded on 4 April 2025. This communication is provided for information purposes only. Institutional clients can view the relat...
Apr 04, 2025•23 min•Ep. 526
In this podcast, Francis Diamond, Aditya Chordia and Khagendra Gupta discuss their the reaction of European rates markets to the tariff announcement this week. This podcast was recorded on 04 April 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4949749-0 , https://www.jpmm.com/research/content/GPS-4946392-0 for more information; please visit www.jpmm.com/research/disclosures for im...
Apr 04, 2025•12 min•Ep. 525
Srini Ramaswamy and Ipek Ozil discuss the latest developments in US rates markets. Speakers: Srini Ramaswamy, Global Head of Rates Derivatives Strategy Ipek Ozil,Senior Derivative Strategist This podcast was recorded on March 31, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4942082-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. ©...
Mar 31, 2025•10 min•Ep. 524
Arindam Sandilya, Meera Chandan and Patrick Locke discuss the outlook for currencies in the wake of the auto-sector tariffs and ahead of the big April 2nd tariff announcement by the US administration. Speakers: Arindam Sandilya, Global FX Strategy Meera Chandan, Global FX Strategy Patrick Locke, Global FX Strategy This podcast was recorded on 28 March 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/rese...
Mar 28, 2025•24 min•Ep. 523
Freezing of Russian foreign assets has triggered a structural change in the demand for gold, and the shift in US foreign policy from Pax Americana to Pax Trumpiana has accelerated and broadened gold ownership. Traditionally, with large above-ground stocks of gold acting as a pool of supply, gold prices have been largely determined by the relative strength of demand. However, to meet this increased demand, a structural response, which so far has been constrained, from the supply side is necessary...
Mar 28, 2025•17 min•Ep. 521
In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss their latest thoughts on European rate markets, focusing on Euro rates markets into the 2 April tariff announcement, thoughts on SSAs and issuance, Scandi rates following recent CB meetings and UK rates in light of this week’s Spring Statement. This podcast was recorded on March 28, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.co...
Mar 28, 2025•19 min•Ep. 522
