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 27 March 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...
Mar 27, 2025•20 min•Ep. 520
Jonny Goulden, Virginia Martin Heriz, Lydia Harvey and Alisa Meyers discuss the latest annual report on the EM fixed income sustainable debt asset class. This podcast was recorded on 21 March 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/ GPS-4926303-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All ri...
Mar 24, 2025•28 min•Ep. 519
Rates strategists Francis Diamond and Phoebe White discuss their latest views on global inflation markets. The past few weeks have seen divergent performances in DM inflation breakevens with HICP swaps across the curve rising following the German fiscal announcement whilst other DM breakevens fell. Outside the HICP space, front-end breakevens appear cheap on a valuation basis. Speakers Francis Diamond, Head of European Rate Strategy Phoebe White, Head of Inflation Strategy This podcast was recor...
Mar 21, 2025•11 min•Ep. 518
Arindam Sandilya, Patrick Locke and James Nelligan discuss the FX outlook in the lead up to the pivotal April 2nd tariff announcement. This podcast was recorded on March 21, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4939751-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This...
Mar 21, 2025•24 min•Ep. 517
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 21 March 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4937641-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material ...
Mar 21, 2025•17 min•Ep. 516
Speaker: Natasha Kaneva, Head of Global Commodities Research Oil prices have been trading below their fair value since last September, a trend we attribute to the actions of Oil Vigilantes—a concept suggesting that when challenges arise and oil prices plummet, the OPEC alliance will step in to stabilize the market and bolster prices. Yet, despite Brent prices trading near their lowest levels since December 2021, the OPEC alliance has chosen to proceed with its plan to gradually increase producti...
Mar 21, 2025•12 min•Ep. 515
Srini Ramaswamy and Ipek Ozil discuss the latest developments in US rates markets. Speakers Srini Ramaswamy, Global Head of Interest Rate Derivative Strategy Ipek Ozil, US Interest Rate Derivative Strategy This podcast was recorded on March 18, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4930738-0 for more information; please visit www.jpmm.com/research/disclosures for important...
Mar 18, 2025•10 min•Ep. 514
In this week’s At Any Rate Podcast, FX Strategists Patrick Locke & James Nelligan take stock of the bearish-USD view, look at new ways of framing the USD response to tariffs, discuss how European FX is responding to recent geopolitical and fiscal news, and finally preview upcoming central bank meetings next week. Speakers Patrick Locke, Global FX Strategy James Nelligan, Global FX Strategy This podcast was recorded on March 14, 2025. This communication is provided for information purposes on...
Mar 14, 2025•23 min•Ep. 513
In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss their latest thoughts on European rate markets given the seismic shift in German fiscal policy and the repricing in European rates markets against a backdrop of ongoing tariff uncertainty. Speakers Francis Diamond, Head of European Rates Strategy Aditya Chordia, European Rates Strategist Khagendra Gupta, European Rates Strategist This podcast was recorded on March 14, 2025. This communication is provided for information ...
Mar 14, 2025•21 min•Ep. 512
Steps continue to be taken toward a potential ceasefire between Russia and Ukraine this year, an outcome that J.P. Morgan Commodities Research has assumed will occur in 2025. Among all commodities under our coverage, natural gas is expected to be impacted the most. As ceasefire negotiations progress, we now incorporate a 15 Bcm/year return of Russian pipeline gas flows to Europe, starting from 2H25. Consequently, we have lowered our price forecast for 2H25, reducing it from 46 EUR/MWh to 40 EUR/...
Mar 14, 2025•9 min•Ep. 511
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 13 March 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4931834-0 for more information; please visit www.jpmm.com/research/discl...
Mar 13, 2025•19 min•Ep. 510
We discuss implications of the regime-shift in German fiscal policy, moderating US exceptionalism and tariffs on FX markets. Speakers: Meera Chandan, Global FX Strategy Patrick Locke, Global FX Strategy Anezka Christovova, Emerging Markets Strategy This podcast was recorded on 7 March 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4925154-0 for more information; please visit www.jp...
Mar 07, 2025•19 min•Ep. 508
US Short Duration strategists Teresa Ho and PJ Vohra provide an update in the equity financing markets and discuss how that is driving growth in the ABCP market. Speakers Teresa Ho, Head, U.S. Short Duration Strategy Pankaj Vohra, U.S. Short Duration Strategy This podcast was recorded on March 7, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4902017-0 and https://www.jpmm.com/rese...
Mar 07, 2025•9 min•Ep. 509
After attending IE Week in London last week, we concluded that the majority of investors likely held long positions in oil and that the pain trade would be to the downside. Since then, Brent oil prices have plunged 6.5%, reaching their lowest since December 2021 on Wednesday, while WTI have fallen nearly 6% over the same period, hitting its lowest point since May 2023. Brent is currently trading about $7 below its fair value, with short-term technical indicators in oversold territory. The market...
Mar 07, 2025•11 min•Ep. 507
Jay Barry and Meera Chandan discuss the recent US moderation and upcoming tariff announcements, with implications for US rates and the dollar. Speakers: Meera Chandan, Global FX Strategy Jay Barry, Head of Global Rates Strategy This podcast was recorded on 28 February 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4922731-0, https://www.jpmm.com/research/content/GPS-4920384-0, for ...
Feb 28, 2025•18 min•Ep. 505
Speaker: Greg Shearer, Head of Base and Precious Metals Research Limited copper supply growth and resilient global demand sets up a tighter forecasted refined copper market in 2H25 and 2026 and keeps us medium-term bullish on prices. While current slack in China and the potential for greater tariff headline volatility over the next month risks a near-term pullback in copper, we ultimately believe global demand will begin to stress copper balances later this year. Moreover, likely excess inventor...
Feb 28, 2025•11 min•Ep. 506
Rates strategists Francis Diamond and Phoebe White discuss their latest views on global inflation markets following broad-based breakeven narrowing over the past month. Despite upside surprises in January CPI reports, front-end breakevens have underperformed while the forward inflation curve has steepened across US, Euro area, and UK markets. Speakers: Phoebe White Head of US Inflation Strategy Francis Diamond Head of European Rates Strategy This podcast was recorded on 27 February 2025. This co...
Feb 27, 2025•11 min•Ep. 503
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 27 February 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 material o...
Feb 27, 2025•19 min•Ep. 504
In this podcast Khagendra Gupta and Matteo Mamprin discuss the drivers of Eurex futures roll and their outlook for Mar25/Jun25 Eurex bond futures rollover This podcast was recorded on 25 February 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4915436-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All...
Feb 25, 2025•11 min•Ep. 502
A fixed income cross-asset review as structural shifts gain critical mass. Speakers: Ben Ramsey, Head of EM Sovereign Credit Strategy | Moderator Gisela Brant, LatAm Local Markets Strategy Gorka Lalaguna, EM Sovereign Credit Strategy Alejandra Andrade, LatAm Corporate Credit Strategy This was recorded on February 24, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4891328-0 for more...
Feb 25, 2025•27 min•Ep. 501
Meera Chandan and Greg Fuzesi discuss the outcome of the German elections, implications for a fiscal response and take-aways for currency markets. This podcast was recorded on 24 February 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-4918826-0 https://www.jpmm.com/research/content/GPS-4913224-0 https://www.jpmm.com/research/content/GPS-4915483-0 for more information; please visit...
Feb 24, 2025•22 min•Ep. 500
Rates strategists Jay Barry and Phoebe White discuss their latest views on the Treasury and TIPS market in the context of the January FOMC meeting minutes, debt management strategy commentary from Treasury Secretary Bessent, ongoing tariff headlines and rising survey-based inflation expectations. Speakers: Jay Barry, Head of Global Rates Strategy Phoebe White, Head of US Inflation Strategy This podcast was recorded on February 21, 2025. This communication is provided for information purposes onl...
Feb 21, 2025•13 min•Ep. 499
Arindam Sandilya, Junya Tanase, and James Nelligan discuss the FX outlook amid cross-currents of wavering tariff risk premium in the USD, European peace optimism and sharp moves in the JPY. Speakers: Arindam Sandilya, Global FX Strategy Junya Tanase, Global FX Strategy James Nelligan, Global FX Strategy This podcast was recorded on 21 February 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/con...
Feb 21, 2025•20 min•Ep. 498
The original JCPOA agreement is set to expire on October 18, 2025, raising the question of whether it makes sense to restore the JCPOA as it was envisioned in 2015 or to draft a new nuclear agreement, with both the US and Iran signaling willingness to negotiate. Economic transformation in the Gulf requires stability and GCC countries have engaged with Iran, reducing support for aggressive US policies. Rebounding US inflation may also influence policy priorities. We forecast Iranian crude product...
Feb 21, 2025•12 min•Ep. 497
In this podcast Francis Diamond, Ravi Balakrishnan, Nicolaie Alexandru-Chidesciuc and Aditya Chordia discuss frequently asked client questions on increasing spending needs for defence and Ukraine reconstruction, European policy response options, various funding options on table, and the impact on sovereign issuance and markets. This podcast was recorded on 20 February 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://...
Feb 20, 2025•31 min•Ep. 496
Natasha Kaneva, Meera Chandan and Anezka Christovova discuss the potential of recent developments on commodities and FX markets. This podcast was recorded on 14 February 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-4909040-0 https://www.jpmm.com/research/content/GPS-4906783-0 https://www.jpmm.com/research/content/GPS-4904380-0 https://www.jpmm.com/research/content/GPS-4893759-0 ...
Feb 14, 2025•16 min•Ep. 495
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 13 February 2025. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. © 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...
Feb 13, 2025•17 min•Ep. 494
Srini Ramaswamy and Ipek Ozil discuss the upcoming UST futures roll dynamics. Speakers: Srini Ramaswamy, Global Head of Rates Derivatives Strategy Ipek Ozil, Senior Derivative Strategist This podcast was recorded on 12 February 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4907777-0 GPS LINK for more information; please visit www.jpmm.com/research/disclosures for important disclos...
Feb 12, 2025•15 min•Ep. 493
Jay Barry and Meera Chandan discuss US payrolls and FX/ rates implications. Speakers: Meera Chandan, Global FX Strategy Jay Barry, Fixed Income Strategy This podcast was recorded on 7 February 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4901629-0, https://www.jpmm.com/research/content/GPS-4905400-0 for more information; please visit www.jpmm.com/research/disclosures for importan...
Feb 07, 2025•19 min•Ep. 492
After the start of the week was dominated by headlines regarding US import tariffs to be imposed on China, Mexico, and Canada, the Trump Administration has seemingly moved on, turning its focus on policies pertaining to Iran and bringing the Russia/Ukraine war to an end. For the global gas market, a negotiated end to the Russia/Ukraine war has the potential for an increase in Russian pipeline gas to Europe. Timing and magnitude of those flows matter and would change the current supportive price ...
Feb 07, 2025•9 min•Ep. 491
