At Any Rate

Global FX: Bearish USD vs. EM FX risk appetite index, G10 cyclicals and the Fed

Macro signals are highly procyclical but technical signals turn cautious – we debate what matters more. Plus USD/CNY breaks 7.0, Scandis break higher, spotlight on the Fed.

 

Speakers

Meera Chandan Global FX Strategy,

Arindam Sandilya Global FX Strategy,

Anezka Christovova Head of EMEA EM Local Markets Strategy,

James Nelligan Global FX Strategy,

Patrick Locke Global FX Strategy

 

This podcast was recorded on 23 January 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5182236-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 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 third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

European Rates – Less keen on carry, UK political noise but no signal

In this podcast Francis Diamond and Aditya Chordia discuss some key themes in European rate markets for January, revisiting the theme of limited selective carry in Euro area rates and the increased political noise in the UK this week.

 

This podcast was recorded on 23 January 2026.

 

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5176179-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 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 third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party

Global Rates: Cross currency basis 1H26 outlook

In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of €STR/SOFR cross currency base.

 

Speakers: 

Khagendra Gupta - Head of European Interest Rate Derivatives Strategy

Ipek Ozil - Head of US Interest Rate Derivatives Strategy

 

This podcast was recorded on January 23, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5182266-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 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 third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

 

EM Fixed Income: A technical signal amid all the noise

Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.

This podcast was recorded on 22 January 2026

© 2026 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 third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Global Rates - Monthly Inflation Outlook

Rates strategists Francis Diamond and Phoebe White discuss their recently released Monthly Inflation Outlook. The recent increase in energy prices has pushed breakevens higher but we see limited potential for a further rise in intermediate breakevens.

 

Speakers:
Phoebe White, Head of US Inflation Strategy
Francis Diamond, Head of European Rate Strategy  

 

This podcast was recorded on Jan 22, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5077727-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 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 third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Global Rates: 2026 Global government issuance outlook

J.P. Morgan’s Global Rates Strategy team discusses the outlook for DM government bond issuance in 2026.

 

Speakers

Jay Barry, Head of Global Rates Strategy
Phoebe White, Head of US Inflation Strategy
Aditya Chordia, European Rates Strategy
Khagendra Gupta, Head of European Interest Rate Derivatives Strategy
Takafumi Yamawaki, Head of Japan Fixed Income Research
Ben Jarman, Australia and New Zealand Chief Economist

 

This podcast was recorded on 16  January 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5168334-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 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 third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party

 

Global FX: FX in the political crosshairs

Arindam Sandilya, Patrick Locke, and Junya Tanase discuss the outlook for currency markets in the context of increased anxiety around Fed independence and the surprising decision to call for a snap election in Japan.

 

This podcast was recorded on 16  January 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5174865-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 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 third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party

Global Commodities: Oil, gas, and metals kick off a volatile year

It has been a busy start of the year for commodities markets.  In oil, market attention has shifted from Venezuela to Iran and the risk of more than 3 mbd of supply disruptions.  Meanwhile, European TTF gas prices are up by about 25% year-to-date already as colder weather has swept through Europe.  Not to be outdone, metals markets remain extremely volatile too with this week’s Section 232 conclusion on critical minerals stopping short of any immediate tariffs, raising risk of a correction after silver’s recent scorching rally.

 

Speakers:  

Natasha Kaneva, Head of Global Commodities Research

Greg Shearer, Head of Base & Precious Metals Research

Otar Dgebuadze, Natural Gas Research

 

This podcast was recorded on January 16, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5175253-0, https://www.jpmm.com/research/content/GPS-5167421-0, https://www.jpmm.com/research/content/GPS-5176137-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 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 third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. 

EM Fixed Income: Sticking to the knitting

Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.

This podcast was recorded on 15 January 2026.

© 2026 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 third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

At Any Rate: The GSEs and their $200bn Grand Spread Experiment

Ipek Ozil, Nick Maciunas and Nate Rosenbaum discuss GSEs buying Agency MBS in size following President Trump’s social media post and the potential impact from it.

 

Speaker:
Ipek Ozil - Head of US Interest Rate Derivatives Strategy
Nicholas Maciunas - Head of Agency MBS Research
Nathaniel Rosenbaum - US HG Credit Strategist 

 

This podcast was recorded on 15 January 2026.

© 2026 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 third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.