At Any Rate

Global Commodities: Are Commodities the Market’s Crystal Ball?

Sharp selloffs in metals and elevated oil prices beg the question - is commodity volatility a harbinger of things to come, or merely a correction? While commodities remain supported by reflated growth and expansionary fiscal policy, other effects are also taking place. In this episode, we reiterate our view on metals and discuss the current sentiment in oil markets to help you understand what comes next.

 

Speakers: 

Natasha Kaneva, Head of Global Commodities Research

Greg Shearer, Head of Base & Precious Metals Research

 

This podcast was recorded on February 13, 2026.

 

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5206473-0, https://www.jpmm.com/research/content/GPS-5194449-0 and https://www.jpmm.com/research/content/GPS-5184139-0 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: How much is too much?

Arindam Sandilya, James Nelligan and Patrick Locke discuss the FX outlook against the backdrop of US equity stress and underperformance of US stocks relative to the rest of the world.

This podcast was recorded on 13 February 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5201480-0 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: Scandinavian rate outlook – a long winter hibernation

In this podcast Francis Diamond and Frida Infante discuss the outlook for Sweden and Norway rate markets.

 

This podcast was recorded on 13 February 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5204805-0 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: Getting fully back on the EM horse

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 13 February 2026.

This communication is provided for information purposes only. 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: Analysing Eurex and US futures roll

In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of US and Eurex futures roll and their outlook for Mar26/Jun26 bond futures rollover.

 

Speakers: 

Ipek Ozil - Head of US Interest Rate Derivatives Strategy

Khagendra Gupta - Head of European Interest Rate Derivatives Strategy

 

This podcast was recorded on February 13, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5201365-0 and https://www.jpmm.com/research/content/GPS-5203633-0 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: RBA, JP elections, euro/APAC rotation, dovish BoE, US data

The FX team discusses a variety of topics: the euro bloc/ APAC FX rotation, RBA hawkish pivot, scenarios around upcoming JP elections, the dovish BoE surprise and recent US data.

 

This podcast was recorded on 06 February 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5195273-0 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: Deconstructing the Metal Mania

Metal mania returns. In this episode, Natasha Kaneva is joined by Greg Shearer, the Head of Base and Precious Metals at JPMorgan. We decompose the recent volatility by discussing retail investors, fundamental differences between gold and silver, as well as the role of these metals in portfolios.

 

Speakers:

Natasha Kaneva, Head of Global Commodities Research
Greg Shearer, Head of Base & Precious Metals Research

 

This podcast was recorded on Feb 6, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5195750-0, https://www.jpmm.com/research/content/GPS-5193621-0, https://www.jpmm.com/research/content/GPS-5185886-0, https://www.jpmm.com/research/content/GPS-5193648-0 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: ECB and BoE February meetings, skinny carry in Euro area, increased UK political noise

In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss the ECB and BoE monetary policy meetings and implications for rate markets as well as the political noise this week in the UK.

 

This podcast was recorded on 06 February 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5193724-0 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.

US Rates: Crypto market structure bill in limbo

US Rates Strategists Teresa Ho and Molly Herckis discuss the latest developments in the digital cash space. Updates include a stall in Congress passing the crypto market structure bill, working to define stablecoins from a balance sheet perspective, and new tokenized products from leading financial institutions.

 

Speakers: 

Teresa Ho, Head of US Short Duration Strategy
Molly Herckis, US Short Duration Strategy

 

This podcast was recorded on February 5, 2026.

 

This communication is provided for information purposes only. Institutional clients can view the related report at

https://www.jpmm.com/research/content/GPS-5175114-0 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 rest is as good as a change

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 05 February 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.