At Any Rate

Global Commodities: Recession concerns confirmed

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 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 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

 

 

Global FX: The outlook for G10 and EM FX post-tariff announcements

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 related report at https://www.jpmm.com/research/content/GPS-4949817-0 for more information; 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 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Global Rates: European rates and Tariff Top Trumps

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 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 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

 

US Rates - Signal and noise

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. © 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 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Global FX: Liberation Day Q&A for currencies

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/research/content/GPS-4946356-0 for more information; 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 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Global Commodities: Gold higher still. Is $4,000 in the cards?

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. After the US abandoned the gold standard in 1971, gold took 38 years to surpass $1,000 in March 2008. It reached $2,000 in August 2020, doubling in 12 years. The pace accelerated, breaking $3,000 on March 14, 2025, in just under five years. With each $1,000 phase taking two-thirds less time, could $4,000 be next?

 

Speaker:

Natasha Kaneva, Head of Global Commodities Research 

 

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/research/content/GPS-4924668-0 or more information; 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 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

 

 

Global Rates: Tariffs, issuance, and fiscal drivers

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.com/research/content/GPS-4942101-0, https://www.jpmm.com/research/content/GPS-4946392-0.pdf for more information; 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 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

At Any Rate – EM Fixed Income Focus: On tariff watch, again

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 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Emerging Markets: The EM Fixed Income Sustainable Debt Asset Class

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 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Global Rates – Discussing the divergent drivers of US and EUR breakevens

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 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-4922930-0  for more information; 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 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.