At Any Rate

Global Commodities: Right shock, wrong price

Oil prices extended losses this week as oil flows through Hormuz ramped up to over 50% of pre-war levels. Recent reported data also suggests that the market relied more on demand destruction, as opposed to inventories, for its rebalancing. This prompted us to reconsider our original assumptions and the price outlook for the rest of the year, which we discuss in this episode. 

 

Speaker: 

Natasha Kaneva, Head of Global Commodities Research

 

This podcast was recorded on June 26, 2026.

 

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

https://www.jpmm.com/research/content/GPS-5320317-0 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: Life, Liberty, and the pursuit of hawkishness

J.P. Morgan Rates strategists Jay Barry and Liam Wash discuss the current rates outlook, risks to the view, and what we can glean from past episodes of Fed mid-cycle hiking campaigns.

 

Speakers

Jay Barry - Head of Global Rates Strategy

Liam Wash – US Rates Strategy

 

This podcast was recorded on 26 June 2026.

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

https://www.jpmm.com/research/content/GPS-5348644-0

https://www.jpmm.com/research/content/GPS-5348215-0

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: Mid-year outlook, amid a moving target backdrop

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

This podcast was recorded on 26 June 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 FX: Mid-Year Outlook pushbacks, payrolls, CNY, GBP

This week, our Global FX Strategists respond to clients’ FAQs following mid-year outlook discussions. We also preview next week’s payrolls print for the dollar, and reflect on recent developments in CNY, GBP & CHF.

 

Speakers
Meera Chandan, Global FX Strategy
Arindam Sandilya, Global FX Strategy
Patrick Locke, Global FX Strategy
James Nelligan, Global FX Strategy 

 

This podcast was recorded on 26 June 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5329700-0 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: Bullish Beta, Bullish Dollar

We discuss our mid-year FX outlook in a rare long-format presentation.

 

Speakers

Meera Chandan, Global FX Strategy
Arindam Sandilya, Global FX Strategy
Junya Tanase, Global FX Strategy
Ikue Saito, Japan Markets Research
Ben Jarman, Global Economics, Rates & FX Strategy
James Nelligan, Global FX Strategy
Octavia Popescu, Global FX Strategy
Anezka Christovova, Head of EMEA EM Local Markets Strategy
Antonin Delair, Global FX Strategy
Kunj Padh, Global FX Strategy
Patrick Locke, Global FX Strategy

This podcast was recorded on 18 June 2026.

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

https://www.jpmm.com/research/content/GPS-5329700-0 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: 2H Vol Outlook: Carry the Day, Vol the Tail

Ladislav Jankovic, Arindam Sandilya and Sanjana Shinde discuss the outlook for FX volatility in 2H26.

This podcast was recorded on 18 June 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5329700-0 ,  https://www.jpmm.com/research/content/GPS-5329730-0 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: Scandi and BoE Central Bank wrap up, UK politics (again)

In this podcast, Francis Diamond and Khagendra Gupta discuss the Riskbank, Norges Bank and BoE meetings this week and also talk (again) about the latest developments in UK politics following the Makerfield by-election. 

 

This podcast was recorded on 19 June 2026.

This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5341115-0, https://www.jpmm.com/research/content/GPS-5339725-0 and https://www.jpmm.com/research/content/GPS-5341244-0 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: Seeing the Invisible

Despite the signed Memorandum of Understanding and eased prices, tightness persists across commodities most affected by the closure of the Strait of Hormuz. In this episode, we highlight the state of natural gas and aluminum markets, as well as discuss the ‘invisible’ parts of our balances.

 

Speakers: 

Greg Shearer, Head of Base and Precious Metals Strategy

Otar Dgebuadze, European Natural Gas

 

This podcast was recorded on June 18, 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: Inflation Markets in Europe, the UK and the US

In this podcast, Frida Infante and Harry Downie discuss the latest inflation data and breakeven markets across the euro area, the UK and the U.S. in the wake of the U.S.–Iran MOU, the latest FOMC meeting, and easing energy prices—and where they see the key risks and opportunities.

 

This podcast was recorded on 18 June 2026.

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

https://www.jpmm.com/research/content/GPS-5329550-0, 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.

In Focus: G7 Summit

Welcome to J.P. Morgan Global Research's podcast, In Focus, where we explore timely and thematic topics with insights from across Global Research. In today's episode, we bring together macroeconomic views to explore key takeaways from the recently concluded G7 Summit. Today, we have joining us Michael Feroli, Chief US Economist, Greg Fuzesi, our Chief Euro Area Economist, and Ayako Fujita, our Chief Economist for Japan.

 

Speakers:

Michael Feroli, Chief US Economist

Greg Fuzesi, Chief Euro Area Economist

Ayako Fujita, Chief Japan Economist

Samantha Azzarello, Head of Content Strategy

 

This podcast was recorded on June 17, 2026.

This communication is provided for information purposes only. Institutional clients 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.