In this conversation, J.P. Morgan Research analysts Alex Roever, Jay Barry, Josh Younger and Henry St John discuss the outlook for more deeply negative swap spreads off the back of last week’s TBAC refunding announcement, and the move last week by the Fed funds futures market towards pricing negative rates.


This podcast was recorded on May 12, 2020.

This communication is provided for information purposes only. Institutional clients can read the related report at for more information; please visit for important disclosures. A version of this podcast was previously disseminated to institutional clients with the title “Negative Feds funds futures and more negative swap spreads: May 12th 2020” © 2020 JPMorgan Chase & Co. All rights reserved.

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