Analysts from J.P. Morgan Global Research take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.
Episodes
Friday Jan 10, 2025
Friday Jan 10, 2025
This week our Global FX Strategists discuss how much upside the dollar still has given US exceptionalism and tariff risks. They also touch on implications from the UK’s fiscal outlook for GBP, as well as the read-through from political developments in Canada to CAD.
Speakers:
Meera Chandan, Global FX Strategy
James Nelligan, Global FX Strategy
Patrick Locke, Global FX Strategy
This podcast was recorded on 10 January 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4881532-0 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.
Friday Jan 10, 2025
Friday Jan 10, 2025
US Short Duration strategists Teresa Ho and PJ Vohra discuss the surprisingly benign year-end for the repo marketsand what that might mean for the timing of QT’s end.
Speakers:
Teresa Ho, Head of U.S. Short Duration Strategy
PJ Vohra, U.S. Short-Term Fixed Income Strategy
This podcast was recorded on January 10, 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4879319-0 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.
Friday Jan 10, 2025
Friday Jan 10, 2025
Speaker:
Natasha Kaneva, Head of Global Commodities Research
Between December 23 and January 8, oil prices rose over 6%, with Brent hitting $77/bbl and WTI nearly $75/bbl, a three-month high. The gap between realized and forecasted prices, which widened to nearly $10 last year, has now closed, aligning Brent with our $75 fair value for January. This price action is likely driven by concerns over supply disruptions from tightening sanctions, low oil stockpiles, freezing temperatures in the US and Europe, improved sentiment on China’s stimulus, cleaner positioning, and CTA short-covering flows. We expect prices to remain stable for most of the year, dipping below $70 in the final quarter, averaging $73 for the year.
This podcast was recorded on 10 January 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4879370-0 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.
Friday Jan 10, 2025
Friday Jan 10, 2025
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 10 January 2025.
This communication is provided for information purposes only. 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.
Wednesday Jan 08, 2025
Wednesday Jan 08, 2025
In this podcast, Francis Diamond and Aditya Chordia discuss their latest thoughts on European rate markets given the increase in yields seen since the start of this year.
This podcast was recorded on 08 January 2025.
This communication is provided for information purposes only. Institutional clients can view the related reports at:
https://www.jpmm.com/research/content/GPS-4880271-0
https://www.jpmm.com/research/content/GPS-4879160-0
https://www.jpmm.com/research/content/GPS-4879138-0.pdf
© 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.
Friday Dec 20, 2024
Friday Dec 20, 2024
Having marketed our 2025/2026 Oil Outlook over the last couple weeks, we address the feedback and questions we received from our clients. To recap, Brent crude oil is on track to average $80 per barrel in 2024, which is $3 below our projections from last June. We expect the price to decline to $73 in 2025, remaining largely consistent with our 2024 Outlook published last November, before slipping to $61 in 2026. Surprisingly, our demand outlook did not face significant pushback; however, there was considerable disagreement regarding our supply forecasts, especially concerning production levels in Brazil and the US. Additionally, our perspectives on Iran positioned us as outliers compared to the broader market consensus. Notably, there were no strong opinions expressed regarding the outlook for 2026.
Speakers
Natasha Kaneva, Head of Global Commodities Research
This podcast was recorded on December 20, 2024.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4869906-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
Friday Dec 20, 2024
Friday Dec 20, 2024
Arindam Sandilya and Octavia Popescu discuss the outlook for currencies following a busy week of central bank meetings.
Speakers:
Arindam Sandilya, Global FX Strategy
Octavia Popescu, Global FX Strategy
This podcast was recorded on 20 December 2024.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4870676-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
Friday Dec 20, 2024
Friday Dec 20, 2024
J.P. Morgan’s Francis Diamond and Jay Barry discuss the varied outcomes of this week’s BoE and Fed meetings, and their implications for DM rates markets over the near term.
Speakers:
Jay Barry, Fixed Income Strategy
Francis Diamond, Rates Strategy
This podcast was recorded on 20 December 2024.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4872382-0, https://www.jpmm.com/research/content/GPS-4871565-0, https://www.jpmm.com/research/content/GPS-4870758-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
Thursday Dec 19, 2024
Thursday Dec 19, 2024
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 19 December 2024.
© 2024 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.
Friday Dec 13, 2024
Friday Dec 13, 2024
Spreadbites is a new monthly podcast and video series where we discuss key trends in credit markets. Stephen Dulake, Global Head of Spreads Product Research, and Samantha Azzarello, Head of Content Strategy, are joined by Daniel Lamy, Head of European Credit Strategy Research and Nelson Jantzen, High-yield bonds and leveraged loans analyst to unpack the latest developments and 2025 outlook for credit market.
Speakers:
Stephen Dulake, Global Head of Spreads Product Research
Daniel Lamy, Head of European Credit Strategy Research
Nelson Jantzen, High-Yield Bonds and Leveraged Loans Analyst
Samantha Azzarello, Head of Content Strategy
This podcast was recorded on December 12, 2024
This communication is provided for information purposes only. Institutional clients can view the related report at: https://www.jpmm.com/research/content/GPS-4844761-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.