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
Tuesday Aug 08, 2023
Tuesday Aug 08, 2023
Srini Ramaswamy and Ipek Ozil discuss last week’s developments in the US Rates and Derivatives markets and themes going forward.
Speakers:
Srini Ramaswamy, US Rates Strategy
Ipek Ozil, US Rates Strategy
This podcast was recorded on August 8, 2023.
This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4479817-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.
Friday Aug 04, 2023
Friday Aug 04, 2023
Meera Chandan and Jay Barry discuss US Treasury funding needs, the Fitch downgrade for the US and implications for rates and FX markets.
This podcast was recorded on 4 August 2023.
This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-4478190-0 and https://www.jpmm.com/research/content/GPS-4480993-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.
Friday Aug 04, 2023
Friday Aug 04, 2023
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 4 August 2023.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4478415-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.
Tuesday Aug 01, 2023
Tuesday Aug 01, 2023
The FY23 deficit is tracking about $1.5 trillion, but only thanks to the odd accounting of student debt forgiveness. Excluding student debt, the deficit would be closer to $1.8tn, and almost $1tn larger than in FY22. This widening should partly reverse as we move into FY24, when we project a deficit around $1.6tn. This year’s “stealth stimulus” may help explain the economy’s resilience to rapid interest rate hikes.
Speakers
Michael Feroli, Chief US Economist
Phoebe White , Fixed Income Strategy
Afonso Borges , Fixed Income Strategy
This podcast was recorded on Aug. 1, 2023.
This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-4471329-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.
Friday Jul 28, 2023
Friday Jul 28, 2023
We discuss the FX implications for an event-laden week. US exceptionalism, European growth weakness and an incredibly slow BoJ pivot are the main themes.
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 July 28, 2023.
This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4470939-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.
Friday Jul 28, 2023
Friday Jul 28, 2023
Drivers are paying more at the pump around the world. Prices for gasoline and other oil products like diesel and jet fuel have been rising in the US, Europe and Asia, as have been product cracks. The unwelcome shift higher in pump prices follows a jump in oil, which has climbed $10 so far in July to three-month highs partly in sympathy with a broader rally in commodities. Still, powerful fundamentals forces are at play in the Atlantic basin, some of them short term and temporary, but some structural and likely permanent.
Speakers:
Natasha Kaneva, Global Commodities
This podcast was recorded on July 28, 2023.
This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-4468929-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.
Thursday Jul 27, 2023
Thursday Jul 27, 2023
Jonny Goulden and Saad Siddiqui discuss the latest market developments and their impacts for the EM fixed income asset class.
Speakers
Jonny Goulden, Emerging Markets Strategist
Saad Siddiqui, Emerging Markets Strategist
This podcast was recorded on 27 July 2023.
This communication is provided for information purposes only. Institutional clients can view the related report GPS LINK for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.
Thursday Jul 27, 2023
Thursday Jul 27, 2023
Luis Oganes, Saad Siddiqui and Tania Escobedo, discuss how the Mexican peso is undergoing a regime shift and is no longer the high-beta risk appetite currency that it once was.
Speakers:
Luis Oganes, Head of Global Macro Research
Saad Siddiqui, Head of EM Local Markets Strategy
Tania Escobedo Jacob, Latin America Local Markets Strategy
This podcast was recorded on 27 July 2023.
This communication is provided for information purposes only. Institutional clients can view the related report https://www.jpmm.com/research/content/GPS-4467683-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.
Monday Jul 24, 2023
Monday Jul 24, 2023
Treasury supply has been in focus recently as the resolution of the debt limit has brought with it over $700bn in T-bill supply over the last two months. In coming weeks, the focus will shift toward longer-duration supply, as Treasury will likely announce increased coupon auction sizes at the upcoming August refunding. We preview the quarterly refunding announcement with a medium-term perspective toward Treasury issuance, and the implications for rate levels.
Speakers:
John Barry
Phoebe White
This podcast was recorded on July 24, 2023.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.
Friday Jul 21, 2023
Friday Jul 21, 2023
Catalyzed by the drop in US CPI inflation in June, near-term recession risk has moderated and the focus has shifted closer to the market’s favored scenario of a painless disinflation and economic soft landing. Amidst a broad-based rally in risky assets, commodities stand out as under-valued, under-owned, and backed by compelling fundamentals and technicals—a good entry point for a catch-up tactical allocation. The BCOM index gained 5% in July, but there is likely more where this came from. Should recessionary fears not materialize over the next six months, idiosyncratic risks leave the entire complex exposed to the upside, with the rally in BCOM extending. In order of preference, we favor natural gas, ags, oil and gold, and maintain neutral stance on base metals.
Speakers:
Natasha Kaneva, Global Commodities
Shikha Chaturvedi, Global Commodities
Gregory Shearer, Global Commodities
Tracey Allen, Global Commodities
This podcast was recorded on July 21, 2023.
This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4462795-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.