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 Dec 12, 2025
Friday Dec 12, 2025
This week, our Global FX Strategists break down what the recent move in global rates means for FX, and how the FOMC meeting impacted the broad dollar. We also preview next week’s US data along with other upcoming central bank meetings, and discuss how FX vol is priced for ahead of those events.
Speakers
Patrick Locke Global FX Strategy,
Ladislav Jankovic Global FX Strategy,
Octavia Popescu Global FX Strategy
This podcast was recorded on 12 December 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at
https://www.jpmm.com/research/content/GPS-5156482-0 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 Dec 12, 2025
Friday Dec 12, 2025
Surpluses in 2025 are expected to widen further into 2026 and 2027, as global oil supply is projected to outpace demand—expanding at three times the rate of demand growth through 2026, before slowing to about one-third of that pace in 2027. This dynamic is likely to exert downward pressure on oil prices. However, the magnitude suggested by market imbalances is unlikely to fully materialize in practice. Adjustments are expected on both the supply and demand sides; however, the greatest burden of rebalancing will almost certainly fall on supply.
Speakers:
Natasha Kaneva, Head of Global Commodities Research
Greg Shearer, Head of Base Precious Metals Research
This podcast was recorded on December 12, 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5120230-0 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 Dec 05, 2025
Friday Dec 05, 2025
Natasha Kaneva and team share J.P. Morgan’s 2026 Global Commodities Outlook. Commodity prices have experienced repeated and highly synchronized cycles across various markets over the past 50 years, with these fluctuations closely tied to global economic trends through shifts in demand. This co-movement broke down in 2024, as energy prices reset lower while metals prices surged, marking the emergence of a new commodity regime, driven by divergent supply dynamics. Looking ahead to 2026 this deviation is expected to continue as supply-constrained metals continue to beat glutted energy.
Speakers:
Natasha Kaneva, Head of Global Commodities Research
Greg Shearer, Head of Base & Precious Metals Research
Otar Dgebuadze, Natural Gas Research
This podcast was recorded on December 5, 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5143468-0 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 Nov 28, 2025
Friday Nov 28, 2025
The Global FX Strategy team delves into the year-ahead currency outlook across macro, systematic and derivative dimensions.
Speakers
Meera Chandan, Global FX Strategy
Arindam Sandilya, Global FX Strategy
Anezka Christovova, Global FX Strategy
Antonin Delair, Global FX Strategy
Ben Jarman, Global FX Strategy
Patrick Locke, Global FX Strategy
James Nelligan, Global FX Strategy
Kunj Padh, Global FX Strategy
Octavia Popescu, Global FX Strategy
Ikue Saito, Global FX Strategy
Junya Tanase, Global FX Strategy
This podcast was recorded on 28 November 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5135264-0 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 Nov 28, 2025
Friday Nov 28, 2025
FX vol remains subdued into 2026 on resilient US growth and low central bank activity, but starting levels limit further downside. Policy events in 1Q26 could test this regime, making cheap forward vols over 1Q attractive as portfolio hedges. Beyond that, FXO trade recommendations focus on European growth, Antipodean revival, debasement, carry via options, EUR skew harvesting, selling x-corrs, and leveraging the macro backdrop for efficiency in x-asset directionals.
Speakers
Arindam Sandilya, Global FX Strategy
Ladislav Jankovic, Global FX Strategy
Juan Duran-Vara, Global FX Strategy
Sanjana Shinde, Global FX Strategy
This podcast was recorded on 28 November 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5125942-0 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.
Wednesday Nov 26, 2025
Wednesday Nov 26, 2025
Luis Oganes, Jonny Goulden and Jahangir Aziz discuss the economic and fixed income market themes in their Emerging Markets outlook for 2026.
This podcast was recorded on 26 November 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5136705-0 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.
Wednesday Nov 26, 2025
Wednesday Nov 26, 2025
J.P. Morgan’s global rates strategists discuss the 2026 outlook for developed markets, with discussions on rates, curves, swap spreads and volatility.
Speakers:
Jay Barry, Head of Global Rates Strategy
Phoebe White, Head of US Inflation Strategy
Ipek Ozil, Head of US Interest Rate Derivatives Strategy
Teresa Ho, Head of US Short Duration Strategy
Francis Diamond, Head of European Rate Strategy
Khagendra Gupta, Head of European Interest Rate Derivatives Strategy
Aditya Chordia, European Rates Strategy
This podcast was recorded on November 25, 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5140998-0 and https://www.jpmm.com/research/content/GPS-5136297-0 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 Nov 21, 2025
Friday Nov 21, 2025
Greg Shearer shares J.P. Morgan’s outlook for base and precious metals in 2026. We retain our structural, multi-year bullish outlook for gold, seeing prices heading to $5,000/oz by 4Q26 as the long-term trend of official reserve and investor diversification into gold has further to run. In base metals, we are most convicted on our bullish view on copper, seeing prices rising towards $12,500/mt over 1H26 as acute supply disruptions are set to tighten a refined copper market and stress fragile ex-US inventory cover.
Speaker:
Greg Shearer, Head of Base & Precious Metals Research
This podcast was recorded on November 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-5132329-0 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.
Tuesday Nov 18, 2025
Tuesday Nov 18, 2025
In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of US and Eurex futures roll and their outlook for Dec25/Mar26 bond futures rollover.
Speakers:
Ipek Ozil, Head of US Interest Rate Derivatives Strategy
Khagendra Gupta, Head of European Interest Rate Derivatives Strategy
This podcast was recorded on 18 November 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at
https://www.jpmm.com/research/content/GPS-5125943-0 and https://www.jpmm.com/research/content/GPS-5131611-0 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 Nov 14, 2025
Friday Nov 14, 2025
Arindam Sandilya, Meera Chandan and James Nelligan discuss the outlook for currencies with a focus on the European FX bloc.
This podcast was recorded on 14 November 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5131492-0 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.