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
Thursday Feb 13, 2025
Thursday Feb 13, 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 13 February 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 Feb 12, 2025
Wednesday Feb 12, 2025
Srini Ramaswamy and Ipek Ozil discuss the upcoming UST futures roll dynamics.
Speakers:
Srini Ramaswamy, Global Head of Rates Derivatives Strategy
Ipek Ozil, Senior Derivative Strategist
This podcast was recorded on 12 February 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4907777-0 GPS LINK 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 Feb 07, 2025
Friday Feb 07, 2025
Jay Barry and Meera Chandan discuss US payrolls and FX/ rates implications.
Speakers:
Meera Chandan, Global FX Strategy
Jay Barry, Fixed Income Strategy
This podcast was recorded on 7 February 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4901629-0, https://www.jpmm.com/research/content/GPS-4905400-0 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 Feb 07, 2025
Friday Feb 07, 2025
After the start of the week was dominated by headlines regarding US import tariffs to be imposed on China, Mexico, and Canada, the Trump Administration has seemingly moved on, turning its focus on policies pertaining to Iran and bringing the Russia/Ukraine war to an end. For the global gas market, a negotiated end to the Russia/Ukraine war has the potential for an increase in Russian pipeline gas to Europe. Timing and magnitude of those flows matter and would change the current supportive price regime for the TTF natural gas market, potentially narrowing the arb between global gas and US natural gas prices in the intermediate term even sooner. We will discuss how an increase of Russian pipeline flows to Europe could impact the global natural gas markets.
Speaker:
Shikha Chaturvedi, Head of Global Natural Gas Research
This podcast was recorded on 7 February 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4904380-0 or 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 31, 2025
Friday Jan 31, 2025
Srini Ramaswamy and Ipek Ozil discuss the latest developments in US rates markets.
Speakers:
Srini Ramaswamy, Global Head of Rates Derivatives Strategy
Ipek Ozil, Senior Derivative Strategist
This podcast was recorded on 31 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-4896008-0 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 31, 2025
Friday Jan 31, 2025
We discuss the outlook for US equity exceptionalism, it’s read-through for the dollar and the upcoming February 1st tariff announcements.
Speakers
Meera Chandan, Global FX Strategy
Prabhav Bhadani, Equity Strategy
Arindam Sandilya, Global FX Strategy
Patrick Locke, Global FX Strategy
This podcast was recorded on Jan 31, 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4898169-0, https://www.jpmm.com/research/content/GPS-4897023-0, and https://www.jpmm.com/research/content/GPS-4896096-0 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 31, 2025
Friday Jan 31, 2025
President Trump wants lower energy prices and higher oil and gas production and exports—objectives that seem irreconcilable, given the relatively high cost of producing oil from US shale formations. We estimate that US energy companies need WTI crude prices of $55/bbl and natural gas at $3.50/MMBtu for drilling to be profitable, with $75 and $3.75 required to significantly increase drilling. However, reducing royalties and taxes, easing methane regulations, and streamlining federal drilling permits could lower breakeven costs by $10/bbl for oil and $0.60/MMBtu for gas. On a production-weighted average basis, this would reduce the breakeven point for US oil production from $55 to $45. Ultimately, the impact of these lower costs on US oil production depends on the decisions of the 275 independent companies in the upstream shale sector.
Speaker:
Natasha Kaneva, Head of Global Commodities Research
This podcast was recorded on 31 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-4895361-0 and 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 31, 2025
Friday Jan 31, 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 31 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-4898059-0 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 24, 2025
Friday Jan 24, 2025
Phoebe White, Head of US Inflation Strategy, and Michael Hanson, senior US economist, discuss their latest thoughts on US trade policy and Fed independence, following what has been a busy first week for the new administration, and what to expect from next week’s FOMC meeting. Yield curves are likely to flatten in the near term, supported by a narrowing in longer-run breakevens.
Speakers:
Phoebe White, Head of US Inflation Strategy
Michael Hanson, Senior Economist
This podcast was recorded on January 24, 2025.
This communication is provided for information purposes only. Institutional clients 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 24, 2025
Friday Jan 24, 2025
US trade/ tariffs will be a multi-quarter theme and support for USD. Our bias remains long USD given its growth and yield advantage, but the trading approach needs to be more tactical. A (short) window has opened up for carry/ high beta recovery. Carry still favours the dollar but several high beta have started to screen more attractive. Funders, particularly CHF, will be vulnerable if DM yields stay elevated. DM central banks next week but most ex-Fed not meaningful for FX.
Speakers:
Meera Chandan, Global FX Strategy
Arindam Sandilya, Global FX Strategy
James Nelligan, Global FX Strategy
Patrick Locke, Global FX Strategy
This podcast was recorded on 24 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-4892246-0 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.