At Any Rate

Our annual report on challenges to achieving gender parity takes stock on scarring that will outlast the pandemic. Female labor force participation declined at historic rates during the 2020 “She-cession”, as women bore disproportionate responsibility for childcare at all income levels, and while it is inching back in the US, it remains 1.2% below February 2020 levels. Women in EM lag DM by an even wider margin across all metrics. In the meantime, gender-sensitive emergency measures are being rolled back, and if no action is taken to institutionalize policies, the impact to global GDP growth in 2030 could be at least $1trn. Tight labor market conditions have contributed to a decline in the unadjusted gender pay gap in the US (16.9% in 2021), EU (14.1%) and UK (12.4%). However, companies with women at the top were better poised to weather the crisis. Female board representation for the Russell 3000 has reached 25%, but meaningful gains at the C-Suite were harder to achieve.

 

Speakers

Trang Nguyen, Head of EM Sovereign Strategy

Joyce Chang, Chair of Global Research

Fiona Greig, Co-Head of the J.P. Morgan Chase Institute

Amy Ho, Strategic Research

Stella Y. Xu, Executive Director, Strategic Research

 

This podcast was recorded on March 25, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4019923-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

We discuss the state of the securitized products market after meaningful repricing in Q1 2022. We revise spread targets, issuance across all products and touch on home price affordability challenges.

 

Speakers

John Sim, Securitized Products Research

Nick Maciunas, Securitized Products Research

Kaustub Samant, Securitized Products Research

Chong Sin, Securitized Products Research

Amy Sze, Securitized Products Research

 

This podcast was recorded on March 22, 2022.

This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

Jonny Goulden and Saad Siddiqui discuss the lessons for the broader EM fixed income markets after a month of the Russia/Ukraine war which has exacerbated existing trends but also highlighted vulnerabilities for some.

This podcast was recorded on March 24, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4042403-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

One week ago the Fed began raising interest rates, signaling a more significant tightening path than previously anticipated, and yet US credit markets rallied strongly afterwards.  In this discussion we review the performance and trends before and after the Fed meeting for the Investment Grade, High Yield, Leveraged Loan and CLO markets.  There has been a strong divergence in returns, fund flows and bond issuance across these markets YTD which we discuss.  Our outlook for returns from now until year-end is positive across all four markets, with High Yield expected to lead and CLOs lag.  Eric Beinstein (Head of US Credit Strategy) moderates the discussion, with Nelson Jantzen (High Yield and Leverage Loan Strategy), Rishad Ahluwalia (CLO Strategy) and Nathaniel Rosenbaum (High Grade Credit Strategy).

 

Speakers

Eric Beinstein, Head of US Credit Strategy

Nathaniel Rosenbaum, High Grade Credit Strategy

Nelson Jantzen, US High Yield & Leveraged Loan Strategy

Rishad Ahluwalia, Securitized Products Research

 

This podcast was recorded on March 23, 2022.

This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2021 JPMorgan Chase & Co. All rights reserved.

Meera Chandan and Arindam Sandilya from FX Strategy discuss the recent China and Fed developments and implications for the FX macro landscape.

 

This podcast was recorded on 23 March 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4037742-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

Natasha Kaneva is joined by Shikha Chaturvedi to discuss Europe’s challenges in reducing its energy reliance on Russia. While Europe will, over time, limit energy imports from Russia, finding alternative sources immediately won’t be easy. However, Europe is back in the market buying Russian oil and the European natural gas market is currently in a far better position fundamentally than many market participants would have expected at the start of the year.

Speakers

Natasha Kaneva, Head of Global Oil and Commodities Research

Shikha Chaturvedi, Head of Global Gas Research

 

This podcast was recorded on March 18, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4035097-0 and https://www.jpmm.com/research/content/GPS-4034196-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

Jonny Goulden and Saad Siddiqui discuss the bewildering range of significant factors currently driving EM fixed income markets.

This podcast was recorded on March 17, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4036248-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

The FOMC starts its journey back to “normal”: At its March 16 meeting, the FOMC took the first steps in unwinding pandemic era accommodation – raising policy rates 25bp, and signaling many more will follow.  Economist Michael Feroli and US rates strategists Jay Barry and Alex Roever discuss the likely path ahead. 

 

This podcast was recorded on March 16, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4035136-0 and https://www.jpmm.com/research/content/GPS-4035326-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

Ongoing geopolitical risk and the onset of sanctions have pushed Libor and other funding metrics to stressed levels.  Strategists Alex Roever and Teresa Ho provide a closer look on the messaging coming from these metrics and markets.

This podcast was recorded on March 14, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-4031059-0, www.jpmm.com/research/content/GPS-4031119-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

European Rates Strategists Fabio Bassi, Francis Diamond, Aditya Chordia and Khagendra Gupta discuss the implications of the recent ECB meeting. The more hawkish ECB delivery was likely prompted by increased inflation concerns and elevated measures of inflation expectations, following the recent spike in energy prices. We discuss ECB tapering in the context of the risks around the growth uncertainty. The policy decision weakens the ECB safety net as asset purchased are tapered to end in Q3, amidst ongoing macro/geopolitical uncertainty and higher supply going forward. We also briefly discuss implications for the upcoming BoE meeting.

Speakers
Fabio Bassi, Head of European Rates Strategy
Aditya Chordia, European Rates Strategist
Francis Diamond, UK Gilt and European Inflation Strategist
Khagendra Gupta, European Rates Strategist

 

This podcast was recorded on 11 March 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4030680-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.