At Any Rate

Natasha Kaneva is joined by Gregory Shearer to discuss how two strong macroeconomic data prints this week (US CPI and China’s credit growth) influence our views across base and precious metals prices.

This podcast was recorded on February 11, 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.

2021 was characterized by strong catalysts for climate change and the energy crunch has highlighted the urgency to accelerate progress. In this episode, Joyce Chang (Chair of Global Research) presents the latest J.P. Morgan Perspectives report on ESG 2022: Energy Crunch Challenges Net Zero Transition, Gloria Kim (Head of Index Research and co-lead for ESG Research) shares the latest developments on ESG integration into indices, Stella Y. Xu (Strategic Research) discusses the cost of decarbonization and climate innovation, and Bill Peterson (Equity Research) talks about the future of electric vehicles. 

Speakers

Joyce Chang, Chair of Global Research

Gloria Kim, Global Index Research

Stella Y. Xu, Strategic Research

Bill Peterson, Transportation and Fuel Transformation

 

This podcast was recorded on Feb 4, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-3952574-0 and https://www.jpmm.com/research/content/GPS-3986461-0.pdf  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 J.P. Morgan Chase & Co. All rights reserved.

Featured in this podcast: Fabio Bassi, Aditya Chordia, Francis Diamond and Khagendra Gupta. ECB took a decisive shift in its reaction function this week opening the door to a 2022 policy rate lift-off. OIS market is now pricing depo rates to be around 0% by the end of this year.  The BoE has now hiked consecutively in December and February and we expect them to hike again in March with more to come in 2022.  In this podcast, we discuss our views on the Euro area and UK interest rate markets.

This podcast was recorded on February 4, 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.

Natasha Kaneva is joined by Shikha Chaturvedi and Ted Hall to discuss the role of US supply in the global oil and natural gas markets. Demand in both the global oil and natural gas markets has performed exceptionally and, after more than a year of disciplined spending and restrained production growth, the US oil and gas upstream community appears to be poised for a ramp up in activity and supply. The Permian Basin plays a key role in this acceleration, but rampant growth in the region is not a foregone conclusion. The oil and natural gas supply dynamics are far more complicated in today’s world of decarbonization than they were in 2018.

This podcast was recorded on February 4, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-3989057-0 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 curious case of Emerging Market credit underperformance versus local markets. This has occurred despite market focus on higher US rates which is typically worse for local markets. They discuss whether this is just early 2022 market noise or whether there is more signal.

This podcast was recorded on 03 February 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-3991747-0 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, Gregory Shearer, and Tracey Allen to discuss Russia's influence on the commodities complex. With Russia/Ukraine tensions on the rise, an escalation and/or potential disruption in exports is materially bullish commodities. Natural gas, oil, aluminum, PGMs, wheat and corn look to be the most exposed.

This podcast was recorded on 28 January 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-3978982-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

The Fed remains the key driver for EM markets in early 2022 but EM currencies have underreacted to US rates repricing, with the higher carry now available on EM FX cited as a potential buffer. We discuss whether EM FX carry is a strong enough factor to cushion the asset class from the historical experience of EM currency weakness around the start of Fed hiking cycles.

This podcast was recorded on January 27, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-3984672-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2021 JPMorgan Chase & Co. All rights reserved.

There were no big surprises at the January FOMC meeting, but Powell’s remarks after the meeting were arguably the most hawkish he’s made as Fed Chair.  J.P. Morgan Economist Mike Feroli and US Rates Strategy team breakdown the meeting and highlight the expected policy moves to come.

This podcast was recorded on January 27, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-3983276-0 , www.jpmm.com/research/content/GPS-3983345-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2021 JPMorgan Chase & Co. All rights reserved.

Expectations that the Fed will soon begin to normalize monetary policy have left bond market participants with many questions.   J.P. Morgan’s Alex Roever explores some of these with economist Michael Feroli, and strategists Teresa Ho (money markets), Jay Barry (treasuries) and Nick Maciunas (agency MBS).  

 

This podcast was recorded on January 14, 2022.

This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-3966322-0 and https://www.jpmm.com/research/content/GPS-3971185-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2022 JPMorgan Chase & Co. All rights reserved.

John Sim Is joined by Nick Maciunas and Kaustub Samant from the Securitized Products team to discuss the FHFA recent changes to loan level pricing for jumbo and second home loans deliverable to the GSEs. We touch on the implications for mortgage rates, prepayments, home prices, affordable lending and private-label originations.

This podcast was recorded on January 12, 2022.

This communication is provided for information purposes only. Institutional clients can view the related report at www.jpmm.com/research/content/GPS-3963683-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2021 JPMorgan Chase & Co. All rights reserved.