At Any Rate

US Rates strategists Phoebe White and Ipek Ozil reflect on the drivers of this week's bull flattening move and discuss views ahead of next week's FOMC meeting and the September corporate tax day.   Speakers Phoebe White, Head of US Inflation Strategy Ipek Ozil, Head of US Interest Rate Derivatives Strategy   This podcast was recorded on Sept 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-5080506-0 https://www.jpmm.com/research/content/GPS-5076988-0 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.

This week, our Global FX Strategists touch on the latest developments in CNY, and preview a loaded central bank week for currencies.    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 Sept 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-5079822-0  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.

In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss the Euro market post the September ECB meeting, French spreads following the appointment of a new PM and the upcoming BoE meeting.   Speakers: Francis Diamond, Head of European Rates Strategy Aditya Chordia, Rates Strategy Khagendra Gupta, Rates Strategy   This podcast was recorded on 12 September 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5076241-0 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.

We revisit the five conditions outlined in June that are necessary for crude oil prices to start reflecting the expected year-end weakness, and suggest that September could be a turning point for the oil market. Global oil inventories built, but the rise in OECD stocks has been modest by comparison. In response, both Brent and WTI curves have flattened out and turned into a ‘smile.' Refining margins and runs surged in the third quarter, supporting a rebuilding of global product inventories, though stocks in certain regions and products remain below their five-year averages. As a result, refining margins have eased from their previous stratospheric highs, yet continue to hold up well.   Speaker: Natasha Kaneva, Head of Global Commodities Research   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5078020-0 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.

Jonny Goulden, Anezka Christovova and Nora Szentivanyi discuss the latest market developments and their impacts for the EM fixed income asset class.   This podcast was recorded on 11 September 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5072575-0 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.

Meera Chandan, Francis Diamond, Patrick Locke and Octavia Popescu discuss the drivers of yield curve steepening across DM markets, FX implications of fiscal differentiation/ US payrolls and the latest developments in FX hedge ratios.   Speakers Meera Chandan, Global FX Strategy Francis Diamond, Global Rates Patrick Locke, Global FX Strategy Octavia Popescu, Global FX Strategy   This podcast was recorded on 5 September 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5073426-0 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.

Oil prices have been trading at a premium to fair value over the last two months with Brent's outperformance driven not by geopolitical factors but rather by an lopsided build in global inventories,  with China accounting for two-thirds of the increase. While OECD inventories remain the primary driver in our pricing model, only 25% of this year's global stock build has entered OECD storage, compared to the historical average of 40%, creating a valuation challenge. Mathematically, lower OECD intake raises Brent's fair value, even as global stocks build, resulting in a storage premium. Looking ahead to 2H25, the key questions are how much spare storage capacity China has—currently about 600 million barrels—and whether China will use excess crude to ramp up processing and export more refined products. For now, stock builds are likely to continue outside price-setting Western markets, and despite higher refinery runs, Chinese product exports remain below last year's levels as domestic inventories are replenished. Still, given the market's move toward a sizable surplus and ongoing uncertainty around both the scale and drivers of China's stock build, we are maintaining our current price forecasts.   Speaker:   Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on September 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-5066258-0 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.

Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the post-summer investment environment for EM and thoughts around tomorrow's payrolls scenarios. This podcast was recorded on 04 September 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4117650-0 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.

In this podcast Khagendra Gupta and Frida Infante discuss recent developments and our views in Sweden and Norway rates market.    This podcast was recorded on 04 September 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5074338-0 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.

In this podcast, Francis Diamond and Khagendra Gupta discuss their latest views on Euro area and UK rate market as markets start to move out of summer holiday mode.   This podcast was recorded on 29 August 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5070106-0 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.

Meera Chandan, Aditya Chordia and Raphael Brun-Aguerre discuss the various possible outcomes for the French political landscape and discuss implications for the economic/ fiscal, rates and FX markets. This podcast was recorded on 28 August 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5068210-0 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.

This week, our FX Strategists break down the growth/inflation mix in the US and how that's impacting the dollar, before providing an update on the state of cross-border USD flows and FX hedging. They also provide a recap of recent tactical developments in G10, including the dovish RBNZ surprise and recent data out of the UK.     Speakers Arindam Sandilya, Global FX Strategy Ben Jarman, Global Economics, Rates & FX Strategy Patrick Locke, Global FX Strategy James Nelligan, Global FX Strategy Octavia Popescu, Global FX Strategy   This podcast was recorded on 22 August 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5061667-0 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.  

In this podcast Francis Diamond and Frida Infante discuss the outlook for Euro area and UK inflation over the coming months and their thoughts on HICP and UK RPI inflation markets.       This podcast was recorded on 20 August 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5026778-0 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.  

In this podcast Khagendra Gupta, Morten Lund, and James Nelligan discuss recent developments and our views in Sweden and Norway macro, FX, and rates market.   This podcast was recorded on 15 August 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5054858-0, https://www.jpmm.com/research/content/GPS-5052254-0, https://www.jpmm.com/research/content/GPS-5048039-0, https://www.jpmm.com/research/content/GPS-5057023-0, https://www.jpmm.com/research/content/GPS-5054895-0   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.  

Meera Chandan, Anezka Christovova and James Nelligan discuss the outlook for the dollar and the next catalysts following the recent consolidation, various scenarios for the Russia-Ukraine ceasefire and implications for DM and EM currencies in the region. A deep dive into GBP and Scandi central banks, as well as a discussion of our highest conviction views in the region also follows.   This podcast was recorded on 15 August 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5054858-0, https://www.jpmm.com/research/content/GPS-5058610-0, https://www.jpmm.com/research/content/GPS-5056093-0  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.  

In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of US and Eurex futures roll and their outlook for Sep25/Dec25 bond futures rollover.   Speakers:   Ipek Ozil, Head of U.S. Interest Rate Derivatives Strategy Khagendra Gupta, Head of European Interest Rate Derivatives Strategy   This podcast was recorded on August 14, 2025.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5049823-0 and https://www.jpmm.com/research/content/GPS-5056091-0 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.

This week, our Global FX & EM strategists, Patrick Locke, Antonin Delair and Anezka Christovova discuss recent developments for the dollar, takeaways from our suite of systematic FX signals,  and what's behind our EM FX upgrade to OW this week. This podcast was recorded on 08 August 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5035130-0 , https://www.jpmm.com/research/content/GPS-5049466-0  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.  

In this podcast Francis Diamond and Khagendra Gupta discuss the August BoE rate decision and provide and update on Scandinavian Rate market themes and views.   This podcast was recorded on 08 August 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5052438-0, https://www.jpmm.com/research/content/GPS-5052254-0, 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.

Jonny Goulden and Anezka Christovova discuss the latest market developments and their impacts for the EM fixed income asset class. This podcast was recorded on 07 August 2025. © 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.

UK economist Allan Monks joins FX strategist James Nelligan to discuss the risks around the BoE policy meeting this week and the broader view on the UK economy and the pound sterling.   Speakers: James Nelligan, Global FX Strategy Allan Monks, Chief UK Economist   This podcast was recorded on August 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-5042950-0,  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.    

Meera Chandan and Jay Barry discuss the take-aways for FX and rates from key events this week, ranging from FOMC, Payrolls, Refunding and Trade deals.    Speakers Meera Chandan, Global FX Strategy Jay Barry, Head of Global Rates Strategy    This podcast was recorded on 8/1/25. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5045488-0 and https://www.jpmm.com/research/content/GPS-5042769-0 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.

Jonny Goulden and Anezka Christovova discuss the latest market developments and their impacts for the EM fixed income asset class.   This podcast was recorded on 01 August 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.

Trade negotiations and tariffs continue to roil commodity markets with the Trump administration warning that India and China will face penalties due to their ongoing purchases of Russian oil while also shocking the copper market this week by exempting refined copper cathode from Section 232 duties. Natasha Kaneva is joined by Greg Shearer to discuss these developments and how they shape the outlook on prices over the balance of the year.   Speakers: Natasha Kaneva, Head of Global Commodities Research  Gregory Shearer, Head of Base and Precious Metals Research   This podcast was recorded on August 1, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5044362-0, https://www.jpmm.com/research/content/GPS-5044343-0 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.  

Teresa Ho and PJ Vohra discuss the latest developments with stablecoins, how they could or could not influence Treasury demand, and the introduction of tokenized money market funds.    Speakers:   Teresa Ho, Head of U.S. Short Duration Strategy Pankaj Vohra, U.S. Short-Term Fixed Income Strategy     This podcast was recorded on July 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-5034932-0 , https://www.jpmm.com/research/content/GPS-4927356-0, & https://www.jpmm.com/research/content/GPS-5030616-0 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.

Meera Chandan, Greg Fuzesi, Khagendra Gupta and Aditya Chordia discuss take-aways from the latest ECB meeting as well as expectations on the US-EU tariff negotiations for the outlook of European economy, rates and currency markets.    Speakers: Meera Chandan, Global FX Strategy  Greg Fuzesi, Economic & Policy Research  Khagendra Gupta, Rates Strategy  Aditya Chordia, Rates Strategy     This podcast was recorded on 25 July 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5034766-0, https://www.jpmm.com/research/content/GPS-5038613-0,  https://www.jpmm.com/research/content/GPS-5038418-0 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.

Brent and WTI volatility have reached their lowest levels since April, shifting from a bullish to a bearish put bias. As we look ahead to September, we expect a significant increase in volatility, driven by a convergence of both bullish and bearish factors that are set to take place during that month. Notably, Trump's 50-day ultimatum to Russia is set to expire on September 2, just a day before a new European price cap on Russian crude comes into effect on September 3. Additionally, snapback provisions on Iran could be triggered as early as September 1. Meanwhile, 600 kbd of additional summer demand in the Middle East will dissipate in September at exactly the same time as 4-5 mbd of global refining capacity shuts for fall maintenance.   Speaker:   Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on July 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-5036481-0 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.

Jonny Goulden and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. This podcast was recorded on 25 July 2025. © 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.

J.P. Morgan's Jay Barry, Senior J.P. Morgan research and trading personnel will discuss their expectations for the refunding announcement as well as what it could mean for the Treasury market and swap spreads.   Speakers: Jay Barry - Head of Global Rates Strategy Phoebe White - US Rates Strategist & Head of US Inflation Strategy Eric Childs - Head of NA Rates Trading   This podcast was recorded on July 23, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5035275-0  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.  

Arindam Sandilya, James Nelligan and Patrick Locke discuss the FX outlook in the context of the weekend's Japan elections, US policy volatility and an upcoming ECB meeting.   This podcast was recorded on 18 July 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5032510-0 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.

Luis Oganes, Jonny Goulden and Jahangir Aziz discuss the outlook for Emerging Markets.   Speakers Luis Oganes - Head of Global Macro Research Jonny Goulden - Head of EM Fixed Income Strategy Jahangir Aziz - Head of Emerging Markets Economic Research    This podcast was recorded on July 18, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5030262-0 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.

After historic price gains across the cocoa market through 2024, cocoa markets are leading the losses across agri markets through 2025 YTD. The hangover from last year's 4Q highs in cocoa prices has come to roost, and the long-awaited 2Q25 cocoa grind data has confirmed the demand destruction widely reported by the industry over recent months. However, regional disparities have become more notable. The sharp decline in cocoa prices through July falls in line with our view, amid expectations of demand-side destruction. However, we continue to caution that cocoa prices will remain structurally higher for longer.   Speaker Tracey Allen, Head of Agricultural Commodities Research   This podcast was recorded on July 18, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5027913-0 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.

In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta broadly discuss some summer themes for European rate markets focusing on seasonality in intra-EMU spreads, Eur swap spread views, SSA thoughts and UK gilt yields.   Speakers: Francis Diamond, Head of European Rates Strategy Aditya Chordia, European Rates Strategy Khagendra Gupta, European Rates Strategy   This podcast was recorded on 11 July 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5025853-0 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.

Meera Chandan, Arindam Sandilya, Patrick Locke and James Nelligan discuss why the dollar still deserves to weaken over the medium-term, recent CNY fixes, tariff and UK/ CHF developments.   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 11, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5027112-0 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.

The Trump administration announced plans this week to impose a 50% tariff on US copper imports beginning August 1st.  While the 50% level of copper tariffs exceeds our previous expectations, the timing is aligned with our base case and now solidifies a transitions for the copper market towards a period of payback after copper fundamentals were especially tightened by a very sharp pull-forward in US imports in 1H25.  Natasha Kaneva is joined by Greg Shearer to explore what this means for copper prices and fundamentals over 2H25.   Speakers:   Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base and Precious Metals Research   This podcast was recorded on July 11, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-502515-0 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.

Featured in this podcast are Sajjid, Rajiv and Arindam discuss the outlook for Asia macro and rates/FX/equity markets in the aftermath of the latest US announcement on tariffs this week This podcast was recorded on Jul 10, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmorganmarkets.com/research/content/GPS-5025093-0, https://jpmorganmarkets.com/research/content/GPS-5023592-0 and https://jpmorganmarkets.com/research/content/GPS-5024505-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

Global upstream oil and gas spending is expected to hit $543 billion this year, a 1.1% decrease from 2024, with reduced capital allocation across all regions except the Middle East. Capital spending in the US shale sector experienced a 3.2% drop in 2024, with forecasts indicating a further 1.9% decline in 2025, despite rising costs from tariffs on steel and other product. Despite conservative capital plans, US oil liquids production is set to rise by 672 kbd in 2025 and 530 kbd in 2026, boosted by substantial hedging during mid-June's oil price spike. Globally, oil liquids supply is projected to grow by 2.3 mbd this year. Speaker:   Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on July 3, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4939838-0 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.

This week, our global FX strategists, Meera Chandan, Ben Jarman, Patrick Locke, Octavia Popescu and James Nelligan take a look at FX hedge ratios across Australia, Canada, Scandinavia and the Eurozone, and discuss where further adjustments can impact currencies in 2H'25. We also discuss the latest views on sterling following this week's fiscal news out of the UK, and explain why US payrolls doesn't derail the USD downtrend. This podcast was recorded on 03 July 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4974434-0 https://www.jpmm.com/research/content/GPS-5003828-0 https://www.jpmm.com/research/content/GPS-5003800-0 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.

In this episode of At Any Rate Arindam Sandilya, Juan Duran-Vara and Ladislav Jankovic discuss FX Derivatives themes of interest heading into 2H25. We briefly go over the FX volatility backdrop and then pivot to the six themes: carry, USD skew, correlations, directional exposure in JPY and EUR, JPY surface setup, and wrap it up with the just-in case recession hedges.   Speakers Arindam Sandilya, Global FX Strategy Ladislav Jankovic, Global FX Strategy Juan Duran-Vara, Global FX Strategy   This podcast was recorded on June 30, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5018065-0 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.

In this podcast Francis Diamond, Aditya Chordia and Elisabetta Ferrara discuss recent German fiscal and NATO events this week as well as views on carry as a theme, an update on tracking de-dollarisation flows and thoughts on UK rates.   Speakers Francis Diamond, Head of European Rates Strategy Aditya Chordia, European Rates Strategy Elisabetta Ferrara, European Rates Strategy   This podcast was recorded on June 27, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5014923-0, https://www.jpmm.com/research/content/GPS-4985123-0, https://www.jpmm.com/research/content/GPS-5012148-0, https://www.jpmm.com/research/content/GPS-5005164-0  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.

The DM and EM FX strategy team discuss the new themes for currencies heading into 2H25.    Speakers: Meera Chandan, Global FX Strategy Arindam Sandilya, Global FX Strategy Patrick Locke, Global FX Strategy James Nelligan, Global FX Strategy Antonin T Delair, Global FX Strategy Ben Jarman, Global Economics, Rates & FX Strategy Junya Tanase, Global FX Strategy Anezka Christovova, Emerging Markets Octavia Popescu, Global FX Strategy Kunj J Padh, Global FX Strategy Ikue Saito, Global FX Strategy   This podcast was recorded on 27 June 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5018024-0, https://www.jpmm.com/research/content/GPS-4996209-0, 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.

Looking at the latest outlook for the agri markets and where the risks lie ahead of upcoming formative USDA acreage and stocks reports. As we turn to 2H25, and formative stages of the northern hemisphere growing season and South American export window, most agricultural markets under coverage are trading at price levels below producer gross margins, with arguably negative risk premium across grain, sugar and cotton markets. The BCOM Agri Index down -4% YTD. Our June 2025 Fundamental Outlook continues to highlight that supply-side increases are being absorbed by demand, perpetuating the multi-year decline in global agri commodity availability through 2025/26.   Speaker Tracey Allen, Head of Agricultural Commodities Strategy   This podcast was recorded on June 27, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5008151-0 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.    

In this podcast Ipek Ozil and Khagendra Gupta discuss the main drivers of DM swap spreads with focus on US and German swap spreads.   Speakers:   Ipek Ozil, Head of U.S. Interest Rate Derivatives Strategy Khagendra Gupta, Head of European Interest Rate Derivatives Strategy   This podcast was recorded on June 27, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5011325-0 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.

Featured in this podcast are Sajjid Chinoy, Natasha Kaneva, Sean Kelly and Mixo Das. This podcast was recorded on Jun 25, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmorganmarkets.com/research/content/GPS-5011846-0 and https://jpmorganmarkets.com/research/content/ GPS-4995439-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

In this podcast, Francis Diamond, Khagendra Gupta and Frida Infante discuss the Norges Bank, Riskbank and BoE meetings this week and implications for European rate markets.   Speakers: Francis Diamond, Head of European Rates Strategy Khagendra Gupta, European Rates Strategy Frida Infante, European Rates Strategy   This podcast was recorded on 20 June 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5009094-0, https://www.jpmm.com/research/content/GPS-5012102-0, https://www.jpmm.com/research/content/GPS-5012114-0, 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.

Meera Chandan, Greg Fuzesi, James Nelligan, Octavia Popescu and Patrick Locke discuss the FX implications of a wide range of topics - the upcoming German budget and NATO summit, FX take-aways from central bank meetings last week and the recent Treasury International Capital flows.   This podcast was recorded on 20 June 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5011155-0, https://www.jpmm.com/research/content/GPS-5008977-0, 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.

Regime changes in oil-producing countries—whether through leadership transitions, coups, revolutions, or major political shifts—can profoundly affect the country's oil policy, production, and global oil prices, both in the short and long term. Since 1979, there have been eight notable instances of regime change in medium-to-large scale oil-producing nations. While demand conditions and OPEC's spare capacity significantly influence the overall market impact, these events typically result in prices spiking by 76% from onset to peak and averaging a 30% increase, leaving lasting effects. Speakers:   Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on June 20, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5009862-0 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.

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 20 June 2025. © 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.

Rates strategists Francis Diamond and Phoebe White discuss their latest views on global inflation markets. Breakevens in DM inflation markets have been modestly lower over the past month, as inflation has softened. Looking ahead to 2H25, we expect diverging trends between US and Euro area inflation, driving an outperformance in US inflation markets, particularly at the front end.   Speakers:  Francis Diamond, Head of European Rate Strategy Phoebe White, Head of US Inflation Strategy   This podcast was recorded on June 18, 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.

J.P. Morgan's Jay Barry, Teresa Ho, Ipek Ozil, and Phoebe White discuss the outlook for the US rates market in the second half of 2025, discussing Treasury yields, swap spreads, TIPS, and the short-term fixed income markets.     Speakers Jay Barry, Head of Global Rates Strategy Teresa Ho, Head of US Short Duration Strategy   Ipek Ozil, Head of US Interest Rate Derivatives Strategy   Phoebe White, Head of US Inflation Strategy This podcast was recorded on June 16, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5008078-0 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.

Arindam Sandilya, James Nelligan and Patrick discuss the outlook for currencies amid tariff and geopolitical tensions and ahead of a heavy calendar of central bank meetings.   Speakers: Arindam Sandilya, Global FX Strategy James Nelligan, Global FX Strategy Patrick Locke, Global FX Strategy   This podcast was recorded on 13 June 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5006008-0  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.

In this podcast Francis Diamond and Khagendra Gupta broadly outline their thoughts on Euro area and UK rates markets over the second half of this year, touching on yields, curves, swap spreads and volatility. This podcast was recorded on 13 June 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5004085-0 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.