At Any Rate
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At Any Rate
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.
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195 bölüm
Global FX: Interrogating the optimistic baseline
Arindam Sandilya, Junya Tanase, James Nelligan and Patrick Locke stress test the cyclically constructive, dollar bearish baseline narrative in light o...
Global Commodities: Going Against the Grain on Oil
Last week we visited the International Energy Week in London and found the market to be rather optimistic, making a bullish case for oil. Respectfully...
Global Commodities: Are Commodities the Market’s Crystal Ball?
Sharp selloffs in metals and elevated oil prices beg the question - is commodity volatility a harbinger of things to come, or merely a correction? Whi...
Global FX: How much is too much?
Arindam Sandilya, James Nelligan and Patrick Locke discuss the FX outlook against the backdrop of US equity stress and underperformance of US stocks r...
European Rates: Scandinavian rate outlook – a long winter hibernation
In this podcast Francis Diamond and Frida Infante discuss the outlook for Sweden and Norway rate markets.
This podcast was recorded on 1...
EM Fixed Income: Getting fully back on the EM horse
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.
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Global Rates: Analysing Eurex and US futures roll
In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of US and Eurex futures roll and their outlook for Mar26/Jun26 bond futures rollover...
Global FX: RBA, JP elections, euro/APAC rotation, dovish BoE, US data
The FX team discusses a variety of topics: the euro bloc/ APAC FX rotation, RBA hawkish pivot, scenarios around upcoming JP elections, the dovish BoE...
Global Commodities: Deconstructing the Metal Mania
Metal mania returns. In this episode, Natasha Kaneva is joined by Greg Shearer, the Head of Base and Precious Metals at JPMorgan. We decompose the rec...
European Rates: ECB and BoE February meetings, skinny carry in Euro area, increased UK political noise
In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss the ECB and BoE monetary policy meetings and implications for rate markets...
US Rates: Crypto market structure bill in limbo
US Rates Strategists Teresa Ho and Molly Herckis discuss the latest developments in the digital cash space. Updates include a stall in Congress passin...
EM Fixed Income: A rest is as good as a change
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.
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Global Commodities: A week of commodity whiplash
In this episode, JPMorgan analysts digest yet another week of market volatility in commodities. The metals hit records on Thursday, but only to backtr...
Global FX and Commodities: The dollar, metals, APAC and vols
We assess the outlook for metals and the dollar after a parabolic week. Special focus on APAC.
Speakers:
Meera Chandan, Global FX...
EM Fixed Income: Navigating choppier seas with a temperamental compass
Jonny Goulden, Arindam Sandilya and Anezka Christovova discuss the latest market developments and their impacts for the EM fixed income asset class.
At Any Rate: US Rates - Should we talk about the weather?
Jay Barry and Phoebe White discuss the outlook for US rates in the wake of the FOMC meeting and preview the February refunding announcement.
Global FX: Bearish USD vs. EM FX risk appetite index, G10 cyclicals and the Fed
Macro signals are highly procyclical but technical signals turn cautious – we debate what matters more. Plus USD/CNY breaks 7.0, Scandis break higher,...
European Rates – Less keen on carry, UK political noise but no signal
In this podcast Francis Diamond and Aditya Chordia discuss some key themes in European rate markets for January, revisiting the theme of limited selec...
Global Rates: Cross currency basis 1H26 outlook
In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of €STR/SOFR cross currency base.
Speakers:
Khagendra Gupta - H...
EM Fixed Income: A technical signal amid all the noise
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.
T...
Global Rates - Monthly Inflation Outlook
Rates strategists Francis Diamond and Phoebe White discuss their recently released Monthly Inflation Outlook. The recent increase in energy prices has...
Global Rates: 2026 Global government issuance outlook
J.P. Morgan’s Global Rates Strategy team discusses the outlook for DM government bond issuance in 2026.
Jay Barry, Head of Global Rates...
Global FX: FX in the political crosshairs
Arindam Sandilya, Patrick Locke, and Junya Tanase discuss the outlook for currency markets in the context of increased anxiety around Fed independence...
Global Commodities: Oil, gas, and metals kick off a volatile year
It has been a busy start of the year for commodities markets. In oil, market attention has shifted from Venezuela to Iran and the risk of more than 3...
EM Fixed Income: Sticking to the knitting
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.
T...
At Any Rate: The GSEs and their $200bn Grand Spread Experiment
Ipek Ozil, Nick Maciunas and Nate Rosenbaum discuss GSEs buying Agency MBS in size following President Trump’s social media post and the potential imp...
Global FX: A highly procyclical start
Meera Chandan, James Nelligan, Anezka Christovova and Patrick Locke discuss opportunities in DM and EM FX as 2026 kicks off.
This podcast was re...
European Rates: January supply and technical drivers in Euro area rates, UK rates update
In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss some key themes in European rate markets for January, focusing on Euro are...
Global Commodities: Venezuela – implications on commodities
Recent events in Venezuela, specifically a US military operation on January 3, 2026, that captured Nicolás Maduro, so far have had limited immediate i...
Global FX: US data, DM central banks, year-end observations
In our last FX podcast of the year, we discuss the main questions and highlights from our year-ahead outlook meetings as well as take-aways from DM ce...
At Any Rate: US Rates - Keep the liquidity flowing
US Rates Strategists Teresa Ho, Ipek Ozil, and Phoebe White discuss the implications of the delayed economic data, Fed chair selection process, and th...
EM Fixed Income: The most wonderful time
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.
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Global FX: Dollar down after Fed; central banks and US data center stage for FX next week
This week, our Global FX Strategists break down what the recent move in global rates means for FX, and how the FOMC meeting impacted the broad dollar....
Global Commodities: Oil Outlook 2026/2027—Heavy Lifting
Surpluses in 2025 are expected to widen further into 2026 and 2027, as global oil supply is projected to outpace demand—expanding at three times the r...
Global Commodities: 2026 Outlook – Supply-driven crocodile cycle
Natasha Kaneva and team share J.P. Morgan’s 2026 Global Commodities Outlook. Commodity prices have experienced repeated and highly synchronized cycles...
Global FX Outlook 2026: Bearish USD, Bullish Beta
The Global FX Strategy team delves into the year-ahead currency outlook across macro, systematic and derivative dimensions.
Meera Chandan, Globa...
Global FX Volatility Outlook 2026
FX vol remains subdued into 2026 on resilient US growth and low central bank activity, but starting levels limit further downside. Policy events in 1Q...
Emerging Markets Outlook and Strategy for 2026
Luis Oganes, Jonny Goulden and Jahangir Aziz discuss the economic and fixed income market themes in their Emerging Markets outlook for 2026.
Global Rates 2026 Outlook
J.P. Morgan’s global rates strategists discuss the 2026 outlook for developed markets, with discussions on rates, curves, swap spreads and volatility....
Global Commodities: Metals headed for even greater heights
Greg Shearer shares J.P. Morgan’s outlook for base and precious metals in 2026. We retain our structural, multi-year bullish outlook for gold, seeing...