At Any Rate
Analysts from J.P. Morgan's Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.
Episodes
Global Commodities: The Freakonomics of Oil
Brent is up nearly 40% in July, setting itself up for the strongest monthly gain since March. With flows from the Persian Gulf suppressed and Red Sea shipments at risk, it appears that geopolitics has taken control of the wheel once again. The story is, however, more nuanced.
Speaker:
Natasha Kaneva, Head of Global Commodities Research
This podcast was recorded on July 24, 2026.
This commun
Global FX: USD pre-Fed, EM movers, GBP & cross-border M&A
This week, our global FX and EM strategists discuss the bullish risks for USD into the FOMC meeting, EM FX movers (ZAR, CLP, HUF), GBP valuations & BoE, as well as key takeaways on cross-border M&A flows in 1H’26.
Speakers
Meera Chandan, Global FX Strategy
Patrick Locke, Global FX Strategy
Anezka Christovova, Head of EMEA EM Local Markets Strategy
Octavia Popescu, Global FX Strategy
EM Fixed Income: At this rate, should we worry?
Anezka Christovova, Ben Ramsey and Michael Harrison discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 23 July '26.
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© 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the wri
US Rates: Fed Policy Outlook & New Task Forces
Speakers:
Jay Barry, Head of Global Rates Strategy
Michael Feroli, Chief US Economist
Samantha Azzarello, Head of Content Strategy
This podcast was recorded on July 20, 2026.
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Global Rates: A long hot summer for front-end inflation markets
In this podcast, Frida Infante and Harry Downie discuss the latest inflation data and breakeven markets across the euro area, the UK and the U.S. following a re-escalation of the US–Iran conflict, renewed hostilities in the Strait of Hormuz, and a sharp reversal higher in energy prices, and where they see the key risks.
This podcast was recorded on 20 July 2026.
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Global Commodities: Eyes back on Hormuz
The situation in the Strait of Hormuz has worsened, creating risks for the recovery of oil and gas infrastructure. Simultaneously, there are many questions on the return of central bank diversification and gold purchases, which is a central issue for the outlook on precious metals. In this episode, we focus on the news from the Middle East, as well as the status of gold and LNG markets.
Speakers
Global Rates: Summer thoughts on European rates
In this podcast Francis Diamond, Khagendra Gupta and Aditya Chordia discuss the upcoming ECB meeting, thoughts on yields over the summer and UK politics. If you have enjoyed listening to our podcast and reading our research we would great appreciate your support for us, the European Rates Strategy team, in the 2026 Extel Global Fixed Income Research survey in the Developed Europe: Economics &
Global FX: CPI/ USD, Model take-aways, EM rundown
We discuss USD take-aways from the soft CPI print countered by Fed hawkishness, main take-aways from our suite of systematic models and key drivers/ views in EM with focus on Latam and EMEA.
Speakers
Meera Chandan, Global FX Strategy
Patrick Locke, Global FX Strategy
Antonin Delair, Global FX Strategy
Anezka Christovova, Head of EMEA EM Local Markets Strategy
This podcast was recorded on 17
EM Fixed Income: Navigating cross-currents, even on the frontier
Anezka Christovova, Ben Ramsey and Ayomide Mejabi discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 16 July 2026.
© 2026 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
In Focus: US Defense
Welcome to J.P. Morgan Global Research's podcast, In Focus, where we explore timely and thematic topics with insights from across Global Research. In today's episode, we unpack the US defense industrial base with our Industry & Policy thematics team and examine how it has evolved.
Speakers:
Jahangir Aziz, Co-Head of Economic Research
Steven Palacio, Industry & Policy Thematics Analyst
S
US Rates - Cash continues to roll in
Ipek Ozil and Pankaj Vohra discuss some of the latest developments in funding.
Speakers
Ipek Ozil, Head, U.S. Interest Rate Derivatives Strategy
Pankaj Vohra, U.S. Short Duration Strategist
This podcast was recorded on July 10, 2026.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-53635
Global Commodities: A sense of déjà vu
Just as markets embraced an open Strait of Hormuz, a sense of déjà vu has washed over the commodities world when vessels were attacked this week. At the same time, Russian refineries continue to be targeted by drones, copper is again consumed by tariff uncertainty and the gas situation in Europe is setting up for a difficult winter.
Speakers:
Otar Dgebuadze, European Natural Gas
Greg Shearer, H
Global FX: Keep calm and carry on
Arindam Sandilya, James Nelligan and Junya Tanase discuss the week in currencies.
This podcast was recorded on 10 July 2026.
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https://www.jpmm.com/research/content/GPS-5360103-0
for more information; please visit www.jpmm.com/research/disclosures for important disclosures.
© 2026
EM Fixed Income: Risk risk go away, come again another day
Anezka Christovova, Ben Ramsey and Michael Loh discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 09 July 2026.
© 2026 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 sh
Global FX: Payrolls prognosis, yen, GBP and HUF
The Global FX team discusses take-aways from a mixed employment report as well as the outlook for yen, GBP and EMEA EM with focus on HUF.
Speakers
Meera Chandan, Global FX Strategy
Arindam Sandilya, Global FX Strategy
James Nelligan, Global FX Strategy
Michael Harrison, Emerging Markets Strategy
This podcast was recorded on 02 July 2026.
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Global Commodities: Gold is back to Fed-watching
While oil continues to be a key story for commodities markets, gold has been gathering more attention lately. The initial optimism after the signing of the Memorandum of Understanding ran into a hawkish FOMC, severing the connection between energy prices and rates and leading us to reassess the key demand channels for the metal. In this episode, we discuss our updated expectations for gold’s recov
EM Fixed Income: Seeking guidance into the second half
Anezka Christovova, Ben Ramsey and YM Hong discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 01 July 2026.
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Global Commodities: Right shock, wrong price
Oil prices extended losses this week as oil flows through Hormuz ramped up to over 50% of pre-war levels. Recent reported data also suggests that the market relied more on demand destruction, as opposed to inventories, for its rebalancing. This prompted us to reconsider our original assumptions and the price outlook for the rest of the year, which we discuss in this episode.
Speaker:
Natasha K
US Rates: Life, Liberty, and the pursuit of hawkishness
J.P. Morgan Rates strategists Jay Barry and Liam Wash discuss the current rates outlook, risks to the view, and what we can glean from past episodes of Fed mid-cycle hiking campaigns.
Speakers
Jay Barry - Head of Global Rates Strategy
Liam Wash – US Rates Strategy
This podcast was recorded on 26 June 2026.
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EM Fixed Income: Mid-year outlook, amid a moving target backdrop
Anezka Christovova, Ben Ramsey and Tania Escobedo discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 26 June 2026.
© 2026 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
Global FX: Mid-Year Outlook pushbacks, payrolls, CNY, GBP
This week, our Global FX Strategists respond to clients’ FAQs following mid-year outlook discussions. We also preview next week’s payrolls print for the dollar, and reflect on recent developments in CNY, GBP & CHF.
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
Global FX: Bullish Beta, Bullish Dollar
We discuss our mid-year FX outlook in a rare long-format presentation.
Speakers
Meera Chandan, Global FX Strategy
Arindam Sandilya, Global FX Strategy
Junya Tanase, Global FX Strategy
Ikue Saito, Japan Markets Research
Ben Jarman, Global Economics, Rates & FX Strategy
James Nelligan, Global FX Strategy
Octavia Popescu, Global FX Strategy
Anezka Christovova, Head of EMEA EM Local Markets Stra
Global FX: 2H Vol Outlook: Carry the Day, Vol the Tail
Ladislav Jankovic, Arindam Sandilya and Sanjana Shinde discuss the outlook for FX volatility in 2H26.
This podcast was recorded on 18 June 2026.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5329700-0 , https://www.jpmm.com/research/content/GPS-5329730-0 for more information; please vis
Global Rates: Scandi and BoE Central Bank wrap up, UK politics (again)
In this podcast, Francis Diamond and Khagendra Gupta discuss the Riskbank, Norges Bank and BoE meetings this week and also talk (again) about the latest developments in UK politics following the Makerfield by-election.
This podcast was recorded on 19 June 2026.
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Global Commodities: Seeing the Invisible
Despite the signed Memorandum of Understanding and eased prices, tightness persists across commodities most affected by the closure of the Strait of Hormuz. In this episode, we highlight the state of natural gas and aluminum markets, as well as discuss the ‘invisible’ parts of our balances.
Speakers:
Greg Shearer, Head of Base and Precious Metals Strategy
Otar Dgebuadze, European Natural Gas
Global Rates: Inflation Markets in Europe, the UK and the US
In this podcast, Frida Infante and Harry Downie discuss the latest inflation data and breakeven markets across the euro area, the UK and the U.S. in the wake of the U.S.–Iran MOU, the latest FOMC meeting, and easing energy prices—and where they see the key risks and opportunities.
This podcast was recorded on 18 June 2026.
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In Focus: G7 Summit
Welcome to J.P. Morgan Global Research's podcast, In Focus, where we explore timely and thematic topics with insights from across Global Research. In today's episode, we bring together macroeconomic views to explore key takeaways from the recently concluded G7 Summit. Today, we have joining us Michael Feroli, Chief US Economist, Greg Fuzesi, our Chief Euro Area Economist, and Ayako Fujita, our Chi
Emerging Markets Outlook and Strategy for 2H26
Luis Oganes, Nora Szentivanyi, Anezka Christovova & Ben Ramsey discuss the outlook for Emerging Markets for 2H26.
This podcast was recorded on 15 June 2026.
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Global Rates: European Rate Markets – looking ahead over 2H26
In this podcast Francis Diamond, Khagendra Gupta and Aditya Chordia discuss European rate market views for the second half of this year.
This podcast was recorded on 12 June 2026.
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Global Commodities: A Perfect Storm
On one hand, we see increased oil tanker flows through the Strait of Hormuz. On the other hand, gas markets have had less luck getting LNG through the crucial chokepoint, setting the scene for a perfect storm of low storage injection rates, potentially higher El Niño cooling demand and slowing LNG supply growth. In this episode, we update you on the situation in the Strait and explain our view on
Global FX: Central banks take centre stage
Arindam Sandilya, Junya Tanase, Patrick Locke and Octavia Popescu discuss the global FX outlook ahead of a heavy calendar of central bank meetings next week.
This podcast was recorded on 12 June 2026.
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https://www.jpmm.com/research/content/GPS-5329605-0, for more information; pleas
Global FX & Economics: UK Outlook, GBP and SEK
We review the UK outlook in terms of economics and politics, as well as the ramifications for GBP, and we conclude with other views of note in the European space, namely regarding the SEK.
Speakers
James Nelligan Global FX Strategy,
Allan Monks Chief UK Economist,
Octavia Popescu Global FX Strategy
This podcast was recorded on 10 June 2026.
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US Rates - Another Volatile Week in Rates Markets
Jay Barry and Ipek Ozil discuss the latest developments in rates markets and outlook for rates into the remainder of the year.
Speakers:
Jay Barry, Head of Global Rates Strategy
Ipek Ozil, Head of US Interest Rate Derivatives Strategy
This podcast was recorded on June 5, 2026.
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Global Commodities: Is that it?
If anything stands out in energy markets now, it is that prices have become remarkably sanguine despite an ongoing supply shock. Although market confidence and fundamentals have both contributed, our scenario analysis draws out less comfortable alternatives as the conflict drags on. In this episode, we discuss when a calm “Is that it?” can turn into a more apprehensive “What if this isn’t?”
Sp
Global FX: Payrolls postmortem, ECB/ BoC watch, euro roundup
Meera Chandan, Patrick Locke and James Nelligan unpack the latest payrolls report, emphasizing U.S. exceptionalism, and preview the upcoming central bank meetings.
This podcast was recorded on 05 June 2026.
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Global Rates: ECB, cross-market views and UK politics update
In this podcast Francis Diamond, Khagendra Gupta and Aditya Chordia discuss the upcoming ECB meeting and implications for Euro area rate markets, cross-market themes and provide an update on UK politics and the gilt market.
This podcast was recorded on 05 June 2026.
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Global Commodities: Can the world live with 9% less oil?
We spent last week in China, and the most striking takeaway from our meetings was not simply that oil demand has fallen, it was that it did so abruptly, unexpectedly, and with remarkably little visible disruption. In this episode, we run you through our observations and explain the structural oil demand shifts that we may see in the coming years.
Speaker:
Natasha Kaneva, Head of Global Commod
Global FX: Bearish EUR factors intensify, USD decouples from real rates, and an update on low FX vols
This week, our Global FX Strategists, Patrick Locke, Meera Chandan, Arindam Sandilya and Ladislav Jankovic look at the dollar’s undershoot vs real rates, the accumulation of bearish forces challenging EUR, developments around KRW & CNH, and the outlook for FX vols currently trading near historical lows.
This podcast was recorded on 29 May 2026.
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EM Fixed Income: EM resilience amid renewed USD strength and idiosyncratic pitfalls
Anezka Christovova, Ben Ramsey and Nishant Poojary discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 28th May 2026.
© 2026 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
Global FX: Broader impacts from the dollar bid
We run through some of the broader considerations from the recent dollar bid including the JPY intervention outlook.
This podcast was recorded on 22 May 2026.
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Global Commodities: What’s New?
As Iran and the US continue to work towards a deal, some commodities markets have undergone structural changes. Asian LNG, for example, has been trading at an elevated premium compared to European benchmarks, while precious metals have been sidelined in the short-term. In this episode, we present new forecast additions, as well as discuss our updated views on the trends we are observing.
Speaker
EM Fixed Income: Assessing EM amid the global repricing of rates
Anezka Christovova, Ben Ramsey and Michael Harrison discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 20 May 2026.
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Asia Cross Asset: Taking stock of the North Asian equity surge
Featured in this podcast are Arindam Sandilya and Mixo Das take stock of the North Asian equity surge, as Korea and Taiwan extend AI-led rallies amid improving monetization and shifting flows – assessing where the two markets may diverge and a readthrough to FX.
This podcast was recorded on May 18, 2026.
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Global FX: EUR-USD divergences, systematic signals, sterling struggles
Meera Chandan, Patrick Locke and Antonin Delair discuss why the top-down view is becoming more supportive of the dollar, new forecast profile for EUR/USD, systematic signal take-aways for FX and GBP follow-through from political developments.
This podcast was recorded on 15 May 2026.
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Global Commodities: Infrastructure 101
As commodity analysts try to interpret the headlines on the Iran conflict, focus is increasingly turning towards potential recovery timeframes. Infrastructure, which was extensively damaged across the Middle East, plays a crucial role in this. Modern commodity markets are built on fragile supply chains and complex processing facilities, which require large investments and careful maintenance. In t
Global Rates: Analyzing Eurex and US futures roll and cross currency bases
In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of US and Eurex futures roll and their outlook for Jun26/Sep26 bond futures rollover. They also discuss their outlook for the cross currency bases through the remainder of the year.
Speakers
Ipek Ozil, Head, U.S. Interest Rate Derivatives Strategy
Khagendra Gupta, Head, European Interest Rate Derivatives Strategy
This podcast wa
Global Rates: Energy priced and UK politics drive Bunds and Gilt yields higher
In this podcast Francis Diamond and Aditya Chordia discuss Euro area and UK rate markets given the moves in oil prices and this week’s political events in the UK.
This podcast was recorded on 15 May 2026.
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EM Fixed Income: Inflation pressures and idiosyncratic EMEA EM politics
Anezka Christovova, Ben Ramsey and Michael Harrison discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 14 May 2026.
© 2026 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 o
In Focus: Frontier AI
In this episode, we explore frontier AI’s role in the cybersecurity landscape with our Industry and Policy thematics analysts in Global Research. We discuss the evolving relationship between frontier AI models and cyber ecosystem, patchability in the space, global supply constraints, and what fighting AI with AI means in today's world.
Speakers:
Jahangir Aziz, Co-Head of Economic Research
Steve
Global Rates – And now my fears, they come to me in threes
J.P. Morgan Strategists discuss the impact to the April employment report on FX and rates markets and delve into Treasury’s May refunding announcement.
Speakers:
Jay Barry, Head of Global Rates Strategy
Meera Chandan, Co-Head of Global FX Strategy
This podcast was recorded on May 8, 2026.
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Global Commodities: An Inventory Detour
While markets await Iran’s response to a US proposal to end the war and reopen the Strait, oil inventories are being activated at unprecedented rates and provide a much-needed cushion for prices and consumption. Aside from oil, however, inventories play a crucial role for nearly all commodities. In this episode, we focus on the role of storage in gas and metals, putting it in the context of recen
Global FX: Yentervention and other FX policy stories
JPMorgan’s FX strategists discuss the outlook for currencies in the wake of the Japanese MOF’s FX intervention, ahead of President Trump and Secretary Bessent’s visit to Asia next week.
This podcast was recorded on 08 May 2026.
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https://www.jpmm.com/research/content/GPS-5290421-0
f
EM Fixed Income: Parsing peace talks and payrolls
Anezka Christovova, Ben Ramsey and Tania Escobedo Jacob discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 07 May 2026.
© 2026 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 u
In Focus: Equity & Credit Update on AI CapEx
Welcome to another episode of In Focus, where we explore timely and thematic topics with insights from across J.P. Morgan Global Research. In today's episode, we bring together equity and credit views to examine the AI CapEx theme, which has been a major driver of risk assets.
Speakers:
Bhupinder Singh, US Equity Strategist & Head of Thematic Research
Nathaniel Rosenbaum, Head of US High Gr
US Rates - I won’t see you next time
The Fed has spoken, now what? Our US Rates strategists break down the April FOMC decision and what it means for markets, plus a preview of next week's Treasury Quarterly Refunding Announcement.
Speakers:
Teresa Ho, Head, U.S. Short Duration Strategy
Ipek Ozil, Head of US Interest Rate Derivatives Strategy
Amanda Berke, U.S. Rates Strategy
This podcast was recorded on May 1, 2026.
This commun
Global Commodities: It’s Simple Math
With two months of the Middle East conflict behind us, there is little certainty in the world of commodities. One thing is clear, however: the supply shock is spreading. Although commodity markets are highly nuanced, understanding the magnitude of the core issues is a matter of simple arithmetic. In this episode, we break down the math on oil and metals.
Speakers:
Natasha Kaneva, Head of Global
Global FX: Yen intervention, re-assessing USD bearish view, central bank rundown
In this week’s At Any Rate Podcast, our Global FX Strategists discuss 1) this week’s major moves in JPY, 2) how the USD view is evolving, and 3) recent and upcoming central bank meetings impact FX outlooks.
Speakers:
Meera Chandan
Ben Jarman
Junya Tanase
James Nelligan
Patrick Locke
This podcast was recorded on 01 May 2026.
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EM Fixed Income: To every thing there is a season
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 30 April 2026.
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Global Commodities: Running the Numbers on Gas
Markets reacted sharply to Iran allowing commercial vessels to go through the Strait of Hormuz. Despite this signal, last shipments from the Gulf have arrived across Europe, Asia and the US, while significant infrastructure shut-ins persist across the Middle East. With much uncertainty still in the air, in this episode we answer the market’s most pressing questions, as well as discuss the recent s
Global Rates: Central banks likely to wait-and-see against a backdrop of ongoing Middle-East uncertainty
In this podcast Francis Diamond, Jay Barry and Khagendra upcoming central bank meetings and US, Euro area and UK rate markets against the backdrop of the ongoing Middle-East conflict.
This podcast was recorded on 24 April 2026.
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Global FX: De-dollarization, GBP deep-dive, DM central banks
This week, our global FX strategists discuss de-dollarization, a deep-dive into GBP, and upcoming DM central banks.
Speakers
Meera Chandan Global FX Strategy,
James Nelligan Global FX Strategy,
Kunj Padh Global FX Strategy,
Junya Tanase Japan Markets Research
This podcast was recorded on 24 April 2026.
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EM Fixed Income: Ceasefire implications and Washington takeaways
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 23 April 2026.
© 2026 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
Global FX: Cease-fire, the dollar, DM/EM FX impact, IMF round-up
This week, our global FX & EM strategists discuss the outlook for the dollar and the renewed case for carry across regions. We also discuss FX-relevant takeaways from the IMF/WB spring meetings.
This podcast was recorded on 17 April 2026.
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Global Commodities: Prices Get Relief
Markets reacted sharply to Iran allowing commercial vessels to go through the Strait of Hormuz. Despite this signal, last shipments from the Gulf have arrived across Europe, Asia and the US, while significant infrastructure shut-ins persist across the Middle East. With much uncertainty still in the air, in this episode we answer the market’s most pressing questions, as well as discuss the recent s
Global FX: The beginning of the end?
Arindam Sandilya and James Nelligan discuss FX markets in the aftermath of US - Iran ceasefire.
This podcast was recorded on 10 April 2026.
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US Rates - GSIB and Basel III Endgame Update
Teresa Ho and Ipek Ozil discuss the latest updates on GSIB and Basel III Endgame and their impact on rates markets.
Speakers:
Teresa Ho, Head of US Short Duration Strategy
Ipek Ozil , Head of US Interest Rate Derivatives Strategy
This podcast was recorded on April 9, 2026.
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EM Fixed Income: Will EM markets keep trading Iran conflict de-escalation?
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 09 April 2026.
© 2026 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
Global Commodities: A Month of Disruption
There has been no rest for commodities in the last 34 days. This week, Houthis have formally entered the conflict, while metals and energy infrastructure continued to be targeted by strikes. With an expanded geography of the war and no immediate off-ramp in sight, market volatility persists. In this episode, we discuss this week's updates and the month behind us.
Speakers:
Natasha Kaneva, Head
Global FX: Wary of complacency in FX
We run through the state of current macro markets as this week’s geopolitics has unfolded, detailing our view about potentially complacent FX markets in the face of cyclical risks. Our cross asset strategy colleague Jainik Mody also joins to discuss risks for EM equities.
Speakers:
James Nelligan
Jainik Mody, CFA
This podcast was recorded on 02 April 2026.
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In Focus: Middle East Conflict
Welcome to JPMorganChase Global Research’s new In Focus podcast, where we explore timely, thematic topics with insights from across Global Research. In today’s episode, we bring together cross-asset perspectives to examine the geopolitical and market ramifications of the Middle East conflict. We start with the commodity impact—including oil and gold—then discuss implications for global growth and
EM Fixed Income: Still waiting for the conflict to pass over
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 31 March 2026.
© 2026 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
Global Commodities: Timing the Global Impact
The conflict in the Middle East is approaching its one-month mark. This week, markets were forced to pair off two opposing forces: deteriorating fundamentals with anticipated shortages in Asia on one side and increased rhetoric about a potential ceasefire on the other. For now, it is unclear which one comes first. In this episode, we discuss the timeline of oil shortages across the globe, as well
Global FX - Feelin ‘22
This week, our Global FX Strategists navigate the FX macro implications of the ongoing US Iran conflict, as well as detailing the insights on FX vol markets and systematic FX strategies.
Speakers
James Nelligan
Ladislav Jankovic
Antonin Delair
This podcast was recorded on 27 March 2026.
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Global Commodities: What are the Markets Missing?
The war in the Middle East is reaching its three-week mark and commodities markets show no signs of easing. On the contrary, attacks on critical energy infrastructure have ramped up, while the remaining 3% of typical Hormuz traffic has shifted into Iranian waters. Elsewhere, Asia is beginning to show signs of demand destruction amid exploding products prices. In this episode, we summarize the week
Global FX: Oil turns up the heat on central banks & FX
This week, our Global FX Strategists unpack the ongoing spillover of the US-Iran conflict through to the dollar, as well as this week’s hawkish central bank meetings and whether hikes are straightforwardly positive for currencies.
Speakers
Patrick Locke, Global FX Strategy
Arindam Sandilya, Global FX Strategy
James Nelligan, Global FX Strategy
Octavia Popescu, Global FX Strategy
This podcast
EM Fixed Income: Middle East conflict week 3 damage assessment for EM
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.
This podcast was recorded on 20 March 2026.
© 2026 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
Global Rates: Global DM Swap Spread Outlook
In this podcast Khagendra Gupta, Ipek Ozil, Francis Diamond, Takafumi Yamawaki, and Ben Jarman discuss the main drivers of DM swap spreads.
This podcast was recorded on 20 March 2026.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5230870-0 for more information; please visit www.jpmm.co
Global Rates: Where next for CB and rates as the Middle-East conflict persists?
In this podcast Francis Diamond, Jay Barry and Aditya Chordia discuss the impact of the ongoing Middle-East conflict on US, Euro area and UK rate markets and upcoming central bank meetings.
This podcast was recorded on March 13, 2026.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5230
Global Commodities: Mind the Metals
It has been two weeks since the start of the conflict in the Middle East and supply-side issues remain the top concern for commodity markets. In addition to shipping troubles, the region is also forced to halt production due to persistent infrastructure attacks and limited storage. While oil & gas dominate headlines, metals are also running into trouble. In today’s episode, we summarize everyt
Global FX: Winds of change for the dollar
We discuss recent developments in energy prices and discuss how that is impacting the dollar outlook; Energy importers are particularly vulnerable. We also preview a heavy DM central bank week.
This podcast was recorded on 13 March 2026.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5230
