At Any Rate

In this episode, JPMorgan analysts digest yet another week of market volatility in commodities. The metals hit records on Thursday, but only to backtrack and slide by largest amounts seen in years. Oil and gas, on the other hand, grappled with weather and policy uncertainty. We discuss price fundamentals, risk premia and even weather to try and explain these dynamics.   Speakers: Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Global Natural Gas Research   This podcast was recorded on Jan 30, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5187665-0, https://www.jpmm.com/research/content/GPS-5186727-0, https://www.jpmm.com/research/content/GPS-5184139-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © YYYY 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.

We assess the outlook for metals and the dollar after a parabolic week. Special focus on APAC.   Speakers:  Meera Chandan, Global FX Strategy Gregory Shearer, Head of Base and Precious Metal Research Junya Tanase, Global FX Strategy Ben Jarman, Global Economics, Rates & FX Strategy Arindam Sandilya, Global FX Strategy   This podcast was recorded on 30 January 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5191939-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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.

Jonny Goulden, Arindam Sandilya and Anezka Christovova discuss the latest market developments and their impacts for the EM fixed income asset class.   This podcast was recorded on 30 January 2026. This communication is provided for information purposes only. Institutional clients for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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.

Jay Barry and Phoebe White discuss the outlook for US rates in the wake of the FOMC meeting and preview the February refunding announcement.   Speakers: Jay Barry - Head of Global Rates Strategy Phoebe White - Head of US Inflation Strategy   This podcast was recorded on 29 January 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5184282-0, https://www.jpmm.com/research/content/GPS-5189489-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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.

Macro signals are highly procyclical but technical signals turn cautious – we debate what matters more. Plus USD/CNY breaks 7.0, Scandis break higher, spotlight on the Fed.   Speakers Meera Chandan Global FX Strategy, Arindam Sandilya Global FX Strategy, Anezka Christovova Head of EMEA EM Local Markets Strategy, James Nelligan Global FX Strategy, Patrick Locke Global FX Strategy   This podcast was recorded on 23 January 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5182236-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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.

In this podcast Francis Diamond and Aditya Chordia discuss some key themes in European rate markets for January, revisiting the theme of limited selective carry in Euro area rates and the increased political noise in the UK this week.   This podcast was recorded on 23 January 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5176179-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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

In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of €STR/SOFR cross currency base.   Speakers:  Khagendra Gupta - Head of European Interest Rate Derivatives Strategy Ipek Ozil - Head of US Interest Rate Derivatives Strategy   This podcast was recorded on January 23, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5182266-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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.  

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 22 January 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 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.

Rates strategists Francis Diamond and Phoebe White discuss their recently released Monthly Inflation Outlook. The recent increase in energy prices has pushed breakevens higher but we see limited potential for a further rise in intermediate breakevens.   Speakers: Phoebe White, Head of US Inflation Strategy Francis Diamond, Head of European Rate Strategy     This podcast was recorded on Jan 22, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5077727-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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.

J.P. Morgan’s Global Rates Strategy team discusses the outlook for DM government bond issuance in 2026.   Speakers Jay Barry, Head of Global Rates Strategy Phoebe White, Head of US Inflation Strategy Aditya Chordia, European Rates Strategy Khagendra Gupta, Head of European Interest Rate Derivatives Strategy Takafumi Yamawaki, Head of Japan Fixed Income Research Ben Jarman, Australia and New Zealand Chief Economist   This podcast was recorded on 16  January 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5168334-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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  

Arindam Sandilya, Patrick Locke, and Junya Tanase discuss the outlook for currency markets in the context of increased anxiety around Fed independence and the surprising decision to call for a snap election in Japan.   This podcast was recorded on 16  January 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5174865-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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 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 mbd of supply disruptions.  Meanwhile, European TTF gas prices are up by about 25% year-to-date already as colder weather has swept through Europe.  Not to be outdone, metals markets remain extremely volatile too with this week’s Section 232 conclusion on critical minerals stopping short of any immediate tariffs, raising risk of a correction after silver’s recent scorching rally.   Speakers:   Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Natural Gas Research   This podcast was recorded on January 16, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5175253-0, https://www.jpmm.com/research/content/GPS-5167421-0, https://www.jpmm.com/research/content/GPS-5176137-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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. 

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 15 January 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 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.

Ipek Ozil, Nick Maciunas and Nate Rosenbaum discuss GSEs buying Agency MBS in size following President Trump’s social media post and the potential impact from it.   Speaker: Ipek Ozil - Head of US Interest Rate Derivatives Strategy Nicholas Maciunas - Head of Agency MBS Research Nathaniel Rosenbaum - US HG Credit Strategist    This podcast was recorded on 15 January 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 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.

Meera Chandan, James Nelligan, Anezka Christovova and Patrick Locke discuss opportunities in DM and EM FX as 2026 kicks off. This podcast was recorded on 09 January 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5171995-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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    

In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss some key themes in European rate markets for January, focusing on Euro area supply and technicals and an update on UK rate views.   This podcast was recorded on 09 January 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5167154-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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  

Recent events in Venezuela, specifically a US military operation on January 3, 2026, that captured Nicolás Maduro, so far have had limited immediate impact on global commodity markets. In this episode, we discuss the recent events in Venezuela and their potential long term implications oil, gas, and metals if Western investment returns to rebuild the nation’s infrastructure.  Speakers:   Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Natural Gas Research   This podcast was recorded on January 9, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5166762-0, https://www.jpmm.com/research/content/GPS-5167264-0, https://www.jpmm.com/research/content/GPS-5168288-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 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 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.   

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 central bank meetings and US data releases.   Speakers Meera Chandan, Global FX Strategy Patrick Locke, Global FX Strategy Junya Tanase, Japan Markets Research Octavia Popescu, Global FX Strategy   This podcast was recorded on 19 December 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5158663-0 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.    

US Rates Strategists Teresa Ho, Ipek Ozil, and Phoebe White discuss the implications of the delayed economic data, Fed chair selection process, and the Fed’s newly announced Reserve Management Purchases. Speakers Teresa Ho Gentile (U308601) Head of US Short Duration Strategy Phoebe White (I189848) Head of US Inflation Strategy Ipek Ozil (V520278) Head of US Interest Rate Derivatives Strategy This podcast was recorded on 18 December 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.

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 17 December 2025. This communication is provided for information purposes only. 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.