At Any Rate

In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of US and Eurex futures roll and their outlook for Dec25/Mar26 bond futures rollover.   Speakers:  Ipek Ozil, Head of US Interest Rate Derivatives Strategy Khagendra Gupta, Head of European Interest Rate Derivatives Strategy   This podcast was recorded on 18 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at  https://www.jpmm.com/research/content/GPS-5125943-0 and https://www.jpmm.com/research/content/GPS-5131611-0 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, Meera Chandan and James Nelligan discuss the outlook for currencies with a focus on the European FX bloc.   This podcast was recorded on 14 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5131492-0 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.

Greg Shearer speaks with Otar Dgebuadze and Nina Fahy on the rising global LNG supply, slowdown of demand in key established markets and how the infrastructure challenges limits significant demand growth in emerging LNG markets. Team thinks this ultimately warrants higher flexibility through storage and production in the US natural gas market.   Speakers:   Nina Fahy, Head of US Natural Gas Research Otar Dgebuadze, Natural Gas Research Greg Shearer, Head of Base & Precious Metals Research   This podcast was recorded on November 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-5112751-0 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.

Anezka Christovova, Ben Ramsey, Tania Escobedo, Alisa Meyers and Gisela Brant discuss election considerations for LatAm fixed income markets. This podcast was recorded on 13 November 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.

Tracey shares the Agri outlook for 2026/27, elaborating on her view: bearish short-term prospects for US soybeans but constructive outlooks for grains and cotton. Cocoa to return to BCOM Index and prices are expected to remain firm near $6,000/tonne in 2026, while sugar prices show upside risk amid low stocks and political uncertainty. Broad food price inflation persists, with La Nina weather risks and policy developments in the US, Brazil, and India shaping the outlook. Speaker: Tracey Allen, Senior Commodities Strategist, Head of Agricultural Commodities Research   This podcast was recorded on 7 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5098766-0, https://www.jpmm.com/research/content/GPS-5128475-0, https://www.jpmm.com/research/content/GPS-5096654-0, https://www.jpmm.com/research/content/GPS-5090092-0, 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 Francis Diamond and Khagendra Gupta discuss the recent Riksbank, Norges Bank and BoE meetings this week and implications for European rates markets.   This podcast was recorded on 07 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5122904-0 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 discuss various US factors influencing the dollar, the outlook for EUR, and the latest budget-related developments from the UK & Canada.   Speakers Patrick Locke, Global FX Strategy. Meera Chandan, Global FX Strategy. James Nelligan, Global FX Strategy.   This podcast was recorded on 07 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5105543-0 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 latest market developments and their impacts for the EM fixed income asset class. This podcast was recorded on 06 November 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.

Ipek Ozil and Khagendra Gupta discuss the recent and upcoming central bank developments as well as their impact on derivatives markets.   Speakers:  Ipek Ozil, Head of US Interest Rate Derivatives Strategy Khagendra Gupta, Head of European Interest Rate Derivatives Strategy   This podcast was recorded on 31 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at  https://www.jpmm.com/research/content/GPS-5118629-0 and https://www.jpmm.com/research/content/GPS-5119964-0 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 discuss whether the hawkish Fed surprise changes the outlook for the dollar, how we’re thinking about USD/JPY forecasts after a dovish BoJ meeting, and whether recent political events in Asia moves the needle for G10 & EM FX.   Speakers Arindam Sandilya, Global FX Strategy Patrick Locke, Global FX Strategy ​Junya Tanase, Japan Markets Research   This podcast was recorded on 31 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5121407-0 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.    

China’s gas market has seen robust demand growth, matched with domestic production growth and rising Russian pipeline flows, leading to our conclusion that LNG demand will peak in 2032. However this doesn’t diminish China’s role in the global LNG market. With extensive regasification infrastructure, rising storage capacity, a diverse LNG contract portfolio, and multiple supply sources, China is positioned to potentially transition from a pure LNG importer to a global trader, gaining greater flexibility and optionality.   Speakers:   Natasha Kaneva, Head of Global Commodities Research Otar Dgebuadze, Natural Gas Research   This podcast was recorded on October 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-5110171-0 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 latest market developments and their impacts for the EM fixed income asset class. This podcast was recorded on 30 October 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.

Featured in this podcast are Ayako Fujita, Rie Nishihara, Junya Tanase and Arindam Sandilya discuss the outlook for Japanese macro and markets in the wake of Sanae Takaichi’s assuming office as PM and ahead of the upcoming October BoJ MPM This podcast was recorded on Oct 27, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmorganmarkets.com/research/content/GPS-5097313-0, https://jpmorganmarkets.com/research/content/GPS-5102873-0, https://jpmorganmarkets.com/research/content/GPS-5107290-0, https://jpmorganmarkets.com/research/content/GPS-5111360-0 and https://jpmorganmarkets.com/research/content/GPS-5112300-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

Rates strategists Jay Barry, Teresa Ho, and Phoebe White discuss recent developments in money markets and what it could mean for the Fed’s QT process. They also preview the November refunding.   Speakers: Jay Barry, Head of Global Rates Strategy Phoebe White, Head of US Inflation Strategy     Teresa Ho, Head of US Short Duration Strategy   This podcast was recorded on October 24, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5111573-0, https://www.jpmm.com/research/content/GPS-5111467-0 and https://www.jpmm.com/research/content/GPS-5112512-0 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.

Patrick Locke, Junya Tanase, Meera Chandan, Arindam Sandilya and James Nelligan discuss the pivotal Japan macro week ahead of us, as well as the outlook for ECB/ Fed and US-China trade talks.   This podcast was recorded on 24 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5111208-0 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.

Nearly 70% of Russian crude production and exports are now under sanctions, raising costs and slowing settlements even though only 5% of exports use US dollars. Russia has relied on offshore traders and new entities to maintain flows, but this is more challenging for major producers like Rosneft and Lukoil. Indian imports may fall by 400 kbd, while Chinese flows should remain steady. Over time, Russia can redirect up to 0.8 mbd to other markets and China could absorb an additional 1 mbd, but profit margins will narrow due to higher costs and deeper discounts. Export volumes are expected to stabilize within a quarter after an initial pause.   Speaker:   Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on October 24, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5106838-0 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 Gisela Brant discuss the latest market developments and their impacts for the EM fixed income asset class. This podcast was recorded on 23 October 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.

We discuss the key takeaways of our recently published report “Macro Corporate Spotlight: Taking stock of the evolving value proposition of stablecoins”.  Clients of J.P. Morgan can access this via the JPMM website.   Speakers: Teresa Ho – Head of U.S. Short Duration Strategy Jonny Goulden – Head of EM Fixed Income Strategy Meera Chandan – Co-head of FX Strategy Kunj Padh – FX Strategy Moderator: Luis Oganes – Head of Global Macro Research   This podcast was recorded on 22 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5093422-0 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.  

With Halloween around the corner, one of the peak seasons for chocolate and confectionery demand, cocoa prices have corrected sharply lower, down -20% MOM and YTD losses are approaching -40%, after historic gains through 2025. This week, the final-quarter demand side data for the 2024/25 season arrived, and the 3Q grind was generally better than expected – albeit still historically weak. It will, however, take some time before consumers start to see the declining input costs of chocolate production hit their hip pocket. But there are strong indications that perhaps the worst of the cocoa market crunch is over, and that industry can plan with a little more confidence than in recent years. Speaker: Tracey Allen, Senior Commodities Strategist, Head of Agricultural Commodities Research   This podcast was recorded on 17 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5096654-0 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.  

With QT likely to conclude by the end of the year, US Rates strategists Teresa Ho and Phoebe White discuss the implications for funding and Treasury markets, as well as their broader views on rates. Speakers: Phoebe White, Head of US Inflation Strategy Teresa Ho, Head of US Short Duration Strategy This podcast was recorded on October 17, 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.