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:

This podcast was recorded on October 17, 2025. 

Against a backdrop of limited data visibility from the US government shutdown, our Global FX Strategists discuss 1) how global growth momentum indicators are tracking, 2) new flare-ups in credit risk & US-China relations impacting the currency space, 3) recent developments in Australia & NZ, and finally 4) some impressions on FX market themes from this week’s IMF/Word Bank meetings.

Speakers:

Meera Chandan, Global FX Strategy

Arindam Sandilya, Global FX Strategy

Ben Jarman, Global FX Strategy

Patrick Locke, Global FX Strategy

This podcast was recorded on October 17, 2025

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5106732-0 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 recent European rate markets moves as well as a variety of different topics: 2026 Euro area issuance, SSAs, Scandi markets and European inflation.

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-5103174-0

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, Ayako Fujita, Junya Tanase, Takafumi Yamawaki, Rie Nishihara and Tim West.

This episode was recorded on October 10, 2025.

The surprise election of Sanae Takaichi as head of the Liberal Democratic Party (LDP) in Japan has brought Abenomics back in the air. But the macro environment in Japan is currently very different with inflation uncomfortably elevated and sticky. To make sense of what Takaichi would mean for economic policy and markets, Sajjid Z. Chinoy (Head of Asia Economics) and Tim West (Executive Director, Japan Sales) are joined in this week’s podcast by:

Ayako Fujita – Chief Japan Economist

This podcast was recorded on Oct 10, 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.

Meera Chandan, Natasha Kaneva, Anezka Christovova, Junya Tanase and Patrick Locke discuss the outlook for gold/ the dollar, emphasize the case for cyclical FX, re-examine the prospects for yen following political developments in Japan and look ahead to next steps in the US government shutdown.

This podcast was recorded on 10 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-5098922-0, 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.

Ben Ramsey, Nishant Poojary and Jonny Goulden discuss the latest publication on EM Sovereign External Repayment Risks. This report builds on our previous work, providing a comprehensive assessment of external repayment risks across a broad set of EM and frontier sovereigns. We focus on 18 sovereigns flagged by our risk metric assessment as most vulnerable to credit events. Our set of countries features many familiar names that have faced stress in the past, but there are also some new names in the mix.

Our key finding is that the majority of at-risk EM sovereigns possess sufficient reserves and financing sources to meet upcoming Eurobond amortizations through 2026.

Speakers

This podcast was recorded on October 8, 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4987663-0 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, Arindam Sandilya and Patrick Locke break down the latest on 1) the US government shutdown's impact on the dollar, 2) next week's Japan LDP election for JPY, and 3) notable flows from recently-released FX reserve manager data for 2Q.

This podcast was recorded on 03 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-5093564-0

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 €STR/SOFR cross currency bases.

Speakers: 

Khagendra Gupta, Head of European Interest Rate Derivatives Strategy

This podcast was recorded on 3 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-5092332-0 

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.

Agri markets have returned to the US trade agenda, following President Trump’s commitment to discuss China’s absence of US soybean export orders at an upcoming meeting with President Xi. However, it’s likely too late for US soybean farmers and exporters to regain market share through the current season, unless the Chinese reserve moves into stockpiling mode.

During this episode, Tracey also discusses the agri market outlook including recent fundamental developments and weather risks as the ENSO cycle is transitioning to La Nina. Our September 2025 assessment of global agri commodity fundamentals has found that availability remains at or near multi-year lows in 2025/26 and with markets priced for production perfection, we see upside price risks ahead across much of the complex. 

Speakers:  

Tracey Allen, Senior Commodities Strategist, Head of Agricultural Commodities Research

This podcast was recorded on October 3, 2025.

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 01 October 2025.

This communication is provided for information purposes only.

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.