Rates strategists Francis Diamond and Phoebe White discuss their latest views on global inflation markets following broad-based breakeven narrowing over the past month. Despite upside surprises in January CPI reports, front-end breakevens have underperformed while the forward inflation curve has steepened across US, Euro area, and UK markets.

Speakers:

Phoebe White   Head of US Inflation Strategy           

Francis Diamond   Head of European Rates Strategy

This podcast was recorded on 27 February 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 and Saad Siddiqui discuss the latest market developments and their impacts for the EM fixed income asset class.

Speakers:

This podcast was recorded on 27 February 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.

In this podcast Khagendra Gupta and Matteo Mamprin discuss the drivers of Eurex futures roll and their outlook for Mar25/Jun25 Eurex bond futures rollover

This podcast was recorded on 25 February 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4915436-0 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.

A fixed income cross-asset review as structural shifts gain critical mass.

Speakers:

This was recorded on February 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-4891328-0 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.

Meera Chandan and Greg Fuzesi discuss the outcome of the German elections, implications for a fiscal response and take-aways for currency markets.

This podcast was recorded on 24 February 2025.

This communication is provided for information purposes only. Institutional clients can view the related reports at

https://www.jpmm.com/research/content/GPS-4918826-0

https://www.jpmm.com/research/content/GPS-4913224-0

https://www.jpmm.com/research/content/GPS-4915483-0

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.

Rates strategists Jay Barry and Phoebe White discuss their latest views on the Treasury and TIPS market in the context of the January FOMC meeting minutes, debt management strategy commentary from Treasury Secretary Bessent, ongoing tariff headlines and rising survey-based inflation expectations.

Speakers:

This podcast was recorded on February 21, 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4915577-0, https://www.jpmm.com/research/content/GPS-4916770-0, https://www.jpmm.com/research/content/GPS-4916846-0, https://www.jpmm.com/research/content/GPS-4917624-0 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, Junya Tanase, and James Nelligan discuss the FX outlook amid cross-currents  of wavering tariff risk premium in the USD, European peace optimism and sharp moves in the JPY.

Speakers:

This podcast was recorded on 21 February 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4915483-0 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.

The original JCPOA agreement is set to expire on October 18, 2025, raising the question of whether it makes sense to restore the JCPOA as it was envisioned in 2015 or to draft a new nuclear agreement, with both the US and Iran signaling willingness to negotiate. Economic transformation in the Gulf requires stability and GCC countries have engaged with Iran, reducing support for aggressive US policies. Rebounding US inflation may also influence policy priorities. We forecast Iranian crude production to remain flat at 3.1 mbd in 2025, unchanged from 2024 levels.

Speaker:

Natasha Kaneva, Head of Global Commodities Research

This podcast was recorded on 21 February 2025.

In this podcast Francis Diamond, Ravi Balakrishnan, Nicolaie Alexandru-Chidesciuc and Aditya Chordia discuss frequently asked client questions on increasing spending needs for defence and Ukraine reconstruction, European policy response options, various funding options on table, and the impact on sovereign issuance and markets.

This podcast was recorded on 20 February 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4915753-0 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.

Natasha Kaneva, Meera Chandan and Anezka Christovova discuss the potential of recent developments on commodities and FX markets.

This podcast was recorded on 14 February 2025.

This communication is provided for information purposes only. Institutional clients can view the related reports at

https://www.jpmm.com/research/content/GPS-4909040-0

https://www.jpmm.com/research/content/GPS-4906783-0

https://www.jpmm.com/research/content/GPS-4904380-0

https://www.jpmm.com/research/content/GPS-4893759-0

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.