In this podcast, Francis Diamond, Khagendra Gupta and Matteo Mamprin discuss a range of different European rate market topics covering the recent ECB meeting, thoughts around cross-currency basis and an update on €-SSA markets.

This podcast was recorded on 06 June 2025.

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

https://www.jpmm.com/research/content/GPS-5002257-0

https://www.jpmm.com/research/content/GPS-4999113-0

https://www.jpmm.com/research/content/GPS-4999331-0.pdf

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.