In this conversation, J.P. Morgan Research analysts Mike Feroli, Jay Barry, and Phoebe White discuss takeaways from the April FOMC meeting and compare the Fed's actions during the COVID-19 crisis with steps taken in WWII.

This podcast was recorded on May 4, 2020.

This communication is provided for information purposes only. Institutional clients can read the related report at www.jpmm.com/research/content/GPS-3349352-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. A version of this podcast was previously disseminated to institutional clients with the title “QE and YCC in wars, pandemics, and crashes, May 4 2020.” © 2020 JPMorgan Chase & Co. All rights reserved.