In this conversation, J.P. Morgan Research analysts Jay Barry and Phoebe White discuss how larger projected fiscal stimulus is likely to impact the outlook for Treasury yields, TIPS breakevens, and Treasury issuance trends.

This podcast was recorded on February 22, 2021.

This communication is provided for information purposes only.  Institutional clients can view the related reports atwww.jpmm.com/research/content/GPS-3654261-0  and www.jpmm.com/research/content/GPS-3650752-0 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 “How would larger fiscal stimulus impact Treasuries and TIPS?, February 22, 2021.” © 2021 JPMorgan Chase & Co. All rights reserved.