In this conversation, part of a series focused on U.S. fixed income markets, J.P. Morgan Research analysts Alex Roever, Josh Younger, and Phoebe White discuss the implications of the impending decline in the stock of Treasury bills and the policy proposals recently discussed by Fed Governor Randal Quarles for the U.S. funding markets.

This podcast was recorded on February 14, 2020. This communication is provided for information purposes only. Institutional fixed-income clients can read the related report at www.jpmm.com/research/content/GPS-3266153-0 for more information. Please visit www.jpmm.com/research/disclosures for important disclosures. ©2020 JPMorgan Chase & Co. All rights reserved.