At Any Rate

This week delivered headlines across the board, and commodities were no exception. While Brent crude prices dropped off 11% from their highs last week, the fundamentals have deteriorated in Hormuz and Bab-el-Mandeb, with reignited discussions about transit fees and their legality. Do these fees have historical precedents? Can they be legal? We answer in this episode.

Speaker: 

Natasha Kaneva, Head of Global Commodities Research

This podcast was recorded on July 31, 2026.

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J.P. Morgan Strategists discuss the impact of President Trump’s Truth Social posts on interest rate markets.

Speakers: 

Ipek Ozil, Head of US Interest Rate Derivatives Strategy

Chris Hayward, US Interest Rate Derivatives Strategist

This podcast was recorded on July 31, 2026.

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

https://www.jpmm.com/research/content/GPS-5380811-0, https://www.jpmm.com/research/content/GPS-5364829-0 for more information; please visit www.jpmm.com/research/disclosures for im...

This week, our Global FX Strategists unpack the fallout from the FOMC for the dollar, as well as implications from another round of Japan FX intervention against a BoJ hold. We also look at AUD’s reaction to recent local data and implications from the BoE meeting for GBP.

Speakers:

Patrick Locke, Global FX Strategy

Junya Tanase, Global FX Strategy

Ben Jarman, Global Economics, Rates & FX Strategy

Kunj Padh, Global FX Strategy 

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Brent is up nearly 40% in July, setting itself up for the strongest monthly gain since March. With flows from the Persian Gulf suppressed and Red Sea shipments at risk, it appears that geopolitics has taken control of the wheel once again. The story is, however, more nuanced.

Speaker: 

Natasha Kaneva, Head of Global Commodities Research

This podcast was recorded on July 24, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5374973-0 and...

This week, our global FX and EM strategists discuss the bullish risks for USD into the FOMC meeting, EM FX movers (ZAR, CLP, HUF), GBP valuations & BoE, as well as key takeaways on cross-border M&A flows in 1H’26. 

Speakers
Meera Chandan, Global FX Strategy
Patrick Locke, Global FX Strategy
Anezka Christovova, Head of EMEA EM Local Markets Strategy
Octavia Popescu, Global FX Strategy

This podcast was recorded on 24 July 2026.

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Anezka Christovova, Ben Ramsey and Michael Harrison discuss the latest market developments and their impacts for the EM fixed income asset class.

This podcast was recorded on 23 July '26.

This communication is provided for information purposes only. 

© 2026 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. M...

Speakers: 

Jay Barry, Head of Global Rates Strategy

Michael Feroli, Chief US Economist

Samantha Azzarello, Head of Content Strategy

This podcast was recorded on July 20, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5371657-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the writte...

In this podcast, Frida Infante and Harry Downie discuss the latest inflation data and breakeven markets across the euro area, the UK and the U.S. following a re-escalation of the US–Iran conflict, renewed hostilities in the Strait of Hormuz, and a sharp reversal higher in energy prices, and where they see the key risks.

This podcast was recorded on 20 July 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5351469-0 for more information; please visit www.jpmm.com...

The situation in the Strait of Hormuz has worsened, creating risks for the recovery of oil and gas infrastructure. Simultaneously, there are many questions on the return of central bank diversification and gold purchases, which is a central issue for the outlook on precious metals. In this episode, we focus on the news from the Middle East, as well as the status of gold and LNG markets.

Speakers: 

Otar Dgebuadze, European Natural Gas

Greg Shearer, Head of Base and Precious Metals Strategy

This podcast was recorded on Jul...

In this podcast Francis Diamond, Khagendra Gupta and Aditya Chordia discuss the upcoming ECB meeting, thoughts on yields over the summer and UK politics. If you have enjoyed listening to our podcast and reading our research we would great appreciate your support for us, the European Rates Strategy team, in the 2026 Extel Global Fixed Income Research survey in the Developed Europe: Economics & Strategy voting section.

This podcast was recorded on 17 July 2026.

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We discuss USD take-aways from the soft CPI print countered by Fed hawkishness, main take-aways from our suite of systematic models and key drivers/ views in EM with focus on Latam and EMEA. 

Speakers
Meera Chandan, Global FX Strategy
Patrick Locke, Global FX Strategy
Antonin Delair, Global FX Strategy
Anezka Christovova, Head of EMEA EM Local Markets Strategy 

This podcast was recorded on 17 July 2026.

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

Anezka Christovova, Ben Ramsey and Ayomide Mejabi discuss the latest market developments and their impacts for the EM fixed income asset class.

This podcast was recorded on 16 July 2026.

© 2026 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 wh...

Welcome to J.P. Morgan Global Research's podcast, In Focus, where we explore timely and thematic topics with insights from across Global Research. In today's episode, we unpack the US defense industrial base with our Industry & Policy thematics team and examine how it has evolved.

Speakers: 

Jahangir Aziz, Co-Head of Economic Research

Steven Palacio, Industry & Policy Thematics Analyst

Samantha Azzarello, Head of Content Strategy

This podcast was recorded on July 15, 2026.

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Ipek Ozil and Pankaj Vohra discuss some of the latest developments in funding.

Speakers
Ipek Ozil, Head, U.S. Interest Rate Derivatives Strategy
Pankaj Vohra, U.S. Short Duration Strategist

This podcast was recorded on July 10, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5363535-0 and https://www.jpmm.com/research/content/GPS-5361790-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights res...

Just as markets embraced an open Strait of Hormuz, a sense of déjà vu has washed over the commodities world when vessels were attacked this week. At the same time, Russian refineries continue to be targeted by drones, copper is again consumed by tariff uncertainty and the gas situation in Europe is setting up for a difficult winter.

Speakers: 

Otar Dgebuadze, European Natural Gas

Greg Shearer, Head of Base and Precious Metals Strategy

This podcast was recorded on July 10, 2026.

This communication is provid...

Arindam Sandilya, James Nelligan and Junya Tanase discuss the week in currencies.

This podcast was recorded on 10 July 2026.

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

https://www.jpmm.com/research/content/GPS-5360103-0

for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 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 us...

Anezka Christovova, Ben Ramsey and Michael Loh discuss the latest market developments and their impacts for the EM fixed income asset class.

This podcast was recorded on 09 July 2026.

© 2026 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 wh...

The Global FX team discusses take-aways from a mixed employment report as well as the outlook for yen, GBP and EMEA EM with focus on HUF.

Speakers
Meera Chandan, Global FX Strategy
Arindam Sandilya, Global FX Strategy
James Nelligan, Global FX Strategy
Michael Harrison, Emerging Markets Strategy

This podcast was recorded on 02 July 2026.

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https://www.jpmm.com/research/content/GPS-5351150-0

for more information; please vi...

While oil continues to be a key story for commodities markets, gold has been gathering more attention lately. The initial optimism after the signing of the Memorandum of Understanding ran into a hawkish FOMC, severing the connection between energy prices and rates and leading us to reassess the key demand channels for the metal. In this episode, we discuss our updated expectations for gold’s recovery.

Speaker: 

Greg Shearer, Head of Base and Precious Metals Strategy

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Anezka Christovova, Ben Ramsey and YM Hong discuss the latest market developments and their impacts for the EM fixed income asset class.

This podcast was recorded on 01 July 2026.

This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 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 ma...

Oil prices extended losses this week as oil flows through Hormuz ramped up to over 50% of pre-war levels. Recent reported data also suggests that the market relied more on demand destruction, as opposed to inventories, for its rebalancing. This prompted us to reconsider our original assumptions and the price outlook for the rest of the year, which we discuss in this episode. 

Speaker: 

Natasha Kaneva, Head of Global Commodities Research

This podcast was recorded on June 26, 2026.

This communication is provided for information purposes only. Institutional clien...

J.P. Morgan Rates strategists Jay Barry and Liam Wash discuss the current rates outlook, risks to the view, and what we can glean from past episodes of Fed mid-cycle hiking campaigns.

Speakers

Jay Barry - Head of Global Rates Strategy

Liam Wash – US Rates Strategy

This podcast was recorded on 26 June 2026.

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

https://www.jpmm.com/research/content/GPS-5348644-0

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Anezka Christovova, Ben Ramsey and Tania Escobedo discuss the latest market developments and their impacts for the EM fixed income asset class.

This podcast was recorded on 26 June 2026.

© 2026 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 wh...

This week, our Global FX Strategists respond to clients’ FAQs following mid-year outlook discussions. We also preview next week’s payrolls print for the dollar, and reflect on recent developments in CNY, GBP & CHF.

Speakers
Meera Chandan, Global FX Strategy
Arindam Sandilya, Global FX Strategy
Patrick Locke, Global FX Strategy
James Nelligan, Global FX Strategy 

This podcast was recorded on 26 June 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5329700-0 for mor...

We discuss our mid-year FX outlook in a rare long-format presentation.

Speakers

Meera Chandan, Global FX Strategy
Arindam Sandilya, Global FX Strategy
Junya Tanase, Global FX Strategy
Ikue Saito, Japan Markets Research
Ben Jarman, Global Economics, Rates & FX Strategy
James Nelligan, Global FX Strategy
Octavia Popescu, Global FX Strategy
Anezka Christovova, Head of EMEA EM Local Markets Strategy
Antonin Delair, Global FX Strategy
Kunj Padh, Global FX Strategy
Patrick Locke, Global FX Strategy

This podcast was recorded on 18 June 2026.

T...

Ladislav Jankovic, Arindam Sandilya and Sanjana Shinde discuss the outlook for FX volatility in 2H26.

This podcast was recorded on 18 June 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5329700-0 ,  https://www.jpmm.com/research/content/GPS-5329730-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 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...

In this podcast, Francis Diamond and Khagendra Gupta discuss the Riskbank, Norges Bank and BoE meetings this week and also talk (again) about the latest developments in UK politics following the Makerfield by-election. 

This podcast was recorded on 19 June 2026.

This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5341115-0, https://www.jpmm.com/research/content/GPS-5339725-0 and https://www.jpmm.com/research/content/GPS-5341244-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

Despite the signed Memorandum of Understanding and eased prices, tightness persists across commodities most affected by the closure of the Strait of Hormuz. In this episode, we highlight the state of natural gas and aluminum markets, as well as discuss the ‘invisible’ parts of our balances.

Speakers: 

Greg Shearer, Head of Base and Precious Metals Strategy

Otar Dgebuadze, European Natural Gas

This podcast was recorded on June 18, 2026.

This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for importan...

In this podcast, Frida Infante and Harry Downie discuss the latest inflation data and breakeven markets across the euro area, the UK and the U.S. in the wake of the U.S.–Iran MOU, the latest FOMC meeting, and easing energy prices—and where they see the key risks and opportunities.

This podcast was recorded on 18 June 2026.

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

https://www.jpmm.com/research/content/GPS-5329550-0, for more information; please visit www.jpmm.com/research/discl...

Welcome to J.P. Morgan Global Research's podcast, In Focus, where we explore timely and thematic topics with insights from across Global Research. In today's episode, we bring together macroeconomic views to explore key takeaways from the recently concluded G7 Summit. Today, we have joining us Michael Feroli, Chief US Economist, Greg Fuzesi, our Chief Euro Area Economist, and Ayako Fujita, our Chief Economist for Japan.

Speakers:

Michael Feroli, Chief US Economist

Greg Fuzesi, Chief Euro Area Economist

Ayako Fujita, Chief Japan Economist

Samantha Azzarello, Head of C...

Luis Oganes, Nora Szentivanyi, Anezka Christovova & Ben Ramsey discuss the outlook for Emerging Markets for 2H26.

This podcast was recorded on 15 June 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5324914-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 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 sh...

In this podcast Francis Diamond, Khagendra Gupta and Aditya Chordia discuss European rate market views for the second half of this year.

This podcast was recorded on 12 June 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5329365-0  for more information; please visit www.jpmm.com/research/disclosures  for important disclosures.

© 2026 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. Morg...

On one hand, we see increased oil tanker flows through the Strait of Hormuz. On the other hand, gas markets have had less luck getting LNG through the crucial chokepoint, setting the scene for a perfect storm of low storage injection rates, potentially higher El Niño cooling demand and slowing LNG supply growth. In this episode, we update you on the situation in the Strait and explain our view on gas.

Speakers: 

Natasha Kaneva, Head of Global Commodities Research

Otar Dgebuadze, European Natural Gas

This...

Arindam Sandilya, Junya Tanase, Patrick Locke and Octavia Popescu discuss the global FX outlook ahead of a heavy calendar of central bank meetings next week.

This podcast was recorded on 12 June 2026.

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

https://www.jpmm.com/research/content/GPS-5329605-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed wit...

We review the UK outlook in terms of economics and politics, as well as the ramifications for GBP, and we conclude with other views of note in the European space, namely regarding the SEK. 

Speakers

James Nelligan Global FX Strategy,
Allan Monks Chief UK Economist,
Octavia Popescu Global FX Strategy

This podcast was recorded on 10 June 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5329335-0 and https://www.jpmm.com/res...

Jay Barry and Ipek Ozil discuss the latest developments in rates markets and outlook for rates into the remainder of the year.

Speakers:

Jay Barry, Head of Global Rates Strategy

Ipek Ozil, Head of US Interest Rate Derivatives Strategy

This podcast was recorded on June 5, 2026. 

This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5326289-0 and https://www.jpmm.com/research/content/GPS-5326757-0  for more information; please visit www.jpmm.com/res...

If anything stands out in energy markets now, it is that prices have become remarkably sanguine despite an ongoing supply shock. Although market confidence and fundamentals have both contributed, our scenario analysis draws out less comfortable alternatives as the conflict drags on. In this episode, we discuss when a calm “Is that it?” can turn into a more apprehensive “What if this isn’t?”

Speakers: 

Natasha Kaneva, Head of Global Commodities Research

Otar Dgebuadze, European Natural Gas

This podcast was recorded on June 5, 2026.

This comm...

Meera Chandan, Patrick Locke and James Nelligan unpack the latest payrolls report, emphasizing U.S. exceptionalism, and preview the upcoming central bank meetings.

This podcast was recorded on 05 June 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5323445-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 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...

In this podcast Francis Diamond, Khagendra Gupta and Aditya Chordia discuss the upcoming ECB meeting and implications for Euro area rate markets, cross-market themes and provide an update on UK politics and the gilt market.

This podcast was recorded on 05 June 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5321668-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may no...

We spent last week in China, and the most striking takeaway from our meetings was not simply that oil demand has fallen, it was that it did so abruptly, unexpectedly, and with remarkably little visible disruption. In this episode, we run you through our observations and explain the structural oil demand shifts that we may see in the coming years.

Speaker: 

Natasha Kaneva, Head of Global Commodities Research

This podcast was recorded on May 29, 2026.

This communication is provided for information purposes only. Institutional clien...