At Any Rate

J.P. Morgan strategists discuss implications of last week’s FOMC meeting and this week’s Treasury Quarterly Refunding Announcement for interest rate markets.   Speakers: Ipek Ozil, Head of US Interest Rate Derivatives Strategy Chris Hayward, US Interest Rate Derivatives Strategist Mike Alexeev, US Interest Rate Derivatives Strategist Emre Alptuna, US Interest Rate Derivatives Strategist   This podcast was recorded on November 6, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmm.com/research/content/GPS-5516583-0, https://jpmm.com/research/content/GPS-5526440-0, and https://jpmm.com/research/content/GPS-5528651-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. Copyright 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. Without prior written consent from J.P. Morgan, it is prohibited to (A) use or share any material, commentary, information or other data received from J.P. Morgan or an authorized third-party ("J.P. Morgan Data") in any artificial intelligence ("AI") systems or models, or (B) use automated means, including robots, crawlers, web-scrapers or other automated tools or scripts, to access, collect, extract or harvest any J.P. Morgan Data, including scraping of user data, content, metadata, pricing information or other information.

This week, our Global FX Strategists Meera Chandan, Pat Locke & James Nelligan address post-midterm election implications for FX from policy and the spillover from equities. They also look at this week’s NFP, and argue that risk market behavior should actually trump data near-term for USD.  Finally, the strategists address the latest thinking around European FX following an active week of central bank decisions.   This podcast was recorded on 06 November 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5523626-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. Copyright 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. Without prior written consent from J.P. Morgan, it is prohibited to (A) use or share any material, commentary, information or other data received from J.P. Morgan or an authorized third-party ("J.P. Morgan Data") in any artificial intelligence ("AI") systems or models, or (B) use automated means, including robots, crawlers, web-scrapers or other automated tools or scripts, to access, collect, extract or harvest any J.P. Morgan Data, including scraping of user data, content, metadata, pricing information or other information.

This week has finally delivered the result of the Midterm elections, with energy markets repricing the risks in the Middle East. Risk premia have also eroded in agriculture, where many political and fundamental factors are active at once. In this episode, we discuss the risk profile for ags and our outlook for 2027. Speaker:  Tracey Allen, Head of Agricultural Commodities   This podcast was recorded on November 6, 2026. This communication is provided for information purposes only. Institutional clients 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. Without prior written consent from J.P. Morgan, it is prohibited to (A) use or share any material, commentary, information or other data received from J.P. Morgan or an authorized third-party ("J.P. Morgan Data") in any artificial intelligence ("AI") systems or models, or (B) use automated means, including robots, crawlers, web-scrapers or other automated tools or scripts, to access, collect, extract or harvest any J.P. Morgan Data, including scraping of user data, content, metadata, pricing information or other information.

In this podcast Khagendra Gupta and Marcus Mayfield discuss their new model to trade 6Mx10Y EUR rates gamma systematically.   This podcast was recorded on 06 November 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5523754-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.   Copyright 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. Without prior written consent from J.P. Morgan, it is prohibited to (A) use or share any material, commentary, information or other data received from J.P. Morgan or an authorized third-party ("J.P. Morgan Data") in any artificial intelligence ("AI") systems or models, or (B) use automated means, including robots, crawlers, web-scrapers or other automated tools or scripts, to access, collect, extract or harvest any J.P. Morgan Data, including scraping of user data, content, metadata, pricing information or other information.

Rates strategists Jay Barry and Amanda review the impact of the FOMC meeting on the US rates markets and preview the November refunding.   Speakers Jay Barry, Head of Global Rates Strategy Amanda Berke, US Rates Strategist   This podcast was recorded on October 30, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5512604-0 and https://www.jpmm.com/research/content/GPS-5508728-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. Copyright 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. Without prior written consent from J.P. Morgan, it is prohibited to (A) use or share any material, commentary, information or other data received from J.P. Morgan or an authorized third-party ("J.P. Morgan Data") in any artificial intelligence ("AI") systems or models, or (B) use automated means, including robots, crawlers, web-scrapers or other automated tools or scripts, to access, collect, extract or harvest any J.P. Morgan Data, including scraping of user data, content, metadata, pricing information or other information.

While oil has stabilized, European natural gas has spiked to over 100 EUR/MWh for the first time since 2022, driven both by fundamentals and potential re-escalation in the Middle East. In this episode, we cover the news in energy markets and share feedback on metals from the flagship LME Week gathering.   Speakers:  Otar Dgebuadze, European Natural Gas Greg Shearer, Head of Base and Precious Metals Strategy   This podcast was recorded on October 30, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmm.com/research/content/GPS-5506931-0, https://jpmm.com/research/content/GPS-5510912-0, https://jpmm.com/research/content/GPS-5510625-0 and https://jpmm.com/research/content/GPS-5469783-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. Copyright 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. Without prior written consent from J.P. Morgan, it is prohibited to (A) use or share any material, commentary, information or other data received from J.P. Morgan or an authorized third-party ("J.P. Morgan Data") in any artificial intelligence ("AI") systems or models, or (B) use automated means, including robots, crawlers, web-scrapers or other automated tools or scripts, to access, collect, extract or harvest any J.P. Morgan Data, including scraping of user data, content, metadata, pricing information or other information.

Meera Chandan, Patrick Locke, Anezka Christovova and James Nelligan review this week’s event risk including the Fed and BRL shock in the context of our market views, as well as previewing next week’s central bank meetings.  This podcast was recorded on 30 October 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5506987-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. Copyright 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. Without prior written consent from J.P. Morgan, it is prohibited to (A) use or share any material, commentary, information or other data received from J.P. Morgan or an authorized third-party ("J.P. Morgan Data") in any artificial intelligence ("AI") systems or models, or (B) use automated means, including robots, crawlers, web-scrapers or other automated tools or scripts, to access, collect, extract or harvest any J.P. Morgan Data, including scraping of user data, content, metadata, pricing information or other information.

Anezka Christovova, Ben Ramsey and Tania Escobedo Jacob discuss the latest market developments and their impacts for the EM fixed income asset class. This podcast was recorded on 29 October 2026. This communication is provided for information purposes only.  Copyright 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. Without prior written consent from J.P. Morgan, it is prohibited to (A) use or share any material, commentary, information or other data received from J.P. Morgan or an authorized third-party ("J.P. Morgan Data") in any artificial intelligence ("AI") systems or models, or (B) use automated means, including robots, crawlers, web-scrapers or other automated tools or scripts, to access, collect, extract or harvest any J.P. Morgan Data, including scraping of user data, content, metadata, pricing information or other information.  

What is the price of oil, really? While Brent crude is trading around $115, our pricing model based on market fundamentals suggests $94. How does this discrepancy arise? In this episode, we go through the basics of crude oil prices, as well as discuss the effects created by geography and risk premia.   Speaker:  Natasha Kaneva, Head of Global Commodities   This podcast was recorded on October 23, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmm.com/research/content/GPS-5469783-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. Copyright 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. Without prior written consent from J.P. Morgan, it is prohibited to (A) use or share any material, commentary, information or other data received from J.P. Morgan or an authorized third-party ("J.P. Morgan Data") in any artificial intelligence ("AI") systems or models, or (B) use automated means, including robots, crawlers, web-scrapers or other automated tools or scripts, to access, collect, extract or harvest any J.P. Morgan Data, including scraping of user data, content, metadata, pricing information or other information.

Arindam, Patrick and Octavia discuss the placidity of currency markets amid cross-asset risk-off jitters and the outlook for G3 FX ahead of key central bank meetings.   This podcast was recorded on 23 October 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5499880-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. Copyright 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. Without prior written consent from J.P. Morgan, it is prohibited to (A) use or share any material, commentary, information or other data received from J.P. Morgan or an authorized third-party ("J.P. Morgan Data") in any artificial intelligence ("AI") systems or models, or (B) use automated means, including robots, crawlers, web-scrapers or other automated tools or scripts, to access, collect, extract or harvest any J.P. Morgan Data, including scraping of user data, content, metadata, pricing information or other information.