At Any Rate

Latest Episodes:

Global Commodities: From chokepoints to checkbooks Jul 31, 2026

Show notes

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.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5385695-0 and 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 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 when such J.P. Morgan Data is accessible by a third-party.

US Rates: “Truth” and consequences: The impact of President Trump's Truth Social posts on interest rate markets Jul 31, 2026

Show notes

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 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 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 when such J.P. Morgan Data is accessible by a third-party.

Global FX: Dollar down after FOMC, MoF intervention Jul 31, 2026

Show notes

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

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

https://www.jpmm.com/research/content/GPS-5388109-0, https://www.jpmm.com/research/content/GPS-5390436-0

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 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 when such J.P. Morgan Data is accessible by a third-party.

Global Commodities: The Freakonomics of Oil Jul 24, 2026

Show notes

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 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 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 when such J.P. Morgan Data is accessible by a third-party.

Global FX: USD pre-Fed, EM movers, GBP & cross-border M&A Jul 24, 2026

Show notes

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.

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

https://www.jpmm.com/research/content/GPS-5374884-0

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

EM Fixed Income: At this rate, should we worry? Jul 23, 2026

Show notes

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.

US Rates: Fed Policy Outlook & New Task Forces Jul 22, 2026

Show notes

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 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 when such J.P. Morgan Data is accessible by a third-party.

Global Rates: A long hot summer for front-end inflation markets Jul 20, 2026

Show notes

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/research/disclosures for important disclosures.

Global Commodities: Eyes back on Hormuz Jul 17, 2026

Show notes

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 July 17, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5364444-0, https://www.jpmm.com/research/content/GPS-5363056-0 and 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 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 when such J.P. Morgan Data is accessible by a third-party.

Global Rates: Summer thoughts on European rates Jul 17, 2026

Show notes

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.

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

https://www.jpmm.com/research/content/GPS-5366265-0

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

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