At Any Rate

Latest Episodes:

Global FX: Bearish EUR factors intensify, USD decouples from real rates, and an update on low FX vols May 29, 2026

Show notes

This week, our Global FX Strategists, Patrick Locke, Meera Chandan, Arindam Sandilya and Ladislav Jankovic look at the dollar’s undershoot vs real rates, the accumulation of bearish forces challenging EUR, developments around KRW & CNH, and the outlook for FX vols currently trading near historical lows.

This podcast was recorded on 29 May 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5315695-0 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.

EM Fixed Income: EM resilience amid renewed USD strength and idiosyncratic pitfalls May 28, 2026

Show notes

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

This podcast was recorded on 28th May 2026.

Global FX: Broader impacts from the dollar bid May 22, 2026

Show notes

We run through some of the broader considerations from the recent dollar bid including the JPY intervention outlook.

This podcast was recorded on 22 May 2026.

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

Global Commodities: What’s New? May 22, 2026

Show notes

As Iran and the US continue to work towards a deal, some commodities markets have undergone structural changes. Asian LNG, for example, has been trading at an elevated premium compared to European benchmarks, while precious metals have been sidelined in the short-term. In this episode, we present new forecast additions, as well as discuss our updated views on the trends we are observing.

Speakers:

Otar Dgebuadze, European Natural Gas

Greg Shearer, Head of Base and Precious Metals Strategy

This podcast was recorded on May 22, 2026.

This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 J.P. Morgan 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.

EM Fixed Income: Assessing EM amid the global repricing of rates May 20, 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 20 May 2026.

This communication is provided for information purposes only. For more information; please visit www.jpmm.com/research/disclosures for important disclosures.

Asia Cross Asset: Taking stock of the North Asian equity surge May 18, 2026

Show notes

Featured in this podcast are Arindam Sandilya and Mixo Das take stock of the North Asian equity surge, as Korea and Taiwan extend AI-led rallies amid improving monetization and shifting flows – assessing where the two markets may diverge and a readthrough to FX.

This podcast was recorded on May 18, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmorganmarkets.com/research/content/GPS-5268762-0, https://jpmorganmarkets.com/research/content/GPS-5291814-0,https://jpmorganmarkets.com/research/content/GPS-5274426-0 and https://jpmorganmarkets.com/research/content/GPS-5243037-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved.

Global FX: EUR-USD divergences, systematic signals, sterling struggles May 15, 2026

Show notes

Meera Chandan, Patrick Locke and Antonin Delair discuss why the top-down view is becoming more supportive of the dollar, new forecast profile for EUR/USD, systematic signal take-aways for FX and GBP follow-through from political developments.

This podcast was recorded on 15 May 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5304806-0 and https://www.jpmm.com/research/content/GPS-5304339-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

Global Commodities: Infrastructure 101 May 15, 2026

Show notes

As commodity analysts try to interpret the headlines on the Iran conflict, focus is increasingly turning towards potential recovery timeframes. Infrastructure, which was extensively damaged across the Middle East, plays a crucial role in this. Modern commodity markets are built on fragile supply chains and complex processing facilities, which require large investments and careful maintenance. In this episode, we cover the basics of infrastructure in gas and metals, as well as provide our regular update on conflict.

Speakers:

Otar Dgebuadze, European Natural Gas

Greg Shearer, Head of Base and Precious Metals Strategy

This podcast was recorded on May 15, 2026.

Global Rates: Analyzing Eurex and US futures roll and cross currency bases May 15, 2026

Show notes

In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of US and Eurex futures roll and their outlook for Jun26/Sep26 bond futures rollover. They also discuss their outlook for the cross currency bases through the remainder of the year.

Speakers
Ipek Ozil, Head, U.S. Interest Rate Derivatives Strategy
Khagendra Gupta, Head, European Interest Rate Derivatives Strategy

This podcast was recorded on May 15, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5291182-0, https://www.jpmm.com/research/content/GPS-5298292-0, https://www.jpmm.com/research/content/GPS-5290684-0 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Global Rates: Energy priced and UK politics drive Bunds and Gilt yields higher May 15, 2026

Show notes

In this podcast Francis Diamond and Aditya Chordia discuss Euro area and UK rate markets given the moves in oil prices and this week’s political events in the UK.

This podcast was recorded on 15 May 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5298094-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

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