At Any Rate

In our last FX podcast of the year, we discuss the main questions and highlights from our year-ahead outlook meetings as well as take-aways from DM central bank meetings and US data releases.   Speakers Meera Chandan, Global FX Strategy Patrick Locke, Global FX Strategy Junya Tanase, Japan Markets Research Octavia Popescu, Global FX Strategy   This podcast was recorded on 19 December 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5158663-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.    

US Rates Strategists Teresa Ho, Ipek Ozil, and Phoebe White discuss the implications of the delayed economic data, Fed chair selection process, and the Fed’s newly announced Reserve Management Purchases. Speakers Teresa Ho Gentile (U308601) Head of US Short Duration Strategy Phoebe White (I189848) Head of US Inflation Strategy Ipek Ozil (V520278) Head of US Interest Rate Derivatives Strategy This podcast was recorded on 18 December 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.   This podcast was recorded on 17 December 2025. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures  for important disclosures. © 2025 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.  

This week, our Global FX Strategists break down what the recent move in global rates means for FX, and how the FOMC meeting impacted the broad dollar. We also preview next week’s US data along with other upcoming central bank meetings, and discuss how FX vol is priced for ahead of those events.   Speakers Patrick Locke Global FX Strategy, Ladislav Jankovic Global FX Strategy, Octavia Popescu Global FX Strategy   This podcast was recorded on 12 December 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5156482-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

Surpluses in 2025 are expected to widen further into 2026 and 2027, as global oil supply is projected to outpace demand—expanding at three times the rate of demand growth through 2026, before slowing to about one-third of that pace in 2027. This dynamic is likely to exert downward pressure on oil prices. However, the magnitude suggested by market imbalances is unlikely to fully materialize in practice. Adjustments are expected on both the supply and demand sides; however, the greatest burden of rebalancing will almost certainly fall on supply.   Speakers:  Natasha Kaneva, Head of Global Commodities Research  Greg Shearer, Head of Base Precious Metals Research   This podcast was recorded on December 12, 2025.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5120230-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.