At Any Rate

Global FX: Can USD weakness continue, Russia/Ukraine Scenarios and what’s next for GBP

US Rates: Analysing Eurex and US futures roll

Ipek Ozil and Khagendra Gupta discuss the drivers and outlook for the September/December US and Eurex bond futures rollover. They highlight differences between US and Eurex bond futures, noting delivery specifics. The macro backdrop for the US includes recent economic data and expectations of Federal Reserve easing, wh...

Global FX: Update on systematic FX signals and EM currencies

Global Rates: Dissecting the BoE’s hawkish cut, Scandi rate markets update

EM Fixed Income: Stay local this summer

Global FX & Economics: BoE policy meeting preview

Global FX and Rates: FOMC, Payrolls, Refunding and Trade deals

In J.P. Morgan's "At Any Rate" podcast, Meera Chandan and Jay Barry discuss the week's market events, focusing on FX and rates. Meera acknowledges a tough week for dollar bears, while Jay analyzes the Fed's stance, the latest jobs report, and the implications of the Treasury refunding announcement. They debate the sign...

EM Fixed Income: Assessing a big week for trade and macro data

Global Commodities: Tariff shockwaves churn crude and copper markets

US Rates: Stablecoins – they’re only getting started

In this episode of J.P. Morgan's global research podcast, P.J. Vohra and Teresa Ho discuss the stablecoin market, highlighting recent developments like the Genius Act and the Clarity Act. Teresa Ho clarifies that stablecoins, while similar to money market funds in liquidity and asset backing, differ in yield payout and...

Global FX, Rates and Economics: Post-ECB and pre-trade deal thoughts

In J.P. Morgan's "At Any Rate" podcast, Meera Chandan and a panel of experts, including Greg Fuzesi, Khagendra Gupta, and Aditya Chordia, discuss European economies and rates markets. The podcast focuses on takeaways from the ECB meeting and the potential impact of ongoing US-EU tariff negotiations. The speakers analyz...

Global Commodities: Is volatility cheap in September?

In this episode of At Any Rate, Natasha Kaneva, head of J.P. Morgan Global Commodities Research, discusses the expected increase in oil price volatility in September 2025. She attributes this anticipated volatility to a convergence of bullish and bearish factors, including Trump's ultimatum to Russia, the new European ...

EM Fixed Income: Summer catch-up as spreads catch-down

US Rates: Previewing the August refunding announcement

In J.P. Morgan's "At Any Rate" podcast, Jay Barry, Eric Childs, and Phoebe White discuss the upcoming August refunding announcement and its potential impact on the Treasury market. They analyze financing estimates, T-bill issuance, and coupon auction sizes, highlighting the Treasury's need to rebuild its cash balance a...

Global FX: Japan & US policy implications for FX

EM Fixed Income: Emerging Markets Outlook and Strategy: Hold reduced EM exposure into the summer as market pricing and positioning are downplaying risks

In this episode of the At Any Rate Emerging Markets Focus podcast, Luis Oganes, Jahangir Aziz, and Jonny Goulden discuss the outlook for emerging markets in the coming months. Jahangir addresses the uncertainty surrounding U.S. tariffs and their potential impact on EM growth, noting that current tariff rates are worse ...

Global Commodities: Cocoa market crunch

Global Rates: European rates summer themes – seasonality, swap spreads, SSAs and gilts

Global FX: Keeping the bearish USD view

Global Commodities: 50% copper tariffs coming soon; now comes the copper hangover