“Making Sense,” the podcast channel from J.P. Morgan’s Commercial & Investment Bank, brings you views and analysis from the Investment Banking, Markets and Research businesses. In each episode, experts discuss the latest market outlooks, trends and developments impacting our complex global economy. Subscribe now for insights that will help you navigate the world we live in.
The Asia-Pacific region serves as a primary engine for global growth, maintaining a 4.5% GDP expansion driven by a manufacturing renaissance and surging demand for AI infrastructure. While the global economic order faces fragmentation and rising costs of capital, Southeast Asian markets benefit from supply chain reconf...
General Chris Cavoli, former Supreme Allied Commander Europe, examines the evolving landscape of global security and the critical need for defense industrial modernization. The conflict in Ukraine has exposed a significant gap in Western arsenals: the lack of "affordable, capable, attritable mass," necessitating a shif...
Market volatility and a higher-for-longer interest rate environment are fundamentally altering corporate financing and investment strategies. Rising treasury yields and increased rate volatility demand that sponsors and issuers account for a broader range of outcomes when managing capital. Sponsors are increasingly coo...
Hedge fund performance in 2026 remains driven by equity long/short and long-only strategies, though significant return dispersion highlights the critical importance of manager selection. The Asia-Pacific region has emerged as a primary source of alpha, with managers there substantially outperforming those in EMEA and t...
Payments have evolved from a back-office treasury function into a strategic revenue enabler that is core to modern business models. The industry now handles massive daily volumes—sometimes reaching $17 trillion—necessitating a focus on stability, resiliency, and trust. Key shifts include the rapid digitization of globa...
The Security and Resiliency Initiative (SRI) addresses critical vulnerabilities in global supply chains and industrial bases, spurred by geopolitical instability, the COVID-19 pandemic, and the rapid emergence of technologies like AI and quantum computing. Doug Petno, CEO of J.P. Morgan’s Commercial and Investment Bank...
Multi-strategy hedge funds are increasingly vital for institutional portfolios as traditional 60-40 allocations struggle with rising correlations between stocks and bonds. With assets under management reaching an estimated $595 billion by the end of 2025, these funds offer a source of uncorrelated, double-digit returns...
The U.S. labor market remains resilient despite recent headline misses, with job growth aligning with trend levels and labor participation increasing. While consumer sentiment surveys indicate recession-level pessimism, actual spending remains robust, largely supported by the wealth effect from AI-driven equity market ...
Tokenization is transitioning from experimental pilot programs to scalable, production-grade infrastructure within institutional finance. This shift is fueled by the convergence of regulatory clarity, the emergence of credible on-chain cash like J.P. Morgan Coin, and a market-wide need for improved liquidity and collat...
Credit markets are undergoing a fundamental transformation as they converge with rates and equity markets, characterized by increased electronification and continuous price discovery. Investment-grade and high-yield bond turnover has reached multi-year peaks, enabling more efficient risk management. Macroeconomic volat...
Treasury departments have evolved from back-office functions focused on basic cash positioning into strategic hubs at the epicenter of corporate risk, liquidity, and growth. This transformation is driven by increasing business complexity, geopolitical shifts, and the integration of advanced technologies like artificial...
Automation in emerging market (EM) rates trading is shifting from simple electronic communication to machine-driven price discovery and execution. This evolution enhances workflow efficiency, transparency, and scalability, particularly for systematic funds that rely on data-driven strategies. While electronification in...
2026 marks a historic year for global equity capital markets, with volumes reaching nearly $800 billion year-to-date, driven largely by a surge in IPO activity. Global Head of Tech ECM Eddie Byun highlights that current market depth and investor appetite for generational companies—particularly in AI—support this record...
Structuring in modern markets requires balancing complex client needs with simple, efficient implementation. By consolidating structuring teams into a single, matrixed unit, J.P. Morgan has improved cross-asset collaboration and alignment with sales and trading priorities. This integration facilitates a "one plus one e...
The Security and Resiliency Initiative (SRI) addresses critical vulnerabilities in U.S. supply chains by shifting from a just-in-time inventory model to a just-in-case approach. This transition prioritizes national security by securing domestic production of essential inputs like rare-earth magnets, pharmaceuticals, an...
U.S. power markets are undergoing a fundamental transformation driven by increased renewable energy penetration and surging demand from data centers and AI. This shift necessitates a more modern, granular approach to risk management, as traditional bilateral agreements struggle to address rising intraday volatility. El...
The aerospace and defense sector serves as a critical foundation for national security, necessitating a new strategic playbook driven by the Security and Resiliency in Action (SRI) initiative. Global defense spending is surging toward $1.5 trillion, fueling significant investment in high-growth areas such as AI, cybers...
Global equity markets remain constructive despite geopolitical uncertainty and ongoing dispersion, with a 15% year-to-date rise in the MSCI ACWI. A global tech boom and non-tech capital expenditure are broadening growth, supporting a 2.6% annualized growth forecast for the second half of the year. Europe shows resilien...
The latest U.S. Consumer Price Index (CPI) report reveals that while inflation has cooled significantly from its 2022 peak, price levels remain elevated, driven by persistent demand and sticky service costs. Senior Economist Mike Hanson notes that although headline inflation is slowing, the cumulative 28% rise in price...
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