At Any Rate
Episodes
Global Commodities: What are the Markets Missing?
20 Mar 2026
Contributed by Lukas
The war in the Middle East is reaching its three-week mark and commodities markets show no signs of easing. On the contrary, attacks on critical energ...
Global FX: Oil turns up the heat on central banks & FX
20 Mar 2026
Contributed by Lukas
This week, our Global FX Strategists unpack the ongoing spillover of the US-Iran conflict through to the dollar, as well as this week’s hawkish cent...
EM Fixed Income: Middle East conflict week 3 damage assessment for EM
20 Mar 2026
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. This po...
Global Rates: Global DM Swap Spread Outlook
20 Mar 2026
Contributed by Lukas
In this podcast Khagendra Gupta, Ipek Ozil, Francis Diamond, Takafumi Yamawaki, and Ben Jarman discuss the main drivers of DM swap spreads. Â This po...
Global Rates: Where next for CB and rates as the Middle-East conflict persists?
13 Mar 2026
Contributed by Lukas
In this podcast Francis Diamond, Jay Barry and Aditya Chordia discuss the impact of the ongoing Middle-East conflict on US, Euro area and UK rate mark...
Global Commodities: Mind the Metals
13 Mar 2026
Contributed by Lukas
It has been two weeks since the start of the conflict in the Middle East and supply-side issues remain the top concern for commodity markets. In addit...
Global FX: Winds of change for the dollar
13 Mar 2026
Contributed by Lukas
We discuss recent developments in energy prices and discuss how that is impacting the dollar outlook; Energy importers are particularly vulnerable. We...
EM Fixed Income: Assessing the situation and path ahead for EM in Week 2 of the Middle East conflict
12 Mar 2026
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. This po...
US Credit: Key Takeaways: J.P. Morgan Global Leveraged Finance Conference 2026
12 Mar 2026
Contributed by Lukas
This podcast was recorded on March 11, 2026. This communication is provided for information purposes only. Institutional clients can view the related ...
Global Commodities: Oil and Gas Rocked by Conflict
06 Mar 2026
Contributed by Lukas
On Saturday, February 28, Israel and the US started a wave of attacks on Iran, rocking the energy markets. As of Thursday, commercial traffic through ...
Global FX: The best escalation and recovery candidates
06 Mar 2026
Contributed by Lukas
We discuss the top down dollar/ FX view following developments in Iran and outline the best escalation and recovery candidates in DM and EM.  Spea...
EM Fixed Income: Taking stock one week into the Middle East conflict
06 Mar 2026
Contributed by Lukas
Jonny Goulden and Anezka Christovova discuss the latest market developments and their impacts for the EM fixed income asset class. This podcast was re...
Global FX: The dollar & AI, CNY, IEEPA, euro bloc
27 Feb 2026
Contributed by Lukas
We discuss recent developments around the CNY, GBP, SEK and the dollar. Speakers Meera Chandan, Global FX Strategy Tiffany Wang, Emerging Markets Stra...
European Rate Markets: Eurobonds, by-elections and the spring statement
27 Feb 2026
Contributed by Lukas
In this podcast Francis Diamond and Aditya Chordia discuss the topic of Eurobonds as well as UK rate markets following the recent by-election and ahea...
Global Commodities: Gas Finds a Tighter Balance
27 Feb 2026
Contributed by Lukas
Metals and oil dominated the market narrative in the last few weeks. Natural gas, however, has also been dynamic, having gone through its own period o...
EM Fixed Income: Risks around a positive base case
25 Feb 2026
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. This po...
Global FX: Interrogating the optimistic baseline
20 Feb 2026
Contributed by Lukas
Arindam Sandilya, Junya Tanase, James Nelligan and Patrick Locke stress test the cyclically constructive, dollar bearish baseline narrative in light o...
Global Commodities: Going Against the Grain on Oil
20 Feb 2026
Contributed by Lukas
Last week we visited the International Energy Week in London and found the market to be rather optimistic, making a bullish case for oil. Respectfully...
Global Commodities: Are Commodities the Market’s Crystal Ball?
13 Feb 2026
Contributed by Lukas
Sharp selloffs in metals and elevated oil prices beg the question - is commodity volatility a harbinger of things to come, or merely a correction? Whi...
Global FX: How much is too much?
13 Feb 2026
Contributed by Lukas
Arindam Sandilya, James Nelligan and Patrick Locke discuss the FX outlook against the backdrop of US equity stress and underperformance of US stocks r...
European Rates: Scandinavian rate outlook – a long winter hibernation
13 Feb 2026
Contributed by Lukas
In this podcast Francis Diamond and Frida Infante discuss the outlook for Sweden and Norway rate markets. Â This podcast was recorded on 13 February ...
EM Fixed Income: Getting fully back on the EM horse
13 Feb 2026
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. Â This...
Global Rates: Analysing Eurex and US futures roll
13 Feb 2026
Contributed by Lukas
In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of US and Eurex futures roll and their outlook for Mar26/Jun26 bond futures rollover...
Global FX: RBA, JP elections, euro/APAC rotation, dovish BoE, US data
06 Feb 2026
Contributed by Lukas
The FX team discusses a variety of topics: the euro bloc/ APAC FX rotation, RBA hawkish pivot, scenarios around upcoming JP elections, the dovish BoE ...
Global Commodities: Deconstructing the Metal Mania
06 Feb 2026
Contributed by Lukas
Metal mania returns. In this episode, Natasha Kaneva is joined by Greg Shearer, the Head of Base and Precious Metals at JPMorgan. We decompose the rec...
European Rates: ECB and BoE February meetings, skinny carry in Euro area, increased UK political noise
06 Feb 2026
Contributed by Lukas
In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss the ECB and BoE monetary policy meetings and implications for rate markets...
US Rates: Crypto market structure bill in limbo
05 Feb 2026
Contributed by Lukas
US Rates Strategists Teresa Ho and Molly Herckis discuss the latest developments in the digital cash space. Updates include a stall in Congress passin...
EM Fixed Income: A rest is as good as a change
05 Feb 2026
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. Â This...
Global Commodities: A week of commodity whiplash
31 Jan 2026
Contributed by Lukas
In this episode, JPMorgan analysts digest yet another week of market volatility in commodities. The metals hit records on Thursday, but only to backtr...
Global FX and Commodities: The dollar, metals, APAC and vols
30 Jan 2026
Contributed by Lukas
We assess the outlook for metals and the dollar after a parabolic week. Special focus on APAC. Â Speakers:Â Meera Chandan, Global FX Strategy Gregor...
EM Fixed Income: Navigating choppier seas with a temperamental compass
30 Jan 2026
Contributed by Lukas
Jonny Goulden, Arindam Sandilya and Anezka Christovova discuss the latest market developments and their impacts for the EM fixed income asset class. Â ...
At Any Rate: US Rates - Should we talk about the weather?
29 Jan 2026
Contributed by Lukas
Jay Barry and Phoebe White discuss the outlook for US rates in the wake of the FOMC meeting and preview the February refunding announcement. Â Speake...
Global FX: Bearish USD vs. EM FX risk appetite index, G10 cyclicals and the Fed
23 Jan 2026
Contributed by Lukas
Macro signals are highly procyclical but technical signals turn cautious – we debate what matters more. Plus USD/CNY breaks 7.0, Scandis break highe...
European Rates – Less keen on carry, UK political noise but no signal
23 Jan 2026
Contributed by Lukas
In this podcast Francis Diamond and Aditya Chordia discuss some key themes in European rate markets for January, revisiting the theme of limited selec...
Global Rates: Cross currency basis 1H26 outlook
23 Jan 2026
Contributed by Lukas
In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of €STR/SOFR cross currency base.  Speakers: Khagendra Gupta - Head of Europea...
EM Fixed Income: A technical signal amid all the noise
22 Jan 2026
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. This po...
Global Rates - Monthly Inflation Outlook
22 Jan 2026
Contributed by Lukas
US Rates strategist Phoebe White and European Rates strategist Frida Infante discuss the August inflation data and their outlook for inflation markets...
Global Rates: 2026 Global government issuance outlook
16 Jan 2026
Contributed by Lukas
J.P. Morgan’s Global Rates Strategy team discusses the outlook for DM government bond issuance in 2026.  Speakers Jay Barry, Head of Global Rates ...
Global FX: FX in the political crosshairs
16 Jan 2026
Contributed by Lukas
Arindam Sandilya, Patrick Locke, and Junya Tanase discuss the outlook for currency markets in the context of increased anxiety around Fed independence...
Global Commodities: Oil, gas, and metals kick off a volatile year
16 Jan 2026
Contributed by Lukas
It has been a busy start of the year for commodities markets. In oil, market attention has shifted from Venezuela to Iran and the risk of more than ...
EM Fixed Income: Sticking to the knitting
15 Jan 2026
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. This po...
At Any Rate: The GSEs and their $200bn Grand Spread Experiment
15 Jan 2026
Contributed by Lukas
Ipek Ozil, Nick Maciunas and Nate Rosenbaum discuss GSEs buying Agency MBS in size following President Trump’s social media post and the potential i...
Global FX: A highly procyclical start
09 Jan 2026
Contributed by Lukas
Meera Chandan, James Nelligan, Anezka Christovova and Patrick Locke discuss opportunities in DM and EM FX as 2026 kicks off. This podcast was recorded...
European Rates: January supply and technical drivers in Euro area rates, UK rates update
09 Jan 2026
Contributed by Lukas
In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss some key themes in European rate markets for January, focusing on Euro are...
Global Commodities: Venezuela – implications on commodities
09 Jan 2026
Contributed by Lukas
Recent events in Venezuela, specifically a US military operation on January 3, 2026, that captured Nicolás Maduro, so far have had limited immediate ...
Global FX: US data, DM central banks, year-end observations
19 Dec 2025
Contributed by Lukas
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 ce...
At Any Rate: US Rates - Keep the liquidity flowing
18 Dec 2025
Contributed by Lukas
US Rates Strategists Teresa Ho, Ipek Ozil, and Phoebe White discuss the implications of the delayed economic data, Fed chair selection process, and th...
EM Fixed Income: The most wonderful time
17 Dec 2025
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. Â This...
Global FX: Dollar down after Fed; central banks and US data center stage for FX next week
12 Dec 2025
Contributed by Lukas
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....
Global Commodities: Oil Outlook 2026/2027—Heavy Lifting
12 Dec 2025
Contributed by Lukas
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...
Global Commodities: 2026 Outlook – Supply-driven crocodile cycle
05 Dec 2025
Contributed by Lukas
Natasha Kaneva and team share J.P. Morgan’s 2026 Global Commodities Outlook. Commodity prices have experienced repeated and highly synchronized cycl...
Global FX Outlook 2026: Bearish USD, Bullish Beta
28 Nov 2025
Contributed by Lukas
The Global FX Strategy team delves into the year-ahead currency outlook across macro, systematic and derivative dimensions. Â Speakers Meera Chandan...
Global FX Volatility Outlook 2026
28 Nov 2025
Contributed by Lukas
FX vol remains subdued into 2026 on resilient US growth and low central bank activity, but starting levels limit further downside. Policy events in 1Q...
Emerging Markets Outlook and Strategy for 2026
26 Nov 2025
Contributed by Lukas
Luis Oganes, Jonny Goulden and Jahangir Aziz discuss the economic and fixed income market themes in their Emerging Markets outlook for 2026. Â This p...
Global Rates 2026 Outlook
26 Nov 2025
Contributed by Lukas
J.P. Morgan’s global rates strategists discuss the 2026 outlook for developed markets, with discussions on rates, curves, swap spreads and volatilit...
Global Commodities: Metals headed for even greater heights
21 Nov 2025
Contributed by Lukas
Greg Shearer shares J.P. Morgan’s outlook for base and precious metals in 2026. We retain our structural, multi-year bullish outlook for gold, seein...
Global Rates: Analyzing Eurex and US futures roll
18 Nov 2025
Contributed by Lukas
In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of US and Eurex futures roll and their outlook for Dec25/Mar26 bond futures rollover...
Global FX: EUR/USD contemplation, GBP fiscal and JPY woes
14 Nov 2025
Contributed by Lukas
Arindam Sandilya, Meera Chandan and James Nelligan discuss the outlook for currencies with a focus on the European FX bloc. Â This podcast was record...
Global Commodities: Rising LNG supply underscores need for demand-side infrastructure
14 Nov 2025
Contributed by Lukas
Greg Shearer speaks with Otar Dgebuadze and Nina Fahy on the rising global LNG supply, slowdown of demand in key established markets and how the infra...
EM Fixed Income: A year of Latam elections
13 Nov 2025
Contributed by Lukas
Anezka Christovova, Ben Ramsey, Tania Escobedo, Alisa Meyers and Gisela Brant discuss election considerations for LatAm fixed income markets. This pod...
Agri Outlook for 2026/27: Volatility to return off compressed levels in 2026, as global agri availability continues to slide
12 Nov 2025
Contributed by Lukas
Tracey shares the Agri outlook for 2026/27, elaborating on her view: bearish short-term prospects for US soybeans but constructive outlooks for grains...
European Rates: BoE and Scandi central bank roundup
07 Nov 2025
Contributed by Lukas
In this podcast Francis Diamond and Khagendra Gupta discuss the recent Riksbank, Norges Bank and BoE meetings this week and implications for European ...
Global FX: Dollar oscillates; more fiscal clarity for GBP & CAD
07 Nov 2025
Contributed by Lukas
This week, our Global FX Strategists discuss various US factors influencing the dollar, the outlook for EUR, and the latest budget-related development...
EM Fixed Income: All the small things
06 Nov 2025
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. This po...
Global Rates: Trick or Treating with Central Banks
31 Oct 2025
Contributed by Lukas
Ipek Ozil and Khagendra Gupta discuss the recent and upcoming central bank developments as well as their impact on derivatives markets. Â Speakers:Â ...
Global FX: Hawkish Fed & dovish BoJ force a Yen forecast rethink
31 Oct 2025
Contributed by Lukas
This week, our Global FX Strategists discuss whether the hawkish Fed surprise changes the outlook for the dollar, how we’re thinking about USD/JPY f...
Global Commodities: China’s LNG demand to peak in early 2030s
31 Oct 2025
Contributed by Lukas
China’s gas market has seen robust demand growth, matched with domestic production growth and rising Russian pipeline flows, leading to our conclusi...
EM Fixed Income: Not spooked yet
30 Oct 2025
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. This po...
Asia Cross Asset Podcast: From Abenomics to ‘Sanae-nomics’ - What to expect for Japan policies, markets and the Yen
28 Oct 2025
Contributed by Lukas
Featured in this podcast are Ayako Fujita, Rie Nishihara, Junya Tanase and Arindam Sandilya discuss the outlook for Japanese macro and markets in the ...
At Any Rate: Of funding and refundings
24 Oct 2025
Contributed by Lukas
Rates strategists Jay Barry, Teresa Ho, and Phoebe White discuss recent developments in money markets and what it could mean for the Fed’s QT proces...
Global FX: Japan focus, US/China, PMIs, Fed/ECB
24 Oct 2025
Contributed by Lukas
Patrick Locke, Junya Tanase, Meera Chandan, Arindam Sandilya and James Nelligan discuss the pivotal Japan macro week ahead of us, as well as the outlo...
Global Commodities: Oil glut paves way for stronger sanctions. If enforced
24 Oct 2025
Contributed by Lukas
Nearly 70% of Russian crude production and exports are now under sanctions, raising costs and slowing settlements even though only 5% of exports use U...
EM Fixed Income: Reviewing the global & previewing the upcoming idiosyncratic
23 Oct 2025
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Gisela Brant discuss the latest market developments and their impacts for the EM fixed income asset class. This ...
Taking stock of the evolving value proposition of stablecoins
23 Oct 2025
Contributed by Lukas
We discuss the key takeaways of our recently published report “Macro Corporate Spotlight: Taking stock of the evolving value proposition of stableco...
Global Commodities: Cocoa demand crunch not as bitter as feared
20 Oct 2025
Contributed by Lukas
With Halloween around the corner, one of the peak seasons for chocolate and confectionery demand, cocoa prices have corrected sharply lower, down -20%...
US Rates - Does QT's end matter for funding and Treasury markets?
17 Oct 2025
Contributed by Lukas
With QT likely to conclude by the end of the year, US Rates strategists Teresa Ho and Phoebe White discuss the implications for funding and Treasury m...
Global FX: Sailing the USD Bearish Ship in Murky Waters
17 Oct 2025
Contributed by Lukas
Against a backdrop of limited data visibility from the US government shutdown, our Global FX Strategists discuss 1) how global growth momentum indicat...
European Rates: market moves, 2026 Euro area issuance, SSAs, Scandi markets and European inflation
17 Oct 2025
Contributed by Lukas
In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss the recent European rate markets moves as well as a variety of different t...
Asia Cross Asset Podcast: Japan - The New LDP Leader: Implications for policy and markets
13 Oct 2025
Contributed by Lukas
Featured in this podcast are Sajjid Chinoy, Ayako Fujita, Junya Tanase, Takafumi Yamawaki, Rie Nishihara and Tim West. This episode was recorded on Oc...
Global FX and Commodities: The bullish case for gold, the bearish case for USD ex-yen and the shutdown showdown
10 Oct 2025
Contributed by Lukas
Meera Chandan, Natasha Kaneva, Anezka Christovova, Junya Tanase and Patrick Locke discuss the outlook for gold/ the dollar, emphasize the case for cyc...
EM Sovereign External Repayment Risks: Staying alive after 2025
08 Oct 2025
Contributed by Lukas
Ben Ramsey, Nishant Poojary and Jonny Goulden discuss the latest publication on EM Sovereign External Repayment Risks. This report builds on our previ...
Global FX: Shutdown limbo
03 Oct 2025
Contributed by Lukas
This week, our Global FX Strategists, Arindam Sandilya and Patrick Locke break down the latest on 1) the US government shutdown's impact on the dollar...
Global Rates: Cross currency basis 4Q25 outlook
03 Oct 2025
Contributed by Lukas
In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of €STR/SOFR cross currency bases.  Speakers: Ipek Ozil, Head of US Interest R...
Global Commodities: Agri trade returns to President Trumps Agenda
03 Oct 2025
Contributed by Lukas
Agri markets have returned to the US trade agenda, following President Trump’s commitment to discuss China’s absence of US soybean export orders a...
EM Fixed Income: Is better growth worse for EM?
01 Oct 2025
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. Â This...
US Rates - So long EFFR, welcome TGCR
26 Sep 2025
Contributed by Lukas
US Rates Strategists Teresa Ho and Ipek Ozil reflect on shifts to SOFR and EFFR this month as well as discuss the implications of TGCR as an alternati...
Global FX: Systematic signals, payrolls/ shutdown, risks to EUR/USD, AI-FX links
26 Sep 2025
Contributed by Lukas
Meera Chandan, Antonin Delair and Patrick Locke discuss the lower conviction and data dependent outlook for the dollar, as well as implications from s...
Global Commodities: Supply disruptions give copper prices breakout velocity
26 Sep 2025
Contributed by Lukas
A larger than initially expected supply disruption from the world’s second largest copper mine, Freeport’s Grasberg in Indonesia, will significant...
Global Rates: Scandi Central Banks and noisy UK politics
26 Sep 2025
Contributed by Lukas
In this podcast Francis Diamond and Khagendra Gupta discuss the Riksbank and Norges Bank meetings this month and implications for Scandinavian rate ma...
EM Fixed Income: Frontier Markets Focus
23 Sep 2025
Contributed by Lukas
Ayomide Mejabi, Nicolaie Alexandru, Katherine Marney and Gbolahan Taiwo discuss the mood at the 2025 Emerging and Frontier Markets Opportunities Confe...
Global Commodities: At Any Rate: Party like a semiquincentenarian
22 Sep 2025
Contributed by Lukas
With the Fed cutting cycle commencing this week, consensus expectations of a straightforward series of quarter-point rate cuts conceals a broad spectr...
Global FX: Take-aways from FOMC and other DM central banks
19 Sep 2025
Contributed by Lukas
Following DM central bank Superweek, we discuss currency take-aways from the Fed, BoC, Norges Bank and BoE and preview FX implications from the SNB an...
Global Rates: Digging into a week of DM central bank decisions
19 Sep 2025
Contributed by Lukas
Rates strategists Jay Barry and Francis Diamond discuss the outcomes of this week's FOMC, BoE, and BoJ meetings, and the impact on DM rates markets. Â ...
Global Rates: Monthly Inflation Outlook
18 Sep 2025
Contributed by Lukas
US Rates strategist Phoebe White and European Rates strategist Frida Infante discuss the August inflation data and their outlook for inflation markets...
EM Fixed Income: (EM) Credit where credit’s due
18 Sep 2025
Contributed by Lukas
Jonny Goulden, Ben Ramsey, YM Hong and Ayomide Mejabi discuss the implications of the Fed cut for EM, as well as the mood at the Emerging and Frontier...
US Rates: Yield curve bull flattens ahead of September FOMC
12 Sep 2025
Contributed by Lukas
US Rates strategists Phoebe White and Ipek Ozil reflect on the drivers of this week’s bull flattening move and discuss views ahead of next week’s ...
Global FX: Previewing central bank event risk for FX
12 Sep 2025
Contributed by Lukas
This week, our Global FX Strategists touch on the latest developments in CNY, and preview a loaded central bank week for currencies.  Speakers Mee...
Global Rates: ECB and BoE meetings, French spreads and Dutch indexation
12 Sep 2025
Contributed by Lukas
In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss the Euro market post the September ECB meeting, French spreads following t...
Global Commodities: Beware the Ides of September
12 Sep 2025
Contributed by Lukas
We revisit the five conditions outlined in June that are necessary for crude oil prices to start reflecting the expected year-end weakness, and sugges...
Emerging Markets Outlook and Strategy for September 2025
11 Sep 2025
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Nora Szentivanyi discuss the latest market developments and their impacts for the EM fixed income asset class. Â ...