At Any Rate
Episodes
Global FX and Rates: Yield curve steepening, payrolls and FX hedge ratios
05 Sep 2025
Contributed by Lukas
Meera Chandan, Francis Diamond, Patrick Locke and Octavia Popescu discuss the drivers of yield curve steepening across DM markets, FX implications of ...
Global Commodities: Risk premium out, storage premium in
05 Sep 2025
Contributed by Lukas
Oil prices have been trading at a premium to fair value over the last two months with Brent’s outperformance driven not by geopolitical factors but ...
EM Fixed Income: Wake me up when September starts
04 Sep 2025
Contributed by Lukas
Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the post-summer investment environment for EM and thoughts around tomorrow's payrolls scenari...
Global Rates: Scandi Rates Outlook
04 Sep 2025
Contributed by Lukas
In this podcast Khagendra Gupta and Frida Infante discuss recent developments and our views in Sweden and Norway rates market. This podcast was r...
Global Rates: Euro area and UK rate markets into the end of summer
29 Aug 2025
Contributed by Lukas
In this podcast, Francis Diamond and Khagendra Gupta discuss their latest views on Euro area and UK rate market as markets start to move out of summer...
Global Economics, FX and Rates: French political scenarios for macro markets
28 Aug 2025
Contributed by Lukas
Meera Chandan, Aditya Chordia and Raphael Brun-Aguerre discuss the various possible outcomes for the French political landscape and discuss implicatio...
Global FX: The weak dollar view passes a flow test
22 Aug 2025
Contributed by Lukas
This week, our FX Strategists break down the growth/inflation mix in the US and how that’s impacting the dollar, before providing an update on the s...
European Rates: Euro and UK inflation markets summer update
20 Aug 2025
Contributed by Lukas
In this podcast Francis Diamond and Frida Infante discuss the outlook for Euro area and UK inflation over the coming months and their thoughts on HICP...
Global Rates, FX & Economics: Scandinavian macro, FX, and rates update
15 Aug 2025
Contributed by Lukas
In this podcast Khagendra Gupta, Morten Lund, and James Nelligan discuss recent developments and our views in Sweden and Norway macro, FX, and rates m...
Global FX: Can USD weakness continue, Russia/Ukraine Scenarios and what’s next for GBP
15 Aug 2025
Contributed by Lukas
Meera Chandan, Anezka Christovova and James Nelligan discuss the outlook for the dollar and the next catalysts following the recent consolidation, var...
US Rates: Analysing Eurex and US futures roll
14 Aug 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 Sep25/Dec25 bond futures rollover...
Global FX: Update on systematic FX signals and EM currencies
08 Aug 2025
Contributed by Lukas
This week, our Global FX & EM strategists, Patrick Locke, Antonin Delair and Anezka Christovova discuss recent developments for the dollar, takeaw...
Global Rates: Dissecting the BoE’s hawkish cut, Scandi rate markets update
08 Aug 2025
Contributed by Lukas
In this podcast Francis Diamond and Khagendra Gupta discuss the August BoE rate decision and provide and update on Scandinavian Rate market themes and...
EM Fixed Income: Stay local this summer
07 Aug 2025
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 & Economics: BoE policy meeting preview
05 Aug 2025
Contributed by Lukas
UK economist Allan Monks joins FX strategist James Nelligan to discuss the risks around the BoE policy meeting this week and the broader view on the U...
Global FX and Rates: FOMC, Payrolls, Refunding and Trade deals
01 Aug 2025
Contributed by Lukas
Meera Chandan and Jay Barry discuss the take-aways for FX and rates from key events this week, ranging from FOMC, Payrolls, Refunding and Trade deals....
EM Fixed Income: Assessing a big week for trade and macro data
01 Aug 2025
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...
Global Commodities: Tariff shockwaves churn crude and copper markets
01 Aug 2025
Contributed by Lukas
Trade negotiations and tariffs continue to roil commodity markets with the Trump administration warning that India and China will face penalties due t...
US Rates: Stablecoins – they’re only getting started
31 Jul 2025
Contributed by Lukas
Teresa Ho and PJ Vohra discuss the latest developments with stablecoins, how they could or could not influence Treasury demand, and the introduction o...
Global FX, Rates and Economics: Post-ECB and pre-trade deal thoughts
25 Jul 2025
Contributed by Lukas
Meera Chandan, Greg Fuzesi, Khagendra Gupta and Aditya Chordia discuss take-aways from the latest ECB meeting as well as expectations on the US-EU tar...
Global Commodities: Is volatility cheap in September?
25 Jul 2025
Contributed by Lukas
Brent and WTI volatility have reached their lowest levels since April, shifting from a bullish to a bearish put bias. As we look ahead to September, w...
EM Fixed Income: Summer catch-up as spreads catch-down
25 Jul 2025
Contributed by Lukas
Jonny Goulden and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class. This podcast was recorded o...
US Rates: Previewing the August refunding announcement
23 Jul 2025
Contributed by Lukas
J.P. Morgan’s Jay Barry, Senior J.P. Morgan research and trading personnel will discuss their expectations for the refunding announcement as well as...
Global FX: Japan & US policy implications for FX
19 Jul 2025
Contributed by Lukas
Arindam Sandilya, James Nelligan and Patrick Locke discuss the FX outlook in the context of the weekend’s Japan elections, US policy volatility and ...
EM Fixed Income: Emerging Markets Outlook and Strategy: Hold reduced EM exposure into the summer as market pricing and positioning are downplaying risks
18 Jul 2025
Contributed by Lukas
Luis Oganes, Jonny Goulden and Jahangir Aziz discuss the outlook for Emerging Markets. Speakers Luis Oganes - Head of Global Macro Research Jonny G...
Global Commodities: Cocoa market crunch
18 Jul 2025
Contributed by Lukas
After historic price gains across the cocoa market through 2024, cocoa markets are leading the losses across agri markets through 2025 YTD. The hangov...
Global Rates: European rates summer themes – seasonality, swap spreads, SSAs and gilts
11 Jul 2025
Contributed by Lukas
In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta broadly discuss some summer themes for European rate markets focusing on seasonali...
Global FX: Keeping the bearish USD view
11 Jul 2025
Contributed by Lukas
Meera Chandan, Arindam Sandilya, Patrick Locke and James Nelligan discuss why the dollar still deserves to weaken over the medium-term, recent CNY fix...
Global Commodities: 50% copper tariffs coming soon; now comes the copper hangover
11 Jul 2025
Contributed by Lukas
The Trump administration announced plans this week to impose a 50% tariff on US copper imports beginning August 1st. While the 50% level of copper t...
Asia Cross Asset: Liberation Day 2.0 and Asia
10 Jul 2025
Contributed by Lukas
Featured in this podcast are Sajjid, Rajiv and Arindam discuss the outlook for Asia macro and rates/FX/equity markets in the aftermath of the latest U...
Global Commodities: Global upstream Oil & Gas capital spending faces first contraction since 2020
03 Jul 2025
Contributed by Lukas
Global upstream oil and gas spending is expected to hit $543 billion this year, a 1.1% decrease from 2024, with reduced capital allocation across all ...
Global FX: Deep-dive into global FX hedge ratios
03 Jul 2025
Contributed by Lukas
This week, our global FX strategists, Meera Chandan, Ben Jarman, Patrick Locke, Octavia Popescu and James Nelligan take a look at FX hedge ratios acro...
Global FX Derivatives: Thin Cushion. A Slippery Slope from Calm to Uncertainty
30 Jun 2025
Contributed by Lukas
In this episode of At Any Rate Arindam Sandilya, Juan Duran-Vara and Ladislav Jankovic discuss FX Derivatives themes of interest heading into 2H25. We...
Global Rates: European rates markets roundup: German fiscal, NATO meeting, carry themes, de-dollarisation flows and UK rates
27 Jun 2025
Contributed by Lukas
In this podcast Francis Diamond, Aditya Chordia and Elisabetta Ferrara discuss recent German fiscal and NATO events this week as well as views on carr...
Global FX: Mid-Year Outlook - Tell me something new
27 Jun 2025
Contributed by Lukas
The DM and EM FX strategy team discuss the new themes for currencies heading into 2H25. Speakers: Meera Chandan, Global FX Strategy Arindam Sandi...
Global Commodities: Big crops are unlikely to build world stocks, agri outlook into 2H25
27 Jun 2025
Contributed by Lukas
Looking at the latest outlook for the agri markets and where the risks lie ahead of upcoming formative USDA acreage and stocks reports. As we turn to ...
US Rates: DM swap spread outlook
27 Jun 2025
Contributed by Lukas
In this podcast Ipek Ozil and Khagendra Gupta discuss the main drivers of DM swap spreads with focus on US and German swap spreads. Speakers: Ip...
Oil Prices and Asia - Macro and Market Implications?
26 Jun 2025
Contributed by Lukas
Featured in this podcast are Sajjid Chinoy, Natasha Kaneva, Sean Kelly and Mixo Das. This podcast was recorded on Jun 25, 2025. This communication is ...
Global Rates: European rates Scandi and UK central bank round up
20 Jun 2025
Contributed by Lukas
In this podcast, Francis Diamond, Khagendra Gupta and Frida Infante discuss the Norges Bank, Riskbank and BoE meetings this week and implications for ...
Global FX and Economics: A look back to monetary policy and a look ahead to fiscal
20 Jun 2025
Contributed by Lukas
Meera Chandan, Greg Fuzesi, James Nelligan, Octavia Popescu and Patrick Locke discuss the FX implications of a wide range of topics - the upcoming Ger...
Global Commodities: The unintended consequences of destabilizing Iran
20 Jun 2025
Contributed by Lukas
Regime changes in oil-producing countries—whether through leadership transitions, coups, revolutions, or major political shifts—can profoundly aff...
EM Fixed Income: Weighing the impacts of Middle East escalation
20 Jun 2025
Contributed by Lukas
Jonny Goulden and Saad Siddiqui discuss the latest market developments and their impacts for the EM fixed income asset class. This podcast was recorde...
Global Rates: Monthly Inflation Outlook
18 Jun 2025
Contributed by Lukas
Rates strategists Francis Diamond and Phoebe White discuss their latest views on global inflation markets. Breakevens in DM inflation markets have bee...
US Rates: US rates market 2H25 outlook
16 Jun 2025
Contributed by Lukas
J.P. Morgan’s Jay Barry, Teresa Ho, Ipek Ozil, and Phoebe White discuss the outlook for the US rates market in the second half of 2025, discussing T...
Global FX: Range breaks in the offing for the dollar
13 Jun 2025
Contributed by Lukas
Arindam Sandilya, James Nelligan and Patrick discuss the outlook for currencies amid tariff and geopolitical tensions and ahead of a heavy calendar of...
Global Rates: European rates market 2H25 outlook – range trade and selectively seeking carry
13 Jun 2025
Contributed by Lukas
In this podcast Francis Diamond and Khagendra Gupta broadly outline their thoughts on Euro area and UK rates markets over the second half of this year...
Global Commodities: Aluminum’s premium paralysis
13 Jun 2025
Contributed by Lukas
Speakers: Greg Shearer, Head of Base & Precious Metals Research This podcast was recorded on June 13, 2025. The surprise increase in US aluminu...
US Rates: IORB, WFC, SLR, Oh My!
10 Jun 2025
Contributed by Lukas
Speakers: Teresa Ho Gentile, Head of US Short Duration Strategy Ipek Ozil, Head of US Interest Rate Derivatives Strategy Teresa Ho and Ipek Ozil ...
Macro Corporate Spotlight - De-dollarization: Fact and fable
10 Jun 2025
Contributed by Lukas
De-dollarization has increasingly become a substantive topic of discussion among corporate clients and market participants more broadly. We discuss de...
Global Commodities: Agri market globetrotting, outlook and risks ahead
06 Jun 2025
Contributed by Lukas
In this episode we will globetrot around key production regions, discussing the risks and outlook across agri market. Speaker: Tracey Allen, Head...
Global FX: The dollar, ECB, Treasury manipulator report and the 2H’25 outlook for EM FX
06 Jun 2025
Contributed by Lukas
This week, our Global FX and EM FX Strategists discuss the strategic dollar view given recent US data, impacts on EUR from the ECB and read-throughs f...
EM Fixed Income: EM outlook for 2H25
06 Jun 2025
Contributed by Lukas
Jonny Goulden, Saad Siddiqui, Nora Szentivanyi and Ben Ramsey discuss the outlook for Emerging Markets in 2H25. This podcast was recorded on 06 Jun...
Global Rates: European rates market topics: The ECB, cross currency basis and €-SSA markets
06 Jun 2025
Contributed by Lukas
In this podcast, Francis Diamond, Khagendra Gupta and Matteo Mamprin discuss a range of different European rate market topics covering the recent ECB ...
Asia Cross Asset: What's going on in JGBs?
05 Jun 2025
Contributed by Lukas
Featured in this podcast are Arindam Sandilya, Ayako Fujita, Takafumi Yamawaki, and Tim West. JPMorgan’s Japan macro team discusses the causes of an...