At Any Rate

Recent events in Venezuela, specifically a US military operation on January 3, 2026, that captured Nicolás Maduro, so far have had limited immediate impact on global commodity markets. In this episode, we discuss the recent events in Venezuela and their potential long term implications oil, gas, and metals if Western investment returns to rebuild the nation’s infrastructure. Speakers: Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Natural Gas Research This podcast was recorded on January 9, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5166762-0, https://www.jpmm.com/research/content/GPS-5167264-0, https://www.jpmm.com/research/content/GPS-5168288-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 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.

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.

Natasha Kaneva and team share J.P. Morgan’s 2026 Global Commodities Outlook. Commodity prices have experienced repeated and highly synchronized cycles across various markets over the past 50 years, with these fluctuations closely tied to global economic trends through shifts in demand. This co-movement broke down in 2024, as energy prices reset lower while metals prices surged, marking the emergence of a new commodity regime, driven by divergent supply dynamics. Looking ahead to 2026 this deviation is expected to continue as supply-constrained metals continue to beat glutted energy. Speakers: Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Natural Gas Research This podcast was recorded on December 5, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5143468-0 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.

The Global FX Strategy team delves into the year-ahead currency outlook across macro, systematic and derivative dimensions. Speakers Meera Chandan, Global FX Strategy Arindam Sandilya, Global FX Strategy Anezka Christovova, Global FX Strategy Antonin Delair, Global FX Strategy Ben Jarman, Global FX Strategy Patrick Locke, Global FX Strategy James Nelligan, Global FX Strategy Kunj Padh, Global FX Strategy Octavia Popescu, Global FX Strategy Ikue Saito, Global FX Strategy Junya Tanase, Global FX Strategy This podcast was recorded on 28 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5135264-0 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.

FX vol remains subdued into 2026 on resilient US growth and low central bank activity, but starting levels limit further downside. Policy events in 1Q26 could test this regime, making cheap forward vols over 1Q attractive as portfolio hedges. Beyond that, FXO trade recommendations focus on European growth, Antipodean revival, debasement, carry via options, EUR skew harvesting, selling x-corrs, and leveraging the macro backdrop for efficiency in x-asset directionals. Speakers Arindam Sandilya, Global FX Strategy Ladislav Jankovic, Global FX Strategy Juan Duran-Vara, Global FX Strategy Sanjana Shinde, Global FX Strategy This podcast was recorded on 28 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5125942-0 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.

Luis Oganes, Jonny Goulden and Jahangir Aziz discuss the economic and fixed income market themes in their Emerging Markets outlook for 2026. This podcast was recorded on 26 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5136705-0 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.

J.P. Morgan’s global rates strategists discuss the 2026 outlook for developed markets, with discussions on rates, curves, swap spreads and volatility. Speakers: Jay Barry, Head of Global Rates Strategy Phoebe White, Head of US Inflation Strategy Ipek Ozil, Head of US Interest Rate Derivatives Strategy Teresa Ho, Head of US Short Duration Strategy Francis Diamond, Head of European Rate Strategy Khagendra Gupta, Head of European Interest Rate Derivatives Strategy Aditya Chordia, European Rates Strategy This podcast was recorded on November 25, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5140998-0 and https://www.jpmm.com/research/content/GPS-5136297-0 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.

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, seeing prices heading to $5,000/oz by 4Q26 as the long-term trend of official reserve and investor diversification into gold has further to run. In base metals, we are most convicted on our bullish view on copper, seeing prices rising towards $12,500/mt over 1H26 as acute supply disruptions are set to tighten a refined copper market and stress fragile ex-US inventory cover. Speaker: Greg Shearer, Head of Base & Precious Metals Research This podcast was recorded on November 21, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5132329-0 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.

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. Speakers: Ipek Ozil, Head of US Interest Rate Derivatives Strategy Khagendra Gupta, Head of European Interest Rate Derivatives Strategy This podcast was recorded on 18 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5125943-0 and https://www.jpmm.com/research/content/GPS-5131611-0 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.

Arindam Sandilya, Meera Chandan and James Nelligan discuss the outlook for currencies with a focus on the European FX bloc. This podcast was recorded on 14 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5131492-0 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.

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 infrastructure challenges limits significant demand growth in emerging LNG markets. Team thinks this ultimately warrants higher flexibility through storage and production in the US natural gas market. Speakers: Nina Fahy, Head of US Natural Gas Research Otar Dgebuadze, Natural Gas Research Greg Shearer, Head of Base & Precious Metals Research This podcast was recorded on November 14, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5112751-0 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.

Anezka Christovova, Ben Ramsey, Tania Escobedo, Alisa Meyers and Gisela Brant discuss election considerations for LatAm fixed income markets. This podcast was recorded on 13 November 2025. © 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.

Tracey shares the Agri outlook for 2026/27, elaborating on her view: bearish short-term prospects for US soybeans but constructive outlooks for grains and cotton. Cocoa to return to BCOM Index and prices are expected to remain firm near $6,000/tonne in 2026, while sugar prices show upside risk amid low stocks and political uncertainty. Broad food price inflation persists, with La Nina weather risks and policy developments in the US, Brazil, and India shaping the outlook. Speaker: Tracey Allen, Senior Commodities Strategist, Head of Agricultural Commodities Research This podcast was recorded on 7 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5098766-0, https://www.jpmm.com/research/content/GPS-5128475-0, https://www.jpmm.com/research/content/GPS-5096654-0, https://www.jpmm.com/research/content/GPS-5090092-0, https://www.jpmm.com/research/content/GPS-5008151-0, 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.

In this podcast Francis Diamond and Khagendra Gupta discuss the recent Riksbank, Norges Bank and BoE meetings this week and implications for European rates markets. This podcast was recorded on 07 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5122904-0 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.

This week, our Global FX Strategists discuss various US factors influencing the dollar, the outlook for EUR, and the latest budget-related developments from the UK & Canada. Speakers Patrick Locke, Global FX Strategy. Meera Chandan, Global FX Strategy. James Nelligan, Global FX Strategy. This podcast was recorded on 07 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5105543-0 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.

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 06 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4117650-0 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.

Ipek Ozil and Khagendra Gupta discuss the recent and upcoming central bank developments as well as their impact on derivatives markets. Speakers: Ipek Ozil, Head of US Interest Rate Derivatives Strategy Khagendra Gupta, Head of European Interest Rate Derivatives Strategy This podcast was recorded on 31 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5118629-0 and https://www.jpmm.com/research/content/GPS-5119964-0 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.

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 forecasts after a dovish BoJ meeting, and whether recent political events in Asia moves the needle for G10 & EM FX. Speakers Arindam Sandilya, Global FX Strategy Patrick Locke, Global FX Strategy ​Junya Tanase, Japan Markets Research This podcast was recorded on 31 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5121407-0 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.

China’s gas market has seen robust demand growth, matched with domestic production growth and rising Russian pipeline flows, leading to our conclusion that LNG demand will peak in 2032. However this doesn’t diminish China’s role in the global LNG market. With extensive regasification infrastructure, rising storage capacity, a diverse LNG contract portfolio, and multiple supply sources, China is positioned to potentially transition from a pure LNG importer to a global trader, gaining greater flexibility and optionality. Speakers: Natasha Kaneva, Head of Global Commodities Research Otar Dgebuadze, Natural Gas Research This podcast was recorded on October 31, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5110171-0 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.

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 30 October 2025. © 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.

Featured in this podcast are Ayako Fujita, Rie Nishihara, Junya Tanase and Arindam Sandilya discuss the outlook for Japanese macro and markets in the wake of Sanae Takaichi’s assuming office as PM and ahead of the upcoming October BoJ MPM This podcast was recorded on Oct 27, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmorganmarkets.com/research/content/GPS-5097313-0, https://jpmorganmarkets.com/research/content/GPS-5102873-0, https://jpmorganmarkets.com/research/content/GPS-5107290-0, https://jpmorganmarkets.com/research/content/GPS-5111360-0 and https://jpmorganmarkets.com/research/content/GPS-5112300-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

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 process. They also preview the November refunding. Speakers: Jay Barry, Head of Global Rates Strategy Phoebe White, Head of US Inflation Strategy Teresa Ho, Head of US Short Duration Strategy This podcast was recorded on October 24, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5111573-0, https://www.jpmm.com/research/content/GPS-5111467-0 and https://www.jpmm.com/research/content/GPS-5112512-0 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.

Patrick Locke, Junya Tanase, Meera Chandan, Arindam Sandilya and James Nelligan discuss the pivotal Japan macro week ahead of us, as well as the outlook for ECB/ Fed and US-China trade talks. This podcast was recorded on 24 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5111208-0 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.

Nearly 70% of Russian crude production and exports are now under sanctions, raising costs and slowing settlements even though only 5% of exports use US dollars. Russia has relied on offshore traders and new entities to maintain flows, but this is more challenging for major producers like Rosneft and Lukoil. Indian imports may fall by 400 kbd, while Chinese flows should remain steady. Over time, Russia can redirect up to 0.8 mbd to other markets and China could absorb an additional 1 mbd, but profit margins will narrow due to higher costs and deeper discounts. Export volumes are expected to stabilize within a quarter after an initial pause. Speaker: Natasha Kaneva, Head of Global Commodities Research This podcast was recorded on October 24, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5106838-0 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.

Jonny Goulden, Anezka Christovova and Gisela Brant discuss the latest market developments and their impacts for the EM fixed income asset class. This podcast was recorded on 23 October 2025. © 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.

We discuss the key takeaways of our recently published report “Macro Corporate Spotlight: Taking stock of the evolving value proposition of stablecoins”. Clients of J.P. Morgan can access this via the JPMM website. Speakers: Teresa Ho – Head of U.S. Short Duration Strategy Jonny Goulden – Head of EM Fixed Income Strategy Meera Chandan – Co-head of FX Strategy Kunj Padh – FX Strategy Moderator: Luis Oganes – Head of Global Macro Research This podcast was recorded on 22 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5093422-0 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.

With Halloween around the corner, one of the peak seasons for chocolate and confectionery demand, cocoa prices have corrected sharply lower, down -20% MOM and YTD losses are approaching -40%, after historic gains through 2025. This week, the final-quarter demand side data for the 2024/25 season arrived, and the 3Q grind was generally better than expected – albeit still historically weak. It will, however, take some time before consumers start to see the declining input costs of chocolate production hit their hip pocket. But there are strong indications that perhaps the worst of the cocoa market crunch is over, and that industry can plan with a little more confidence than in recent years. Speaker: Tracey Allen, Senior Commodities Strategist, Head of Agricultural Commodities Research This podcast was recorded on 17 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5096654-0 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.

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 markets, as well as their broader views on rates. Speakers: Phoebe White, Head of US Inflation Strategy Teresa Ho, Head of US Short Duration Strategy This podcast was recorded on October 17, 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.

Against a backdrop of limited data visibility from the US government shutdown, our Global FX Strategists discuss 1) how global growth momentum indicators are tracking, 2) new flare-ups in credit risk & US-China relations impacting the currency space, 3) recent developments in Australia & NZ, and finally 4) some impressions on FX market themes from this week’s IMF/Word Bank meetings. Speakers: Meera Chandan, Global FX Strategy Arindam Sandilya, Global FX Strategy Ben Jarman, Global FX Strategy Patrick Locke, Global FX Strategy This podcast was recorded on October 17, 2025 This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5106732-0 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.

In this podcast Francis Diamond, Aditya Chordia and Khagendra Gupta discuss the recent European rate markets moves as well as a variety of different topics: 2026 Euro area issuance, SSAs, Scandi markets and European inflation. This podcast was recorded on 17 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5103174-0 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.

Featured in this podcast are Sajjid Chinoy, Ayako Fujita, Junya Tanase, Takafumi Yamawaki, Rie Nishihara and Tim West. This episode was recorded on October 10, 2025. The surprise election of Sanae Takaichi as head of the Liberal Democratic Party (LDP) in Japan has brought Abenomics back in the air. But the macro environment in Japan is currently very different with inflation uncomfortably elevated and sticky. To make sense of what Takaichi would mean for economic policy and markets, Sajjid Z. Chinoy (Head of Asia Economics) and Tim West (Executive Director, Japan Sales) are joined in this week’s podcast by: Ayako Fujita – Chief Japan Economist Junya Tanase – Chief Japan FX Strategist Takafumi Yamawaki – Head of Japan Fixed Income Research Rie Nishihara – Head of Japan Equity Strategy This podcast was recorded on Oct 10, 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.

Meera Chandan, Natasha Kaneva, Anezka Christovova, Junya Tanase and Patrick Locke discuss the outlook for gold/ the dollar, emphasize the case for cyclical FX, re-examine the prospects for yen following political developments in Japan and look ahead to next steps in the US government shutdown. This podcast was recorded on 10 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5098922-0, 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.

Ben Ramsey, Nishant Poojary and Jonny Goulden discuss the latest publication on EM Sovereign External Repayment Risks. This report builds on our previous work, providing a comprehensive assessment of external repayment risks across a broad set of EM and frontier sovereigns. We focus on 18 sovereigns flagged by our risk metric assessment as most vulnerable to credit events. Our set of countries features many familiar names that have faced stress in the past, but there are also some new names in the mix. Our key finding is that the majority of at-risk EM sovereigns possess sufficient reserves and financing sources to meet upcoming Eurobond amortizations through 2026. Speakers Jonny Goulden, Head of EM Fixed Income Strategy Ben Ramsey, Head of EM Sovereign Credit Strategy Nishant Poojary, Emerging Markets Strategy This podcast was recorded on October 8, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4987663-0 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.

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, 2) next week's Japan LDP election for JPY, and 3) notable flows from recently-released FX reserve manager data for 2Q. This podcast was recorded on 03 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5093564-0 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.

In this podcast Khagendra Gupta and Ipek Ozil discuss the drivers of €STR/SOFR cross currency bases. Speakers: Ipek Ozil, Head of US Interest Rate Derivatives Strategy Khagendra Gupta, Head of European Interest Rate Derivatives Strategy This podcast was recorded on 3 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5092332-0 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.

Agri markets have returned to the US trade agenda, following President Trump’s commitment to discuss China’s absence of US soybean export orders at an upcoming meeting with President Xi. However, it’s likely too late for US soybean farmers and exporters to regain market share through the current season, unless the Chinese reserve moves into stockpiling mode. During this episode, Tracey also discusses the agri market outlook including recent fundamental developments and weather risks as the ENSO cycle is transitioning to La Nina. Our September 2025 assessment of global agri commodity fundamentals has found that availability remains at or near multi-year lows in 2025/26 and with markets priced for production perfection, we see upside price risks ahead across much of the complex. Speakers: Tracey Allen, Senior Commodities Strategist, Head of Agricultural Commodities Research This podcast was recorded on October 3, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5090092-0, https://www.jpmm.com/research/content/GPS-5088200-0 and https://www.jpmm.com/research/content/GPS-5094837-0 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.

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 01 October 2025. This communication is provided for information purposes only. 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 and Ipek Ozil reflect on shifts to SOFR and EFFR this month as well as discuss the implications of TGCR as an alternative benchmark. Speakers Teresa Ho, Head, U.S. Short Duration Strategy Ipek Ozil, Head, U.S. Interest Rate Derivatives Strategy This podcast was recorded on September 26, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5083215-0, https://www.jpmm.com/research/content/GPS-5082188-0 and https://www.jpmm.com/research/content/GPS-5090225-0 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.

Meera Chandan, Antonin Delair and Patrick Locke discuss the lower conviction and data dependent outlook for the dollar, as well as implications from systematic signals, the US government shutdown and payrolls. Risks around the EUR/USD view as well as AI-FX linkages are discussed. Speakers Meera Chandan, Global FX Strategy Antonin Delair, Global FX Strategy Patrick Locke, Global FX Strategy This podcast was recorded on September 26, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5089100-0 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.

A larger than initially expected supply disruption from the world’s second largest copper mine, Freeport’s Grasberg in Indonesia, will significantly tighten the copper market in the coming quarters and has flipped our forecasted S&D balance to deficits for this year and in 2026. Much tighter fundamentals and the draw on limited ex-US inventory flips us bullish on copper, seeing prices pushing towards $11,250/mt in the coming quarters. Speaker: Greg Shearer, Head of Base & Precious Metals Research This podcast was recorded on September 26, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5089117-0 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.

In this podcast Francis Diamond and Khagendra Gupta discuss the Riksbank and Norges Bank meetings this month and implications for Scandinavian rate markets as well as recent noise around UK politics. This podcast was recorded on 26 September 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5087057-0 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.

Ayomide Mejabi, Nicolaie Alexandru, Katherine Marney and Gbolahan Taiwo discuss the mood at the 2025 Emerging and Frontier Markets Opportunities Conference in London focusing on key themes and highlighting specific frontier countries. This podcast was recorded on 23 September 2025. This communication is provided for information purposes only. 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.

With the Fed cutting cycle commencing this week, consensus expectations of a straightforward series of quarter-point rate cuts conceals a broad spectrum of potential outcomes. Commodities have rallied 15% on average over previous benign cutting cycles yet have faced much stiffer headwinds over past recessionary-tinged rate-cutting cycles. That being said, the risk of renewed inflation is also high, especially in the US, which will celebrate its 250th anniversary in 2026. Reflation, accompanied by stronger underlying growth momentum, has produced the strongest and most broad-based positive environment for commodities, averaging +1.6% monthly returns. Natasha Kaneva is joined by Greg Shearer to discuss how commodities have performed over previous Fed cutting cycles and what to expect this time around. Speakers: Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research This podcast was recorded on September 19, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5082200-0 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.

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 and Riksbank next week. Speakers: Patrick Locke, Global FX Strategy Meera Chandan, Global FX Strategy James Nelligan, Global FX Strategy Junya Tanase, Global FX Strategy This podcast was recorded on 19 September 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5085230-0 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.

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. Speakers: Jay Barry, Head of Global Rates Strategy Francis Diamond, Head of European Rate Strategy This podcast was recorded on September 19, 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5084041-0 and https://www.jpmm.com/research/content/GPS-5085131-0 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 strategist Phoebe White and European Rates strategist Frida Infante discuss the August inflation data and their outlook for inflation markets going forward. While they see limited catalysts to push Euro area breakevens out of recent ranges, the backdrop remains supportive for US breakevens. Speakers: Phoebe White, Head of US Inflation Strategy Frida Infante, European Rates Strategist This podcast was recorded on September 18, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5077727-0 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.