Making Sense

Fed policy, inflation and jobs growth are top of mind — find out what they mean for the economy as J.P. Morgan experts share their insights and predictions. Join host Phoebe White, Head of U.S. Inflation Strategy as she talks to Michael Feroli, Chief U.S. Economist and Jay Barry, Co-Head of U.S. Rates Strategy. Together, they tackle the hard-hitting questions: Why is the U.S. economy not slowing down? Is a “soft landing” scenario a given? And when will inflation get back to a comfortable place? This episode was recorded on October 16, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

In light of the proposed updates from Moody’s on corporate hybrids, we dive into the potential changes and implications for financing strategies. In this episode, Jem Gumussoy, an Executive Director of our Investment Grade Finance team, hosted by Tan Hunjan, explores the corporate hybrid bond market and the impact of evolving industry standards. This episode was recorded on October 16, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

In this episode we hear from Renee Yao, Founder and CIO of Hedge Fund Neo Ivy, a firm which uses complex AI techniques in the investment process. Renee discusses the rationale for adopting these AI techniques, the evolution of these methods, and also the pitfalls and challenges of an AI-driven approach. Renee Yao is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group. To read more about Neo Ivy Capital, see https://www.neoivycapital.com/ This episode was recorded on September 12, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.

This episode highlights some of the top market structure themes you need going into Q4 2023, including the focus on Treasury basis trading, Basel III developments, India’s bond market dynamics, T+1 settlement and more. Join Kate Finlayson, Leland Price and Meridy Cleary as they highlight the key policy, trading, and microstructural developments right now. This episode was recorded on October 10, 2023. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument, are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2023 JPMorgan Chase & Company. All rights reserved.

What are Europe’s economic challenges and opportunities? Join host Louise Bennetts and Karen Ward, Chief Market Strategist EMEA at J.P. Morgan Asset Management, as they take a look back over the last decade to see what it means for Europe’s future. They discuss topics ranging from energy to inflation, capital markets and more. This episode was recorded on October 9, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

In this episode we hear from Jamie Wise, Founder, President and CEO of Hedge Fund Periscope Capital and BUZZ Holdings. He discusses the merit of tracking sentiment as an investing factor, the use of social media and online platforms as a discussion tool for retail investors, identifying alphas from those posts, and what those posts say about sentiment right now. Jamie Wise is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group. To read more about Periscope Capital, see https://www.periscopecap.com/ Note that BUZZ Holdings created the BUZZ NextGen AI US Sentiment Leaders Index, which is currently licensed by Van Eck & Associates for use in the VanEck Social Sentiment ETF (NYSE: BUZZ). This episode was recorded on September 12, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.

What does a former investment banker — and successful entrepreneur — have to say about leadership? During J.P. Morgan’s recent Tech Stars Leadership Forum, Scott Galloway, Professor of Marketing at NYU Stern School of Business, chatted with Alex Watkins, Co-Head of J.P. Morgan’s International Equity Capital Markets. Tune in now to hear Scott’s advice for tech founders and the top three things that make a good CEO, plus the key trends driving the tech industry. This episode was recorded on October 2, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

Michael Feroli, Chief US Economist, and Samantha Azzarello, Head of Content Curation and Strategy, discuss the September payrolls report. This episode was recorded on October 6, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

In this episode, we hear from Maxime Carmignac, CEO and Director of Carmignac UK. Maxime discusses the benefits of the fundamental discretionary investing style, how ESG can most powerfully be captured within this process, research around the benefits of family- and employee- owned businesses, and the rationale for providing financial products direct to the retail investor (both female and male). Maxime is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group. To read more about Carmignac, see https://www.carmignac.com/en_US This episode was recorded September 18, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.

Join Kathleen Darling as she hosts Brian Tramontozzi, Head of North American Leveraged Finance Capital Markets, to discuss the ever-so-active leveraged loan and high yield markets post-Labor Day reopening. In this podcast, they explore the recent uptick in deal activity, technical backdrop and outlook for Q4. Brian explains today’s favorable market conditions and why companies that have a need in the next few years to access capital, in either the leverage loan market or high yield market, should consider going now. This episode was recorded on September 27, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

In this episode, Krupa Patel dives into the UK economy and markets. She discusses the current UK inflation, growth and policy backdrop, how it differs from the rest of the DM world, and, in Krupa’s view the ripe x-asset investment opportunities currently presenting themselves. Krupa Patel, Head of International Market Intelligence is interviewed by Eloise Goulder, Head of the Data Assets & Alpha Group. This episode was recorded on September 22, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.

From the Hollywood strikes to carriage disputes and cord-cutting, media companies are grappling with several challenges. Join Philip Cusick (U.S. Communications Services, Infrastructure and Media), David Karnovsky (Head of U.S. Media, Entertainment and Advertising) and Jack Atherton (Technology, Media and Telecom Specialist Sales) as they explore the outlook for the media industry. This episode was recorded on September 22, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

As shareholder activism gains momentum worldwide, this podcast sheds light on key trends covering universal proxy rules, the capital allocation debate, M&A activity and the overall global outlook. Learn how boards and management can prepare for activism efforts and navigate the evolving business environment. J.P. Morgan experts lead this discussion, including David Freedman, Global Head of Shareholder Engagement and M&A Capital Markets, Alfredo Porretti, Head of Shareholder Engagement and M&A Capital Markets for North America and Darren Novak, Head of Shareholder Engagement and M&A Capital Markets for EMEA. This episode was recorded on September 15, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

In this episode, we hear from Peng Cheng, Head of Big Data and AI Strategies in the Global Research department of J.P. Morgan. Peng runs through two ways in which his team are leveraging ML/ AI techniques to forecast stock returns: on the one hand, using cross-sectional AI to assess corporate sentiment at the stock level (‘Smartbuzz’), and on the other hand, using time series machine learning techniques to forecast future returns. Peng also discusses what these toolkits say about markets today. Peng is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group. This episode was recorded on September 13, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.

In this episode, the group delves into investor positioning, discussing the extent to which equities have positioning headroom for a further rally from here. They look into positioning from a host of investor sources, including Hedge Funds, CTAs, the retail investor, ETFs and mutual funds, and across the US, Europe and Asia. Eloise Goulder, Head of the Data Assets & Alpha Group, is in discussion with John Schlegel, Head of the Global Positioning Intelligence team. This episode was recorded on September 11, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.

As J.P. Morgan’s European High Yield and Leveraged Finance conference concludes, Daniel Rudnicki Schlumberger, Head of Leveraged Finance EMEA, discusses key insights with Daniel Lamy, Head of European Credit Strategy Research and Andrew Crook, Head of EMEA Leveraged Finance Sales. They explore European leveraged finance markets’ short-term resilience and potential challenges on the horizon, from default rate expectations and corporate performance to the refinancing landscape. How will evolving dynamics impact investor sentiment and decision-making? This episode was recorded on September 8, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

China’s EV industry is experiencing exponential growth. Why is this so, and how is EV battery technology key to this revolution? Find out more from Nick Lai, Head of China Equity Research and Head of APAC Auto Research, and Rebecca Wen, who covers the China EV battery and auto parts sector at J.P. Morgan. This episode was recorded on September 5, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

With carbon markets growing exponentially, this episode delves into how emissions trading works, opportunities across regions, and policy initiatives helping to drive further market participation. Meridy Cleary from J.P. Morgan’s FICC Market Structure team speaks to emissions trader, Jose Cubria, on the fundamental drivers of compliance and voluntary carbon markets. This episode was recorded on August 24, 2023. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument, are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2023 JPMorgan Chase & Company. All rights reserved.

Michael Feroli, Chief US Economist, and Samantha Azzarello, Head of Content Curation and Strategy, discuss the August payrolls report. This episode was recorded on September 1, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

In this episode, Ben Thompson, Head of EMEA Leveraged Finance Capital Markets, hosts Martin Horne, Global Head of Public Assets at Barings. Ahead of J.P. Morgan’s European High Yield and Leveraged Finance conference, they discuss the current state of the debt capital markets and outlook for next year, diving into global and regional trends, portfolio positionings, the private credit market and more. This episode was recorded on August 29, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

In this episode, the group delves into European market structure, discussing firstly the context of still lackluster European turnover and liquidity, and secondly the emergence of the European retail investor. They discuss the European countries in which the retail investor has been most active, the characteristics of the stocks which have been most traded, and the possible market impact of these European retail flows. Eloise Goulder, Head of the Data Assets & Alpha Group, is joined Chris Andrew, Head of Market Structure and Regulatory Change (EMEA). This is the second podcast conversation on the topic between Eloise and Chris. You can listen to their first episode here: https://link.chtbl.com/DzU9lJtG This episode was recorded on August 23, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.

From vehicle electrification to autonomous driving, what does the road ahead look like for the automotive industry? Jose Asumendi, Head of European Automotive Research, and Ryan Brinkman, Head of U.S. Autos & Auto Parts, discuss the key trends shaping the future of mobility. This episode was recorded on August 17, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

In this episode, King Ho, Co-head for Product for Depositary Receipts, Asia Pacific and MENA markets at J.P. Morgan, is joined by Braedon Lehman, Senior Associate for Corporate Governance and M&A at S&P Global Market Intelligence, and Prerna Divecha, Climate and ESG Credit and Risk Solutions business at S&P Global Market Intelligence, to discuss the value of sustainability and related corporate governance practices and how this may connect to climate risk based on case studies of companies in Asia Pacific and Latin America. Braedon and Prerna will highlight some of the main findings from the S&P's study commissioned by J.P. Morgan and suggests practical implications for companies considering this as part of their corporate strategy. This episode was recorded on August 11, 2023. J.P. Morgan is a marketing name for the Securities Services businesses of JPMorgan Chase Bank, N.A. and its affiliates worldwide. JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability, is regulated by the Office of the Comptroller of the Currency in the U.S.A., as well as the regulations of the countries in which it or its affiliates undertake regulated activities. For additional regulatory disclosures regarding J.P. Morgan entities, please consult: www.jpmorgan.com/disclosures. This podcast has been created and prepared for informational purposes only and should not be relied upon as financial, investment, and/or legal advice. The content of this podcast may not be reproduced or used for any other purpose without the prior written consent of J.P. Morgan. The views expressed in the podcast are those of the speakers’ and do not necessarily constitute J.P. Morgan’s endorsement of the same. The statements in this podcast are not intended to be legally binding. In preparing this podcast, J.P. Morgan has relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. Neither J.P. Morgan nor any of its directors, officers, employees or agents shall incur any responsibility or liability whatsoever to any other party in respect of the contents of this podcast or any matters referred to in, or discussed as a result of, this podcast. J.P. Morgan makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to in this podcast. The products and services described in this podcast (if any) are offered by JPMorgan Chase Bank, N.A. or its affiliates subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. and/or its affiliates. ©2023 JPMorgan Chase & Co. All rights reserved.

What are the top long-term risks for global markets, and how can investors prepare? Join Joyce Chang, Chair of Global Research, and Jan Loeys, who covers Long-Term Strategy, as they discuss the key factors that will shape the investment landscape over the next 10 years. This episode was recorded on July 28, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

In this episode, Andrew Tyler, Head of US Market Intelligence, and John Schlegel, Head of Global Positioning Intelligence, discuss how views on US markets have shifted for the near term, post the strong performance in prior months and a view that US macro data is “goldilocks.” They cover how much of the good news might be priced in and diverging views around the Fed. From a positioning angle, they discuss the large amount of short covering by Hedge Funds and what typically follows, alongside what the current “pain trade” might be. This episode was recorded on August 14, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.

What is El Niño, and how will it impact weather patterns and crop yields across the globe? Are there implications for the wider commodity complex? Get answers from Tracey Allen, Agricultural Commodities Strategist, and Natasha Kaneva, Head of Global Commodities Strategy. This episode was recorded on July 26, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

In this episode, the team discuss the investment case for US vs. international equities post strong outperformance of US markets YTD. They run through the fundamental, valuation, and sentiment differentials between the regions, and while they see further scope for US markets to outperform international markets (especially Europe and China), they do remain positive on Japan and the economy’s structural transformation. Krupa Patel, Head of International Market Intelligence, is interviewed by Edwina Lowe, Product Specialist within the Data Assets & Alpha Group. This episode was recorded on August 7, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.

Michael Feroli, Chief US Economist, and Samantha Azzarello, Head of Content Curation and Strategy, discuss the July payrolls report. This episode was recorded on August 4th, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

Join Kathleen Darling as she hosts David de Boltz, Managing Director of Leveraged Finance Capital Markets, to discuss the tech sector's current financing activities and trends. They dive into drivers and challenges, from macroeconomic dynamics, institutional demand to the market technicals. Find out why tech financing is in a “Goldilocks” scenario, and how the resurgent M&A and AI wave could turn up the heat. This episode was recorded on July 24, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

Are house prices going to fall in the U.S.? Could another crash lie ahead? Or will tight supply keep the housing market in a healthier place? Find out from John Sim, Head of Securitized Products Research, Anthony Paolone, Co-head of U.S. Real Estate Stock Research and Michael Rehaut, Head of U.S. Homebuilding and Building Products Equity Research. Join them for an insightful discussion as they answer key questions about the state of the U.S. housing market. This episode was recorded on Wednesday, July 12, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

In this episode, the team dives into US equities - post the strong YTD rally - and discuss whether equities can push even higher through Q3. They run through the health of the US consumer, the rates path from here (post this week’s lower CPI print), and the extent to which investors are now heavily positioned in US markets. Andrew Tyler (Head of US Market Intelligence) and John Schlegel (Head of Global Positioning Intelligence) are in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group. This episode was recorded on July 12, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.

Host Rebecca Thornton chats with Tony Lewis, CEO of Aumni, and Mike Elanjian, Head of Digital Private Markets at J.P. Morgan, about how data has the potential to transform the venture capital market. With the firm’s recent acquisition of data company Aumni, hear how this cutting-edge platform is teaming up with J.P. Morgan’s Capital Connect to facilitate market transparency and alignment between startups and investors. This episode was recorded on July 6, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

In this episode, the Data Assets & Alpha Group look back on H1 2023 with a focus on x-asset, regional and thematic performance. They discuss the evolution of the macro narrative from inflation concerns to the rise in use of AI, what positioning looks like now and the outlook for the remainder of the year. Eloise Goulder, Head of the Data Assets & Alpha Group, is interviewed by Edwina Lowe, Product Specialist within the team. This episode was recorded on July 10, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.

Michael Feroli, Chief US Economist, and Samantha Azzarello, Head of Content Curation and Strategy, discuss the June payrolls report. This episode was recorded on June 7, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

Host Kathleen Darling and Todd Rothman, Managing Director of North American High Yield and Leveraged Loan Capital Markets, discuss activity across leveraged capital markets against the current backdrop. They dive into the financing trends for M&A and LBO transactions, and the implications for structuring and documentation strategies and more. This episode was recorded on June 28, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

Join host Rebecca Thornton in an engaging conversation with Lisa Wardell, former CEO and Executive Chair of Adtalem Global Education. Having experience across 15+ public and private boards including current positions at American Express and Adtalem, hear Lisa’s first-hand insights on effective governance strategies, from successful management partnerships to board mentorship, diversity and succession planning. This episode was recorded on June 14, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

What lies ahead for markets in the second half of the year? In this episode of “Research Recap,” J.P. Morgan Research analysts take stock of what has happened so far in 2023 and explore the outlook for global growth, equities, rates, commodities, currencies and more. 00:35 – Global growth with Bruce Kasman, Chief Global Economist 05:08 – U.S. rates with Jay Barry, Co-Head of U.S. Rates Strategy 07:22 – International rates with Fabio Bassi, Head of International Rates Strategy 10:28 – Credit markets with Stephen Dulake, Global Head of Credit, Securitized Products and Public Finance Research 15:32 – Currencies with Meera Chandan, Co-Head of Global FX Strategy 18:38 – Commodities with Natasha Kaneva, Head of Global Commodities Strategy 22:22 – Emerging markets with Jonny Goulden, Head of EM Local Markets and Sovereign Debt Strategy 27:59 – Cross-asset strategy with Tom Salopek, Head of Global Cross-Asset Strategy 32:54 – Equities with Mislav Matejka, Head of Global Equity Strategy This episode was recorded on June 14 - June 21, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

DATA DEEP-DIVE: The second of our two-part series with Fredrik Giertz from the JP Morgan Investible Indices team: In this episode, Fredrik hones into his Time Traveller data set, discussing what it is, why it matters, how it is differentiated vs classical quant frameworks, and what it says about market conditions today. Fredrik is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group For more information on the content discussed, please see: [email protected] https://www.jpmorgan.com/dataquery https://www.jpmorgan.com/market-data-intelligence This episode was recorded on June 19, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.

The first of our two-part series with Fredrik Giertz from the JP Morgan Investible Indices team: In this episode, Fredrik delves into the long-run, discussing why he thinks history is such an important guide to current market dynamics, why he believes longer-term alphas are (comparatively) less exploited by market participants, and the sources of data he is using to track market history, back to the 1960s. Fredrik is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group. For more information on the content discussed, please see: [email protected] https://www.jpmorgan.com/dataquery https://www.jpmorgan.com/market-data-intelligence This episode was recorded on June 19, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.

Are consumers still willing and able to travel? How are airlines faring? And will flight prices drop this summer? Get answers to these questions and more in our latest episode of “Research Recap,” featuring Jamie Baker, U.S. Airlines and Aircraft Leasing Analyst, and Harry Gowers, European Airlines and Travel Retail Analyst. This episode was recorded on June 7, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

The municipal bond market has been gaining the attention of investors, not only in the U.S. but across the globe. Kate Finlayson, Global Head of FICC Market Structure speaks to Mike Cassidy, Head of Taxable Municipal Bonds Trading, and Marshall Kitain, Head of Municipal Credit Analysis and Investor Marketing, on the growing appeal of taxable munis, electronic trading developments, and much more. This episode was recorded on June 6, 2023. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument, are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2023 JPMorgan Chase & Company. All rights reserved.

In this episode the team dives into Chinese equities, discussing the potential for a tactical rebound given depressed performance and valuations in the region. The team also explore the risk / reward for European equities. Krupa Patel, Head of International Market Intelligence, is in discussion with Eloise Goulder, Head of the Data Assets & Alpha Group. This episode was recorded on June 12, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved

Join host David Rawlings in a conversation with Michael Cembalest, Chairman of Market and Investment Strategy of J.P. Morgan Asset and Wealth Management, as they analyze the latest economic trends, including the U.S. economy, deglobalization implications, currency diversification, decarbonization transition and more. Hear Michael’s insights on the opportunities and challenges in today’s dynamic global landscape. This episode was recorded on May 31, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

Michael Feroli, Chief US Economist, and Samantha Azzarello, Head of Content Curation and Strategy, discuss the May payrolls report. This episode was recorded on June 2, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

In this episode, Kathleen Darling picks back up with Brian Tramontozzi as they dig into the high yield market, exploring the latest trends and opportunities. From primary issuance activity to demand for higher rated issuers, hear how investors are reacting to market volatility and pricing a potential recession. This episode was recorded on May 24, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

Join Kathleen Darling from J.P. Morgan's Debt Capital Markets team as she sits down with Brian Tramontozzi, Head of North American Leveraged Finance Capital Markets, to discuss the latest trends and outlook in the leveraged loan market this year. Gain deeper insights into market dynamics, refinancings, interest rates and more. This episode was recorded on May 24, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

In this episode, the team dives into US equities, focusing on the growth / inflation / policy backdrop and what this could mean for market direction in the near-term. They discuss scenarios around the debt ceiling, recent equity factor rotations, and how investors are positioned for the more bearish outcomes. Andrew Tyler (Head of US Market Intelligence) and John Schlegel (Head of Global Positioning Intelligence) are interviewed by Eloise Goulder, Head of the Data Assets & Alpha Group. This episode was recorded on May 25, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.

Join our Greater China economists Haibin Zhu and Grace Ng for a discussion on China’s reopening and the latest economic developments. Explore key markets and topics including real estate, inflation and consumer behavior. Will the economy continue to rebound? This episode was recorded on May 18, 2023. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2023, JPMorganChase & Co. All rights reserved.

Join host Evan Junek as he catches up with Chris Grose, Co-Head of Technology Investment Banking for North America, to uncover the key themes and insights shared at J.P. Morgan’s 51st Annual Technology, Media and Communications Conference. They explore the latest market challenges and opportunities shaping the tech banking sector, including IPO pipelines, M&A trends, activism efforts, AI and more. This episode was recorded on May 17, 2023. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity. © 2023 JPMorgan Chase & Company. All rights reserved.

In this episode, Anna Stupnytska, Global Macroeconomist at Fidelity International, is in conversation with Eloise Goulder, Head of the Data Assets & Alpha Group. Anna runs through key risks facing the global economy, from rising interest rates and credit tightening to persistent inflation headwinds. She also touches on the recent evolution of data use within the macroeconomic process, from the rise in higher frequency activity data to more sophisticated climate modeling. To learn more about the topics discussed today: https://professionals.fidelity.co.uk/articles/expert-opinions/2023-03-09-tracking-net-zero-progress-too-little-not-too-late-1678357283576 https://professionals.fidelity.co.uk/articles/expert-opinions/2023-05-05-top-down-capital-market-assumptions-climate-crisis-1683281608356 This episode was recorded on May 22, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use and is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: https://www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2023 JPMorgan Chase & Company. All rights reserved.