Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

FX & Rates

<ul><li>Markets experienced significant volatility in response to comments from New York Fed presidents and Governor Waller, resulting in pricing of around 30 basis points for the September meeting</li><li>Labor market data suggests softening, with revisions showing a decline in private sector payroll growth, indicating a shift towards imminent Fed easing</li><li>Opportunities in Treasuries lie in steepeners, with a focus on front end steepening and potential for further broadening of the steepening trend as the Fed moves towards easing.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Markets experienced significant volatility in response to comments from New York Fed presidents and Governor Waller, resulting in pricing of around 30 basis points for the September meetingLabor market data suggests softening, with revisions showing a decline in private sector payroll growth, indicating a shift towards imminent Fed easingOpportunities in Treasuries lie in steepeners, with a focus on front end steepening and potential for further broadening of the steepening trend as the Fed moves towards easing.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX & Rates: US rates and FX market after a rollercoaster Friday

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Happy Sunday, folks—if you can stay upbeat in the current market environment, that is.</li><li>We have had September 100% spot on, and the developments late on Friday support our notion that a dash for USD cash will arrive through the month.</li><li>The USD started rebounding alongside the sell-off in commodities and risk assets, following Waller’s appearance during the FOMC Q&amp;A.</li></ul>

Happy Sunday, folks—if you can stay upbeat in the current market environment, that is.We have had September 100% spot on, and the developments late on Friday support our notion that a dash for USD cash will arrive through the month.The USD started rebounding alongside the sell-off in commodities and risk assets, following Waller’s appearance during the FOMC Q&amp;A.

Steno Signals #116 – Here comes the dash for USD cash!

<ul><li>Happy Friday from Copenhagen! This week has revolved around the NFP report from an allocation perspective, with markets being hypersensitive to employment-related data throughout.</li><li>ISM Employment and Job Openings have once again become major players on the economic calendar.</li><li>Today’s NFP report was dovish overall, coming in below the consensus of 165k at 142k, with the July number revised down by 25k, offering little in the way of positive signs.</li></ul>

Happy Friday from Copenhagen! This week has revolved around the NFP report from an allocation perspective, with markets being hypersensitive to employment-related data throughout.ISM Employment and Job Openings have once again become major players on the economic calendar.Today’s NFP report was dovish overall, coming in below the consensus of 165k at 142k, with the July number revised down by 25k, offering little in the way of positive signs.

Portfolio Watch – This NFP will allow September seasonality to unfold.

<ul><li>Happy Labor Day! In this article, we are going to look into a feisty week of economic releases from the US economy given the backdrop of our nowcasting slowing considerably into September again.</li><li>Our congestion based data has remained at muted growth levels, while the taxation data is starting to re-weaken, which is interesting into an otherwise strong tax season in September.</li><li>Chart of the week: The Macro Environment is weakening in the US. Looking at the week ahead, we are on growth, liquidity, and inflation watch, especially focusing on the US.</li></ul>

Happy Labor Day! In this article, we are going to look into a feisty week of economic releases from the US economy given the backdrop of our nowcasting slowing considerably into September again.Our congestion based data has remained at muted growth levels, while the taxation data is starting to re-weaken, which is interesting into an otherwise strong tax season in September.Chart of the week: The Macro Environment is weakening in the US. Looking at the week ahead, we are on growth, liquidity, and inflation watch, especially focusing on the US.

The Week At A Glance: No one trusts the July job report, but should they?

<ul>
<li>Happy Sunday from Copenhagen.</li>
<li>Almost exactly a year ago, we wrote about the “roadmap to a recession” and how the market wrongly anticipated a near-term recession going into 2025.</li>
<li>We also labeled the increasing re-inflation and manufacturing momentum a head-fake during the spring as the credit growth never truly supported a comeback to the most cyclical parts of the economy.</li>
</ul>


Happy Sunday from Copenhagen.
Almost exactly a year ago, we wrote about the “roadmap to a recession” and how the market wrongly anticipated a near-term recession going into 2025.
We also labeled the increasing re-inflation and manufacturing momentum a head-fake during the spring as the credit growth never truly supported a comeback to the most cyclical parts of the economy.


Steno Signals #115 – The head-fake business cycle strikes again

United States

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Global FX & Rates: US rates and FX market after a rollercoaster Friday

The August employment report caused volatility in interest rate markets, with expectations for easing shifting and market dynamics favoring front...

At Any Rate

Steno Signals #116 – Here comes the dash for USD cash!

Happy Sunday, folks—if you can stay upbeat in the current market environment, that is. We have had September 100% spot on, and the developments...

Steno Research

Portfolio Watch – This NFP will allow September seasonality to unfold.

Happy Friday from Copenhagen!This week has revolved around the NFP report from an allocation perspective, with markets being hypersensitive to...

Steno Research

The Week At A Glance: No one trusts the July job report, but should they?

Happy Labor Day! In this article, we are going to look into a feisty week of economic releases from the US economy given the backdrop of our...

Steno Research

Steno Signals #115 – The head-fake business cycle strikes again

Happy Sunday from Copenhagen. Almost exactly a year ago, we wrote about the “roadmap to a recession” and how the market wrongly anticipated a...

Steno Research

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52-week Range

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