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.

Macroeconomics

<ul><li>The Fed is expected to cut rates by 50 basis points on Wednesday, with additional cuts expected in November and December</li><li>There is uncertainty in the markets with regards to the size of the rate cut, with equal probabilities for a 25 or 50 basis point cut</li><li>Near term uncertainty is high, leading to bullishness on volatility in the markets</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Fed is expected to cut rates by 50 basis points on Wednesday, with additional cuts expected in November and DecemberThere is uncertainty in the markets with regards to the size of the rate cut, with equal probabilities for a 25 or 50 basis point cutNear term uncertainty is high, leading to bullishness on volatility in the marketsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

FX & Rates

<ul><li>European and UK Two year Treasury yields broke range, money markets pricing Fed on hold through December with one 25 basis point cut over next year</li><li>US Yields less sensitive to changes in oil prices due to energy exports and dual mandate on labor markets and inflation</li><li>Factors contributing to US market movement include residual concerns over labor market, Fed turnover, inflation data, liquidity component, and structural better liquidity</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

European and UK Two year Treasury yields broke range, money markets pricing Fed on hold through December with one 25 basis point cut over next yearUS Yields less sensitive to changes in oil prices due to energy exports and dual mandate on labor markets and inflationFactors contributing to US market movement include residual concerns over labor market, Fed turnover, inflation data, liquidity component, and structural better liquidityThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Rates: Where next for CB and rates as the Middle-East conflict persists?

<ul>
<li>Importers like the Euro bloc and Asia are most impacted by current economic challenges, while exporters like the US, Australia, and Canada are benefiting from terms of trade boosts.</li>
<li>FX markets are heavily influenced by the energy price story, leading to a shift in views towards a more bullish outlook on the dollar.</li>
<li>The upcoming ECB meeting is expected to have a significant impact on the Euro, with potential hikes seen as growth negative and not necessarily supportive of the currency.</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Importers like the Euro bloc and Asia are most impacted by current economic challenges, while exporters like the US, Australia, and Canada are benefiting from terms of trade boosts.
FX markets are heavily influenced by the energy price story, leading to a shift in views towards a more bullish outlook on the dollar.
The upcoming ECB meeting is expected to have a significant impact on the Euro, with potential hikes seen as growth negative and not necessarily supportive of the currency.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: Winds of change for the dollar

<ul><li>Carry remains the name of the game for intervening spreads in the first half of 2026, although valuations have become even more expensive</li><li>Geopolitical tensions and US policy uncertainty have led to caution on carry exposures due to crowded positioning and limited risk-adjusted returns</li><li>Increasing demand for EU bonds and EGBs suggests a gradual diversification away from USD markets, with attractive yields in the 10-year and longer sectors for long-term investors</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Carry remains the name of the game for intervening spreads in the first half of 2026, although valuations have become even more expensiveGeopolitical tensions and US policy uncertainty have led to caution on carry exposures due to crowded positioning and limited risk-adjusted returnsIncreasing demand for EU bonds and EGBs suggests a gradual diversification away from USD markets, with attractive yields in the 10-year and longer sectors for long-term investorsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

European Rates – Less keen on carry, UK political noise but no signal

<ul><li>The US dollar remains strong despite ongoing government shutdown and uncertain economic data</li><li>Eurodollar shows resilience and potential for growth due to positive PMI data in Europe</li><li>Range-bound trading expected for Eurodollar with potential for upside breakout depending on US data and market conditions</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The US dollar remains strong despite ongoing government shutdown and uncertain economic dataEurodollar shows resilience and potential for growth due to positive PMI data in EuropeRange-bound trading expected for Eurodollar with potential for upside breakout depending on US data and market conditionsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: Dollar oscillates; more fiscal clarity for GBP & CAD

United Kingdom

The British Pound Sterling is the official currency of The United Kingdom. 

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Central banks around the world are cutting rates, with the Fed expected to follow suit with a 50 basis point cut, leading to market uncertainty and...

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Global Rates: Where next for CB and rates as the Middle-East conflict persists?

European and UK Treasury yields have broken their range, markets are pricing the Fed to stay on hold with only one rate cut over the next year, US...

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Global FX: Winds of change for the dollar

The global economy is facing challenges with multiple factors affecting importers in the euro bloc and Asia, while exporters like the US,...

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European Rates – Less keen on carry, UK political noise but no signal

In the first half of 2026, carry trading remains prominent in the market amid increasing valuations and cautious trading in EGBs and SSA spreads,...

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Global FX: Dollar oscillates; more fiscal clarity for GBP & CAD

The US dollar remains strong amidst market volatility, the shutdown sets a new record, Eurodollar volatility persists, JPMorgan analyzes AI's...

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