At Any Rate

US Short Duration strategists Teresa Ho and PJ Vohra discuss the surprisingly benign year-end for the repo marketsand what that might mean for the timing of QT’s end. Speakers: Teresa Ho, Head of U.S. Short Duration Strategy PJ Vohra, U.S. Short-Term Fixed Income Strategy This podcast was recorded on January 10, 2025.  This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4879319-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Speaker: Natasha Kaneva, Head of Global Commodities Research   Between December 23 and January 8, oil prices rose over 6%, with Brent hitting $77/bbl and WTI nearly $75/bbl, a three-month high. The gap between realized and forecasted prices, which widened to nearly $10 last year, has now closed, aligning Brent with our $75 fair value for January. This price action is likely driven by concerns over supply disruptions from tightening sanctions, low oil stockpiles, freezing temperatures in the US and Europe, improved sentiment on China’s stimulus, cleaner positioning, and CTA short-covering flows. We expect prices to remain stable for most of the year, dipping below $70 in the final quarter, averaging $73 for the year.   This podcast was recorded on 10 January 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4879370-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Jonny Goulden and Saad Siddiqui discuss the latest market developments and their impacts for the EM fixed income asset class. This podcast was recorded on 10 January 2025. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

In this podcast, Francis Diamond and Aditya Chordia discuss their latest thoughts on European rate markets given the increase in yields seen since the start of this year. This podcast was recorded on 08 January 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at: https://www.jpmm.com/research/content/GPS-4880271-0 https://www.jpmm.com/research/content/GPS-4879160-0 https://www.jpmm.com/research/content/GPS-4879138-0.pdf © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.