Making Sense

Tariffs are starting to feed into consumer prices; however, falling energy and food costs are offsetting the increase to some degree. In this episode of Research Recap, chief global economist Bruce Kasman and head of U.S. Inflation Strategy Phoebe White unpack the numbers from the July CPI report. Will we see further tariff pass-through in the coming months? What are the implications for the Fed? And what does the inflation picture look like across the rest of the globe?  This episode was recorded on August 12, 2025.  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 2025, JPMorganChase & Co. All rights reserved. 

Join Andrew Tyler, head of Global Market Intelligence at J.P. Morgan, as he dives into the intertwining worlds of macroeconomic shifts and market dynamics. He unpacks recent job reports and inflation factors, discussing their impact on investor confidence. Tyler highlights how the fluctuating U.S. dollar presents unique opportunities in various sectors, such as utilities, while also examining the implications of trade negotiations and the evolving landscape of AI in trading. It's an insightful look at navigating choppy markets with a positive perspective.

Firms aren't shedding workers, yet the pace of hiring has slowed. What do these mixed labor market signals mean for the broader economy? In this episode, Lauren Brice is joined by Mike Feroli, J.P. Morgan's chief U.S. economist, to unpack the numbers from the latest U.S. jobs report. They discuss the impact of lower immigration, the significance of recent data revisions and the current state of hiring and layoffs. They also cover the recent Fed meeting and what this could mean for future monetary policy.   This episode was recorded on August 1, 2025.  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 2025, JPMorganChase & Co. All rights reserved. 

In this insightful conversation, Anthony Booth, Head of Fusion Analytics and Reporting at J.P. Morgan, shares his extensive experience in analytics. He discusses the complexities institutional investors face in performance measurement due to data quality and operational hurdles. AI's potential in transforming data analytics and enhancing decision-making is highlighted. Booth also emphasizes the importance of robust reporting and transparency in private asset analytics, showcasing how Fusion Analytics can streamline these challenges for better client outcomes.

In this conversation, Lisandro Miguens, Managing Director at JPMorgan and head of Latin America Debt Capital Markets, shares his expertise on the funding dynamics of Latin America. He discusses how the region's capital markets compare to the U.S., uncovering unique opportunities for borrowers. Lisandro highlights the roles of sovereign versus corporate financing and analyzes the bond and loan market dynamics. His insights reveal why now could be the best time for investors to consider Latin America amidst evolving global economic conditions.

Matthieu Boisot, Head of Cross-Asset at J.P. Morgan's QIS, joins Eloise Goulder to discuss pivotal trends in trading. They delve into the explosive growth of short-dated options and levered ETFs, emphasizing the need for retail investors to track gamma for intraday moves. Boisot shares insights on the evolution of volatility alpha strategies and the intricate dynamics that shape today’s markets. The conversation highlights the challenges of simplifying trading strategies while exploring the future landscape for investors.

Martin Lueck, Co-founder and Research Director at Aspect Capital, shares insights from his decades-long experience in systematic investing. He discusses the enduring power of trend analysis across asset classes and critiques the efficient market hypothesis. Lueck emphasizes the importance of balancing systematic strategies with human insight and adapting to market complexities. He also explores the future role of machine learning and AI in investment processes, highlighting the need for caution and collaboration in this evolving landscape.

Paul Zummo, Chief Investment Officer of J.P. Morgan Alternative Asset Management, shares insights from three decades in hedge fund investing. He reflects on how the industry has evolved from limited data to a focus on quantitative strategies and emerging managers. Zummo discusses the significance of risk management and due diligence in selecting hedge fund managers. He highlights the importance of cultural assessments and networking, along with the complexities of maintaining a balanced portfolio that includes early-stage managers.

Chris Ventresca, Global Chairman of Investment Banking and M&A at JPMorgan, shares his insights alongside Charlie Post and Jessica McIntosh. They discuss the evolving responsibilities of corporate directors and the impact of climate uncertainty on decision-making. The conversation highlights the importance of collaboration and open dialogue in boardrooms. They also explore the value of networking for board placements and the significance of proactive management during uncertain times. Gain practical tips for enhancing governance and driving shareholder value.

The U.S. economy showed surprising strength in June, adding 147,000 jobs and lowering the unemployment rate to 4.1%. However, much of this increase came from government employment, raising questions about private sector growth. Insightful discussions revolve around the Federal Reserve's potential rate cuts and how current economic data influences these decisions. The podcast also touches on the challenges posed by trade policy and its effects on consumer spending, making for a comprehensive look at the evolving financial landscape.