Making Sense

Lou Cerrotta, Head of Liquid Credit Financing at J.P. Morgan, shares his insights on the evolving landscape of credit financing. He discusses how tighter credit spreads are influencing loan trading activity and highlights new opportunities in asset-based lending. The conversation delves into the growing demand for loan total return swaps as well as forecasts for increased LBO activity and the surge of B-/CCC-rated issuers. Regulatory changes and their impact on banks also feature prominently, making this a must-listen for finance enthusiasts.

Natasha Kaneva, Head of Global Commodities Research at J.P. Morgan, discusses how recent events in Venezuela may shape global oil and gas markets. Greg Shearer, specializing in metals markets, highlights the opaque data and challenges in the Venezuelan metals sector, including gold and nickel opportunities. Otar Dgebuadze focuses on the potential of Venezuelan LNG exports and the bearish impacts on current markets. As Western investments return, oil and gold could see significant long-term supply increases, reshaping global commodity dynamics.

Non-farm payrolls increased by just 50,000 in December while the unemployment rate dipped to 4.4%, reinforcing the “low-hire, low-fire” theme of the past few months. Does this point to a Fed pause at the January meeting? And how are consumers holding up against this backdrop? Join chief U.S. economist Mike Feroli and Alexa Hanelin from the North America Rate Sales team as they discuss the latest numbers.    This episode was recorded on January 9, 2026.   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 2026, JPMorganChase & Co. All rights reserved.

Evan Junek, the Global Head of Corporate Finance Advisory at J.P. Morgan, shares insights on the latest Corporate Compass report. He delves into the turbulent market of 2025, highlighting volatility and AI's impact on capital spending. The discussion covers U.S.–China dynamics, the growing emphasis on scale in capital formation, and trends towards corporate separations. Evan also addresses policy shifts affecting industries like renewables, showcasing how companies are strategizing for future growth amidst uncertainties.

Join Bruce Kasman, Chief Global Economist at J.P. Morgan, Mislav Matejka, Head of Global Equity Strategy, and other experts as they dissect the 2026 market outlook. They discuss the impact of uneven monetary policy and the AI cycle on economies. Kasman highlights sticky inflation trends, while Matejka predicts significant equity gains driven by AI. Stephen Dulake addresses credit market dynamics amidst technological shifts, and Natasha Kaneva shares insights on bearish oil forecasts and bullish gold predictions.

In this discussion, Sarah Isgur, Senior Editor at The Dispatch and Supreme Court expert, teams up with Peter Harrell, a Georgetown Law scholar and former White House aide. They dive into the Supreme Court's challenges to President Trump’s executive power regarding tariffs and independent agencies. Topics include the tension between Congress and the presidency, potential court outcomes, and the implications for market stability. Peter also provides insights for businesses on adapting to changes in tariff authority, making it a must-listen for anyone following legal and economic trends.

Anu Aiyengar, Global Head of Advisory and M&A at J.P. Morgan, and Kevin Foley, Global Head of Capital Markets at J.P. Morgan, share their insights on 2025's investment banking landscape and the outlook for 2026. They discuss the surge in mega deals driving M&A volume and the rollercoaster of investor sentiment and market liquidity. AI's transformative impact on deal structuring and fundraising is also explored. Looking ahead, they emphasize the importance of adaptability, seizing growth opportunities, and preparing for increased IPO activity and capital markets resilience.

Matthew Franklin Lyons, a specialist in global rates trading, and Stephen Jeffries, an expert in emerging market currencies, delve into intriguing dynamics affecting global markets. They discuss the factors behind the yield curve steepening and dissect the carry performance in emerging markets. The duo also reveals investor sentiments, highlighting surprising positioning amid uncertainties. Furthermore, they flag potential risks from AI-driven corporate issuance and vulnerabilities in asset swaps, painting a nuanced picture for 2026's financial landscape.

Andrew Tyler, Global Head of Market Intelligence at J.P. Morgan, and Federico Manicardi, International Head of Market Intelligence, dive into the dynamics of the market as 2025 wraps up. They unpack why global equities have surged, crediting robust macro and earnings growth. The duo spotlights emerging markets' rally, attributing it to dollar weakness and strong earnings. They also detail a strategic investment approach, suggesting a mix of mega-cap tech and cyclicals, while warning of potential risks from geopolitical tensions and shifts in AI valuations.

Chris Wu, Head of U.S. Power Trading at J.P. Morgan, delves into the seismic shifts occurring in the U.S. power market driven by AI data centers. He discusses how skyrocketing electricity demand from these centers is reshaping trading dynamics, while contrasting this surge with past trends linked to electric vehicles. Wu also addresses the slowdown in renewable energy projects, the pivotal roles of natural gas and nuclear power, and the critical need for enhanced energy infrastructure and transmission reforms in light of new market entrants.