Making Sense

The U.S. labor market exceeded expectations in September, adding 254,000 nonfarm payrolls and surpassing all forecasts. Join Phoebe White, Head of U.S. Inflation Strategy at J.P. Morgan, and Mike Feroli, Chief U.S. Economist, as they break down the latest employment report and its far-reaching implications. In this episode, Phoebe and Mike analyze the surprising resilience of the labor market, the interplay between labor data and consumer spending, and the impact of rising average hourly earnings. They also discuss the Federal Reserve's potential responses, balancing the dual mandates of controlling inflation and maintaining employment. Tune in for an in-depth exploration of the current economic landscape and what it could mean for the future.   This episode was recorded on October 4, 2024.   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 2024, JPMorganChase & Co. All rights reserved.

Join host John Richert, Head of Mid-Cap Investment Banking, to explore the pivotal role founders play in driving innovation and shaping today’s economy with John Simmons, Head of Commercial Banking, and Melissa Smith, Co-Head of Innovation Economy and Head of Specialized Industries for Commercial Banking. This episode explores the opportunities founders encounter at each stage of growth, from expanding their businesses to adapting to market shifts, while highlighting strategies for long-term success. For sources - 2023 Annual Report This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or to provide any other products or services to any person or entity.  © 2024 JPMorgan Chase & Company. All rights reserved. 

Join host Emma Zederfeldt for a post-summer deep dive into the state of debt capital markets with John Servidea, Global co-Head of Investment Grade Finance, Bob LoBue, Head of Global Fixed Income Syndicate, and Todd Rothman, Managing Director in the Leveraged Finance Capital Markets group. This episode covers trends in the investment grade bond market, leveraged loans, and high yield bonds. Discover the key drivers, market conditions, and future outlook for issuers and investors as we head into the rest of 2024.​ This episode was recorded on Sept 11, 2024. ​ This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. ​ © 2024 JPMorgan Chase & Company. All rights reserved. 

Chris Andrew, Head of Market Structure and Regulatory Change at J.P. Morgan, opens up about the explosive growth of the US ETF market and how retail investors are shaping its future. He discusses the remarkable shift from mutual funds to specialized ETFs, highlighting that ETFs now account for 30% of trading activity. The podcast also delves into the intriguing rise of actively managed ETFs and the blend of active and passive strategies. Additionally, Andrew addresses challenges in the European market and the potential for industry reforms.

Join Daniel Rudnicki Schlumberger, Head of Leveraged Finance in EMEA, Andrew Crook, Head of Leveraged Finance Sales, and Daniel Lamy, Head of European Credit Strategy Research, to explore the world of leveraged finance. They provide a snapshot of the latest insights and trends from the European High Yield and Leveraged Finance Conference, diving into market dynamics, supply and demand, private equity, interest rates, strategies for navigating today's market volatility and more.   This episode was recorded on Sept 6, 2024. ​ ​ This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. ​ ​ © 2024 JPMorgan Chase & Company. All rights reserved. 

In this engaging discussion, Jake Pollack, Global Head of Credit Financing at J.P. Morgan, shares insights into the booming private credit market, now valued at $1.7 trillion. He highlights the evolving relationship between banks and non-bank lenders, focusing on middle market lending and the increasing demand for direct loans. The conversation delves into the challenges of liquidity in private credit trading, potential systemic risks, and emerging investment opportunities, painting a comprehensive picture of the future landscape in corporate financing.

India has emerged as a top market for global private equity firms in the last decade, but what’s been driving this growth? Join Abhinav Bharti, Head of India Equity Capital Markets and Nitin Maheshwari, Head of India M&A and APAC Strategic Investors Group M&A as they discuss the significant expansion and transformation of India's private equity market. Learn about the macroeconomic themes, market maturity and regulatory changes attracting global investors to India. This episode was recorded on August 26, 2024 This material was prepared by the Investment Banking Group of J.P. Morgan Securities LLC and not the Firm’s Research Department. It is for informational purposes only and is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument. © 2024 JPMorgan Chase & Company. All rights reserved.

Edwina Lowe, a Product Specialist in Data Assets, and Luca Rainero, Head of Data Intelligence, share insights on the evolving behavior of retail investors post-COVID. They discuss how social media data provides a window into retail investor sentiment and its market impacts. The conversation highlights the dramatic shift in trading volumes and engagement, particularly during events like the meme stock surge. Strategies for analyzing retail investor behavior during quieter market periods are explored, along with regional trends in retail investing across Europe, the U.S., and Asia.

Ben Thompson, Head of EMEA Leveraged Finance Capital Markets, hosts Jonathan Butler, Head of European Leveraged Finance and Co-Head of Global High Yield Strategy at PGIM Fixed Income, to unpack the global leveraged finance market. They discuss central bank policies, geopolitical risks, and private credit trends, offering insights into strategies for navigating market volatility. Plus, they discuss themes from the upcoming J.P. Morgan European High Yield and Leveraged Finance Conference.​   This episode was recorded on Aug 20, 2024. ​​ This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. ​ © 2024 JPMorgan Chase & Company. All rights reserved. 

Leland Price, part of the FICC Market Structure & Liquidity Strategy team, joins Annie Marinaro from Public Finance Debt Capital Markets and Isaac Sine from Public Finance Investment Banking. They dive into how U.S. policy changes are steering infrastructure investment in public finance. Topics include innovative financing strategies like public-private partnerships, the impact of blockchain technology on municipal bonds, and the role of domestic and international investors in funding projects. They also highlight emerging trends in high-yield and private credit sectors.