

At Any Rate
J.P. Morgan Global Research
Analysts from J.P. Morgan Global Research take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.
Episodes
Mentioned books

Oct 30, 2025 • 20min
EM Fixed Income: Not spooked yet
 Anezka Christovova, an expert on emerging markets at J.P. Morgan, and Ben Ramsey, the head of EM Sovereign Strategy, share insights on the latest developments in EM fixed income. They delve into whether current data supports a growth pivot and explore how EM central banks might respond to changing inflation and growth trends. The duo discusses potential catalysts for an EMFX rally versus the dollar and examines investment strategies amidst tight credit spreads. They also analyze the implications of Argentina's election results on market dynamics. 

Oct 28, 2025 • 27min
Asia Cross Asset Podcast: From Abenomics to ‘Sanae-nomics’ - What to expect for Japan policies, markets and the Yen
 In this engaging discussion, Ayako Fujita, Head of Japan Economics at JPMorgan, analyzes the shift from Abenomics to Sanae-nomics under new PM Takaichi. Rie Nishihara, specializing in equity strategy, shares insights on how fiscal policies may bolster Japanese stocks, particularly in sectors like defense and AI. Junya Tanase, an FX expert, discusses the possible implications of BOJ policy changes on the yen, emphasizing market expectations around interest rate hikes and their potential impact on dollar/yen dynamics. The conversation uncovers the nuanced interplay of Japan's macro landscape. 

14 snips
Oct 24, 2025 • 22min
At Any Rate: Of funding and refundings
 Teresa Ho, Head of US Short Duration Strategy at J.P. Morgan, and Phoebe White, Head of US Inflation Strategy at J.P. Morgan, dive into the complexities of funding markets and the upcoming Treasury refunding. Teresa unpacks recent pressures in the funding landscape, while Phoebe outlines how changes in fiscal projections impact Treasury supply. They discuss implications of ending quantitative tightening and explore Fed tools that could alleviate funding strains. Tune in for insightful analyses on how recent trends shape market dynamics! 

7 snips
Oct 24, 2025 • 27min
Global FX: Japan focus, US/China, PMIs, Fed/ECB
 Junya Tanase, a Japan-focused economist and FX strategist, dives into Japan's macro landscape and its impact on global markets. He breaks down Prime Minister Takaichi's speech, highlighting its limited insights on fiscal policy. The conversation shifts to anticipated Bank of Japan meetings and their implications for the USD/JPY exchange rate. Other topics include the significance of Japan in the central bank calendar, potential outcomes from the upcoming US-China summit, and the Fed's risk management leading up to key decisions. 

4 snips
Oct 24, 2025 • 14min
Global Commodities: Oil glut paves way for stronger sanctions. If enforced
 The podcast dives into the impact of U.S. sanctions on major Russian oil producers like Rosneft and Lukoil, with nearly 70% of crude production affected. Discussion highlights Russia's creative circumvention strategies, leveraging offshore traders to maintain exports. The host also examines how India's imports may decline significantly, while China might stabilize its flows. Rising logistics costs loom due to shipping restrictions, and prospects suggest a temporary pause in exports followed by normalization and tighter profit margins. 

7 snips
Oct 23, 2025 • 23min
EM Fixed Income: Reviewing the global & previewing the upcoming idiosyncratic
 Anezka Christovova, Head of EMEA EM and LATAM Local Market Strategy at J.P. Morgan, and Gisela Brant, a key member of the LATAM Local Market Strategy team, delve into crucial developments in the emerging markets landscape. They discuss the impact of geopolitical tensions and macroeconomic drivers on EM fixed income. Gisela offers insights on Argentina's political climate and market responses pre-election, while Anezka examines the effects of commodity volatility on local rates and the resilience of commodity exporters. Their analysis sheds light on what investors should watch for in upcoming elections. 

9 snips
Oct 23, 2025 • 34min
Taking stock of the evolving value proposition of stablecoins
 In this insightful discussion, Teresa Ho, Jonny Goulden, Meera Chandan, and Kunj Padh from J.P. Morgan explore the evolving role of stablecoins in the financial landscape. Teresa explains their function as digital cash and the regulatory impacts shaping their use. Jonny highlights emerging market dynamics driving adoption, while Meera discusses potential increases in dollar demand from global usage. Kunj analyzes current market impacts and correlations with Bitcoin, revealing stablecoins' untapped potential and challenges for corporate payments. 

Oct 20, 2025 • 13min
Global Commodities: Cocoa demand crunch not as bitter as feared
 Cocoa prices have sharply corrected, seeing a 20% monthly decline and nearing a 40% loss this year. Despite this, third-quarter grind data indicates demand may not be as weak as previously feared. A cautious industry is eager for price relief, although consumers may not see immediate benefits. Improved output from Ecuador and regulatory delays in the EU are also influencing market dynamics. Additionally, the podcast touches on trends in other commodities, including sugar and corn, as well as ongoing trade challenges. 

32 snips
Oct 17, 2025 • 14min
US Rates - Does QT's end matter for funding and Treasury markets?
 Teresa Ho, Head of U.S. Short Duration Strategy at J.P. Morgan, joins Phoebe White to delve into the implications of Quantitative Tightening's potential end. They explore the recent spike in SOFR and repo rates, attributing it to T-bill supply and coupon settlements. Teresa highlights that the anticipated $20bn/month runoff may not significantly alleviate funding pressures. They also discuss the limited impact of QT's end on yield outlooks, along with insights into inflation markets and break-even rates amid fluctuating oil prices. 

11 snips
Oct 17, 2025 • 17min
Global FX: Sailing the USD Bearish Ship in Murky Waters
 The discussion kicks off with the implications of the US government shutdown on dollar visibility and Fed clarity. Global growth indicators reveal mixed signals, with developed markets showing weakness while emerging markets hold steady. Tensions in US-China relations are explored, highlighting their impact on regional currencies. Surprising labor data from Australia and New Zealand prompts a look into upcoming policy reactions. Insights from the recent IMF and World Bank meetings shed light on dollar positioning and policy risks. 


