The year ahead will likely be driven by three powerful forces: uneven monetary policy, the relentless AI cycle and deepening polarization across markets and economies. What are the key opportunities and risks to watch across equities, commodities, currencies and more? Join analysts from J.P. Morgan Global Research as they explore the outlook for 2026.

In this episode, we hear from:

Bruce Kasman, Chief Global Economist - 01:00

Mislav Matejka, Head of Global Equity Strategy - 05:19

Francis Diamond, Head of European Rate Strategy - 11:50

Meera Chandan, Co-Head of Global FX Strategy - 15:58

Stephen Dulake, Co-Head of Global Fundamental Research - 19:43

Jonathan Goulden, Head of EM Fixed Income Strategy - 25:13

Natasha Kaneva, Global Head of Commodities Research - 30:21

Fabio Bassi, head of Cross-Asset Strategy - 35:25

This episode was recoded between December 9 and December 17, 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 episode of J.P. Morgan’s Making Sense, Joyce Chang, chair of Global Research, is joined by Sarah Isgur, senior editor at The Dispatch and Supreme Court expert, and Peter Harrell, visiting scholar at Georgetown Law and Fellow at the Carnegie Endowment for International Peace. Together, they unpack the Supreme Court cases challenging President Trump’s use of executive power, focusing on trade, tariffs and presidential authority over independent agencies and the Federal Reserve Bank. The discussion explores the legal and economic implications of these cases, the evolving balance between Congress and the executive branch and the potential consequences for markets, businesses and governance.

This episode was recorded on November 19, 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.

How did investment banking clients navigate a year of uncertainty, and what’s next for dealmaking and capital markets? In this episode, Dorothee Blessing, Global Head of Investment Banking Coverage, is joined by Anu Aiyengar, Global Head of Advisory and M&A, and Kevin Foley, Global Head of Capital Markets. Together, they break down the forces that shaped 2025—from cautious optimism and strategic adaptation to the surge in mega deals and the transformative impact of AI. Looking ahead, they share actionable insights on M&A, IPOs, private capital, and global market trends that will define opportunities and risks in 2026. Tune in for expert perspectives on building resilience, seizing growth, and preparing for the future of investment banking.

This episode was recorded on December 8, 2025.

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. 

© 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Brady Leventhal, head of North America FX Sales for Hedge Funds, is joined by Matthew Franklin Lyons, head of Global Rates Trading and Fixed Income Financing, and Stephen Jeffries, head of Currencies in Emerging Markets and FX Services Trading. Together, they recap highlights from J.P. Morgan’s recent 10th annual Global Macro Conference, along with key risks and opportunities for 2026 across global rates, FX and emerging markets.

This episode was recorded on December 8, 2025.

The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures

© 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Eloise Goulder speaks with Andrew Tyler, Global head of Market Intelligence, and Federico Manicardi, International head of the Market Intelligence at J.P. Morgan. They discuss strength in equity markets over 2025, from the macro backdrop to corporate earnings and central bank policy. They also explore the relative outperformance in EM, Europe and several APAC markets, as well as the respective drivers for these moves. Finally, they hone in on highest conviction opportunities for equities into year-end, plus key catalysts and risks to watch in the weeks ahead. 

This episode was recorded on December 1, 2025.

The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.

© 2025 JPMorgan Chase & Company. All rights reserved.

The U.S. power market is undergoing a dramatic transformation, driven by the explosive growth of AI data centers and evolving priorities. Join Leland Price from the FICC Market Structure & Liquidity Strategy team and Chris Wu, Head of U.S. Power Trading, as they discuss the evolving landscape of power trading in the U.S. This episode explores the surge in electricity demand, capacity constraints, and the impact of policy developments on trading dynamics. The conversation also examines the role of renewables and natural gas, the challenges facing grid infrastructure and the implications of new entrants to the market. Tune in for insights on how market structure is adapting to meet the demands of a new era in U.S. energy.

This episode was recorded on November 7, 2025. 

The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co and its affiliates together, JP Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by JP Morgan's Research Department but are a solicitation under CFTC Rule 1.71. Reference products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. JP Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications or to one, newsletters, mentioned in this podcast are available for JP Morgan clients. Please contact your JP Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan. com/disclosures.

Copyright 2025, JPMorgan Chase & Company, all rights reserved.

In this episode, Arnaud Jobert, co-head of Strategic Indices for Markets and Global Head of Equity Structuring, speaks with Eloise Goulder, head of the Data Assets & Alpha Group here at J.P. Morgan. They discuss the drivers of growth in the QIS business at J.P. Morgan, the types of alphas they look to provide systematic exposure to, from x-asset risk premia, to x-asset trend, to intraday- and vol-based strategies, and the evolution in investing client demand for these products.  Finally they discuss further product innovation potential, from leveraging LLMs to expanding investment markets. 

Shownotes:

• Intraday options, levered ETFs and the retail investor with Matthieu Boisot, head of Cross-Asset, Volatility and Intraday Product Development for QIS – Jul ‘25
• Evolution of the Markets Structuring business with Rui Fernandes, Head of Structuring - Feb ‘25
• QIS Developments and the use of LLMs with Deepak Maharaj, Head of Equities and Cross Asset QIS Structuring – Nov ‘24
• Extending the trend, with JP Morgan’s Lead CTA Structurer with Jagadish Chalasani, Investible Indices team – Jun ‘24

This episode was recorded on 15th October 2025.

The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions.  J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.

© 2025 JPMorgan Chase & Company. All rights reserved.

As the U.S. government shutdown drags on, uncertainty continues to build for both investors and everyday Americans. In this episode of J.P. Morgan's Making Sense, Samantha Azzarello, head of Content Strategy, sits down with chief U.S. economist Michael Feroli and Jay Barry, head of Global Rates Strategy, to explore the impacts of the prolonged shutdown. How is it weighing on consumer sentiment and economic growth, and how are markets responding? Plus, have expectations for Fed policy changed as a result? 

This episode was recorded on November 7, 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 episode, Nick Richitt, global co-head of Healthcare Services at J.P. Morgan, sits down with Michael Gao, co-founder of Smarter DX and president of Smarter Technologies, to explore how AI is revolutionizing healthcare. Together, they dive into the journey from digitization to true innovation, discussing how AI is transforming clinical reasoning, improving patient records and driving operational efficiency for hospitals and health systems. They also address the challenges of scaling AI responsibly, emphasizing the importance of collaboration and control. What is the future of intelligent healthcare, and how will it amplify the human experience? 

This episode was recorded on October 30, 2025.

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. 

© 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Veronique Steiner, head of EMEA Innovation Economy, and Lori Schwartz, global head of Treasury Services, sit down at Money20/20 Middle East in Riyadh to discuss the trends shaping the region's financial system. Together, they explore the rapid growth of financial services in the Middle East, the impact of technology on cross-border payments and the importance of striking a balance between security and innovation in a fast-changing landscape. Hear insights on the future of fintech, the role of open banking and how J.P. Morgan Payments is helping clients navigate new opportunities in Saudi Arabia and beyond. 

This episode was recorded on September 15, 2025.

J.P. Morgan and third parties listed on this page have not entered into a legal partnership to provide the services described above. Third party trademarks, brand names, and descriptions of products and services that appear on this page are provided by the respective third party. J.P. Morgan is not liable or responsible for such trademarks, brand names, descriptions of products, companies and or services. J.P. Morgan may generate profit from the use of any services or products provided by the third parties. Nothing in this material shall be taken as an endorsement of any third party or advice on the suitability of the third party’s services for the client. You shall make an independent determination for selection of the services provided by the third parties. Neither J.P. Morgan, nor its affiliates, shall be liable to you for any loss or liability suffered by you from the use of the third party’s services.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness.  The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.

Any Future capabilities of mobility payment systems are under development; features and timelines are subject to change at the Bank’s sole discretion.

© 2025 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.  Non-deposit products are not FDIC insured. The statements herein are confidential and proprietary and not intended to be legally binding. Not all products and services are available in all geographical areas. Visit  jpmorgan.com/paymentsdisclosure for further disclosures and disclaimers related to this content.

In this episode, Kenneth Worthington, a Brokers, Asset Managers and Exchanges equity analyst at J.P. Morgan, is joined by Teresa Ho, head of U.S. Short Duration Strategy, to explore the dynamic world of stablecoins. Together, they break down what stablecoins are, how they work and why they’re gaining so much attention in today’s financial landscape. The discussion covers how stablecoins differ from deposits and money market funds, the impact of recent legislation such as the GENIUS Act, as well as what all this could mean for the future of finance.

This episode was recorded on October 23, 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.