Making Sense

Scott Lucas, Head of Markets Digital Assets at J.P. Morgan, focuses on digital-asset market initiatives. Sandy Kaul, Head of Innovation at Franklin Templeton, leads tokenized fund solutions. They discuss tokenization milestones, regulatory shifts that enabled public-chain use, interoperability and settlement-token choices, on-chain wrappers linking TradFi and DeFi, and practical steps institutions can take to experiment.

Mike Hanson, a senior economist known for macro and inflation analysis, unpacks January CPI readings and why inflation might hover near 3% in 2026. He discusses energy and food price dynamics. He examines tariffs and their slow pass-through to durable goods. He covers housing, rents and how CPI versus PCE differences could shape Fed decisions.

James Fraser, Head of EMEA Payments at J.P. Morgan, is a payments and digital innovation lead with deep regional trade insight. He discusses Middle East market transformation and infrastructure growth. He covers regulatory trends and fintech and data infrastructure uptake. He explores treasury and payment evolution and the shifting landscape for investment and talent.

Greg Shearer, Head of Base and Precious Metals Strategy, offers market analysis on silver and other metals. He discusses why silver is more volatile than gold. He covers policy risks like tariffs and the Section 232 probe. He examines silver’s growing industrial role, especially in solar, EVs and electronics, plus supply limits from byproduct mining and recycling pressures.

Mike Feroli, Chief U.S. economist at J.P. Morgan, gives a concise macro outlook in this conversation. He breaks down labor market momentum, benchmark job-data revisions, and how tech CapEx is shaping demand. He also discusses what would trigger Fed rate cuts and how a new Fed chair could shift policy and balance-sheet strategy.

Edward Byun, global head of technology ECM at J.P. Morgan, offers quick takes on software, IPO appetite and investor skepticism. David De Boltz, MD in Technology Leveraged Finance Capital Markets, explains lending shifts toward AI infrastructure and neoCloud financing. They discuss volatility in tech lending, the split between AI‑proof and AI‑risk names, and what drives demand across debt and equity markets.

Drew Tyler, Global Head of Market Intelligence who provides tactical market views and macro/earnings analysis, discusses a tactically bullish stance based on resilient macro data and earnings growth. He breaks down elevated consumer cash trends and sector bifurcation in consumer positioning. He also covers geopolitical shocks, rate and yield-curve effects, and sectors likely to lead a localized large-cap rally.

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.

Mike Feroli, chief U.S. economist at J.P. Morgan, offers crisp macro analysis in this conversation. He dissects a weak payroll print with a falling unemployment rate. He links GDP growth to hours and productivity. He weighs early signs of AI-driven productivity, debates the Fed's likely pause, and outlines fiscal and inflation forces shaping 2026.