At Any Rate

Anezka Christovova, Head of EMEA EM and LATAM Local Market Strategy at J.P. Morgan, offers regional FX, rates and local-market expertise. They review one-week EM moves and whether the Middle East conflict has altered the outlook. Discussion covers EMFX positioning squeezes, central bank rate responses and which catalysts like the Strait of Hormuz and oil to watch next.

Kunj Padh, Global FX strategist focused on digital currency regulation and stablecoins. Octavia Popescu, Europe FX strategist with tactical views on sterling, SEK and euro-area risks. Tiffany Wang, China-based EM strategist tracking CNY and PBOC actions. They discuss CNY appreciation and PBOC resistance. IEEPA and Asia trade effects. Euro-area growth, sterling politics and SEK signals. Stablecoins, AI agents and dollar demand.

Aditya Chordia, a J.P. Morgan fixed-income analyst focused on euro-area and UK rate markets. He breaks down recent Euro Council talks on joint EU issuance and defence funding. He outlines near-term EU issuance prospects and a constructive long‑end outlook. He assesses German 10-year yield dynamics and discusses UK by-election impacts and timing risks for UK political moves.

Otar Dgebuadze, JPMorgan’s lead on European natural gas research, breaks down market fundamentals in a lively chat. He walks through January’s weather-driven price spikes and why storage shortfalls and delayed LNG projects tightened 2026 balances. He also compares TTF and NBP dynamics and outlines how new infrastructure could ease pressures after 2027.

Ben Ramsey, Head of EM Sovereign Credit Strategy at J.P. Morgan, offers sharp takes on sovereign indices and credit spreads. Anezka Christovova, Head of EMEA EM & Latam Local Market Strategy at J.P. Morgan, breaks down EMFX and local market moves. They cover market directionlessness, Middle East geopolitical tail risks, US–Iran local market effects, tariffs and AI-related cyclical risks, and index technicals like UAE exclusion.

Patrick Locke, JPMorgan senior strategist on U.S. macro and geopolitics. Junya Tanase, JPMorgan specialist in Japanese markets and yen dynamics. James Nelligan, JPMorgan strategist on equity-FX interactions. They probe dollar downside odds, yen and JGB disconnect, sector rotation versus growth, PMI and cyclical data risks, Fed minutes implications, and geopolitics-driven market shocks.

A lively debate over recent bullish sentiment from London and why the hosts push back. A deep dive into resilient Russian supply, shifting buyers in India and China, and limited Iran risk. Discussion of accumulating global inventories and how refinery changes reshape stock norms. A cross-asset look at oil’s relative valuation.

Greg Shearer, Head of Base & Precious Metals Research at J.P. Morgan, offers expert metal-market perspective. They cover whether recent commodity swings signal a turning point or just a correction. Conversation ranges from supply-driven divergence between metals and energy to gold’s structural demand story and near-term uncertainty for industrial metals and oil.

James Nelligan, J.P. Morgan FX analyst on European and Scandi currencies, and Patrick Locke, J.P. Morgan FX analyst focused on dollar dynamics, discuss limits to dollar weakness. They cover why US equity underperformance can be dollar-negative, surprising payrolls reactions, yen moves after Japan’s vote, Scandi and sterling strength, Swiss franc flows, and signals from a firmer US Treasury FX stance.

Frida Infante, a J.P. Morgan macro and central bank analyst for Nordic economies, discusses Sweden and Norway rate markets. She covers Norway’s inflation surprise and implications for Norges Bank. She contrasts Sweden’s softer inflation and Riksbank trajectory. She also explores front-end repricing, curve steepness, and cross-market spreads.