At Any Rate

Discussion centers on structural improvement in emerging market currencies and the role of global growth. They compare tech-stock volatility with EM fixed income resilience. Dollar weakness and its support for EM sovereigns and reserves are examined. Conversation covers why EM credit spreads have held up and recent early-stage inflows into EM funds.

Ipek Ozil, Head of U.S. Interest Rate Derivatives Strategy at J.P. Morgan, offers concise market perspective. She breaks down U.S. futures positioning and Fed expectations. She reviews delivery optionality and why switch risk looks muted. Short, markets-focused conversation on roll drivers and positioning across U.S. and Eurex futures.

Ben Jarman, an FX strategist focused on APAC and commodity-linked currencies, walks through the RBA’s hawkish pivot and why AUD/NZD dynamics shifted. He discusses euro versus APAC FX rotation and scenarios around Japan’s elections. Conversations also cover the dovish BoE surprise and recent mixed US data that could sway dollar direction.

Greg Shearer, Head of Base & Precious Metals Research at J.P. Morgan, offers market-savvy analysis of metals trading and investor behavior. He breaks down gold’s surge and pullback, dissects silver’s extreme volatility and risks, and explains why retail flows hit silver harder. The conversation also covers institutional positioning and tactical re-entry strategies.

Aditya Chordia, J.P. Morgan fixed income strategist focused on spread and carry trades, and Khagendra Gupta, J.P. Morgan European rates strategist expert on central bank liquidity tools, discuss ECB and BoE February decisions. They unpack ECB repo and swap frameworks, talk limited market impact from facility tweaks, warn on skinny carry across euro spreads, and debate rising UK political noise and gilt moves.

Teresa Ho, Head of U.S. short-duration strategy at J.P. Morgan, offers expert views on money markets and stablecoins. She discusses the stalled crypto market structure bill and who would oversee tokenized securities. Short takes cover stablecoin yield concerns, accounting questions about cash equivalence, and new tokenized products from big institutions.

Ben Ramsey, head of EM sovereign credit strategy at J.P. Morgan, gives takeaways on spreads and country credit. Anezka Christovova, head of EMEA EM and Latam local-market strategy, shares macro and local-market reads on elections and central bank moves. They discuss Fed pick market reactions, EM FX momentum and risks, tight EM credit spreads, positioning for carry, and on-the-ground election implications.

Otar Dgebuadze, J.P. Morgan natural gas analyst covering European and global gas flows and weather impacts. Greg Shearer, J.P. Morgan metals strategist focused on gold, silver and copper market drivers. They unpack extreme cold tightening European gas, LNG flow disruptions and storage hits. They also tour metals volatility, ETF flows, record spikes and the forces behind a rapid gold run and copper swings.

Arindam Sandilya, J.P. Morgan FX strategist on Asia and vols; Junya Tanase, yen and Japan policy specialist; Ben Jarman, Antipodean macro and FX expert; Gregory Shearer, metals researcher. They discuss rapid moves in metals and the dollar. They cover commodity-driven currency swings, AUD/NZD rallies, yen intervention risks and APAC FX policy nudges. Volatility quirks and market fragility are highlighted.

Arindam Sandilya, J.P. Morgan’s EM Asia FX and country strategist, offers crisp Asia FX and country calls. Anezka Christovova, EMEA/LatAm local markets strategist, provides short-term technical signals and risk-appetite reads. They cover recent EM volatility, why EMFX turned more bullish, country-specific FX moves in Asia, tactical overbought signals, and implications for monetary policy and rates.