All into Account

All into Account: How to win a Trade War 15.06.2026 18min

In this episode, Joyce Chang, Chair of Global Research, is joined by Chad Bown of the Peterson Institute for International Economics to discuss his new book, How to Win a Trade War: An Optimistic Guide to an Anxious Global Economy, and what “winning” means in a world where trade wars are increasingly becoming the default setting. Speakers: Joyce Chang, Chair of Global Research, J.P. Morgan Chad Bown, Reginald Jones Senior Fellow, Peterson Institute for International Economics (PIIE) This podcast was recorded on June 9, 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

From Barrels to Ballots: Middle East and Midterm Elections 12.06.2026 26min

In this episode we are pleased to feature two expert guest speakers: Mike Singh, who is Managing Director and a senior fellow at The Washington Institute and former senior director for Middle East Affairs at the National Security Council and Daniel Silverberg, who is a Partner at Capstone and brings deep experience at the intersection of national security and Washington policymaking from his time serving as National Security Advisor to House Majority Leader Steny Hoyer. Together, they dig into what the conflict means for regional stability and energy markets and examine how, if at all, the conflict could shape the political landscape as we head toward the US midterm elections. Speakers: Amy Ho, Strategic Research, JPMorgan Mike Singh, Managing Director, The Washington Institute Daniel Silverberg, Partner, Capstone This podcast was recorded on June 9, 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 J.P. Morgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

All into Account: What to Watch for at the Trump-Xi Summit 12.05.2026 33min

In this episode, we take a closer look at what to watch for in the upcoming Trump-Xi summit, which will be the first U.S. presidential visit to Beijing in nearly nine years, including what realistic deliverables may look like. We are pleased to welcome two leading experts: Zongyuan Zoe Liu, Maurice R. Greenberg Senior Fellow for China Studies at the Council on Foreign Relations (CFR), and Navin Girishankar, President of the Economic Security & Technology Department at the Center for Strategic and International Studies (CSIS). The discussion will be moderated by J.P. Morgan’s Amy Ho, Strategic Research, and will begin with opening remarks from Joyce Chang, Chair of Global Research. Institutional clients of J.P. Morgan can view the related report at https://jpmorganmarkets.com/research/content/GPS-5298527-0. Speakers: Joyce Chang, Chair of Global Research Amy Ho, Strategic Research Navin Girishankar, President of the Economic Security & Technology Department at the Center for Strategic and International Studies (CSIS) Zongyuan Zoe Liu, Maurice R. Greenberg Senior Fellow for China Studies at the Council on Foreign Relations (CFR) This podcast was recorded on May 8, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmorganmarkets.com/research/content/GPS-5298527-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Where the gaps persist – The Five Ws of gender balance 25.03.2026 24min

In this podcast we discuss global gender parity trends in women’s workforce participation, pay, and wealth building, and assess emerging challenges from declining fertility and a shrinking working-age population alongside broader AI adoption where gender gaps remain pronounced. Guest Speakers: Tynnetta McIntosh, Global Head, Office of Women's Affairs George Eckerd, Research Director for Wealth and Markets, JPMorganChase Institute Joyce Chang, Chair of Global Research Amy Ho, Strategic Research Alexander Wise, Long-term Strategy Hannah Lee, Asia Pacific Sustainable Investing Equity Research This podcast was recorded on March 20, 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Lessons Learned from Eric Beinstein: A 40-Year Perspective on the Evolution of Credit Markets 17.02.2026 21min

In this All into Account podcast, we feature a final interview with Eric Beinstein, Head of US Credit Strategy, where he discusses the most significant transformations shaping the credit markets. He reflects on today’s record tight spreads, record levels of issuance, and the rapid growth of private credit, offering his insights on how these trends have transformed the market. After an impressive 40-year career as a leader in our Global Research department Eric is retiring. J.P. Morgan Speakers: Joyce Chang, Chair of Global Research Eric Beinstein, Head of US Credit Strategy This episode was recorded on February 11, 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. Copyright 2026, J.P. Morgan Chase and Company. All rights reserved.

Beyond the Surface: Commodity Crossroads - Unpacking the 2026 Outlook 29.12.2025 17min

Featured in this podcast is Natasha Kaneva. Join us as we explore the dynamic world of commodities with Natasha Kanvea, Head of Commodities Strategy at JPMorgan. In this episode of “Beyond the Surface” podcast series, Natasha shares her expert insights and outlook on gold, oil, metals, and agri commodities for 2026 and 2027. This podcast was recorded on Dec 17, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmorganmarkets.com/research/content/GPS-5143468-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

Beyond the Surface: Dollar Dilemmas and Global Shifts: The FX Forecast for 2026 09.12.2025 14min

Featured in this podcast is Meera Chandan. This podcast was recorded on Dec 7, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmorganmarkets.com/research/content/GPS-5133847-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

The Dark Side of Digital Progress 08.12.2025 22min

In this episode Joyce Chang, Chair of Global Research, is joined by Amy Ho, Strategic Research, Brian Essex, Security Software Equity Research, J.P. Morgan's Global Chief Information Security Officer Pat Opet, and JF Legault, Deputy CISO and Global Technology Chief Control Manager to discuss the rapidly evolving cybersecurity landscape. Cyber threats rank among the top five global risks, surpassing traditional economic concerns, yet preparedness remains low as cybercrime costs rise. This year’s survey highlights how advances in AI and hybrid networks are amplifying attack sophistication, while AI is also crucial for defense. Regulatory responses are fragmented, and quantum computing threatens to break current cryptographic standards by 2035. For more in-depth insights, please refer to our latest annual report J.P. Morgan Perspectives: Digital Future Under Threat: AI, Quantum and Geopolitical Cybersecurity Risks (https://www.jpmm.com/research/content/GPS-5136797-0). J.P. Morgan Speakers Joyce Chang, Chair of Global Research Amy Ho, Strategic Research Brian Essex, Security Software Equity Research Pat Opet, Global Chief Information Security Officer JF Legault, Deputy CISO & Global Technology Chief Control Manager This podcast was recorded on Friday, December 5, 2025 This communication is provided for information purposes only. Institutional clients can view the related report (https://www.jpmm.com/research/content/GPS-5136797-0) for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

Cross-Asset Quant Topics: Trend following on Factors, Case for Comm QIS, Crowding Metrics 29.10.2025 18min

Tom Salopek & Dobromir Tzotchev discuss trend-following performance given an environment of policy uncertainty. We look to our earlier work of applying trend-following on Equity factors and our new piece where we apply this idea broadly. In an environment where reacceleration can turn inflationary, Commodity QIS should become more important and the momentum signals for Commodity QIS are turning more favorable. In addition, we discuss metrics for assessing Crowding, applicable to trend-following in particular, and also to risk premia and public markets. This podcast was recorded on 29 October 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5111364-0 https://www.jpmm.com/research/content/GPS-5062689-0 https://www.jpmm.com/research/content/GPS-4435578-0 https://www.jpmm.com/research/content/GPS-4338222-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Beyond the Surface: The US Shutdown – Economic and Market Perspective 16.10.2025 25min

This podcast was recorded on 13th Oct 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5094689-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

New York Climate Week Speaker Series: Europe’s Policy Transformation: Competitiveness, Climate, Sovereignty 26.09.2025 31min

In a dynamic panel discussion, JX & team explore how the EU’s latest regulatory momentum is driving competitiveness through bold simplification, reshaping the landscape for climate funding mechanisms, and fueling the rise of sovereignty as an investment theme and strategic priority that is transforming the region’s energy mix. Don’t miss this opportunity to gain fresh insights at the intersection of policy, finance, and climate action—where Europe’s future is being redefined. Speakers Jean-Xavier Hecker, Head of EMEA Sustainable Investing Equity Research Noemie de la Gorce,CFA, EMEA Sustainable Investing Equity Research, Senior Analyst Hugo Dubourg, EMEA Sustainable Investing Equity Research, Senior Analyst This podcast was recorded on 25 September 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5056098-0 https://www.jpmm.com/research/content/GPS-5045226-0 https://www.jpmm.com/research/content/GPS-5035133-0 https://www.jpmm.com/research/content/GPS-4958565-0 https://www.jpmm.com/research/content/GPS-4929661-0 https://www.jpmm.com/research/content/GPS-4803842-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

New York Climate Week Speaker Series: The Challenges and Opportunities of Adapting to Climate Change 26.09.2025 27min

Last year was the hottest on record at about 1.55°C above pre-industrial levels, highlighting the urgency of not just mitigating GHG emissions but also the importance of learning to live on and adapt to a warmer planet. In a fireside chat, Virginia and Mark discuss all things adaptation: policies, COP 30, development finance, catastrophe bonds and, of course, investment strategies. Speakers Virginia Martin Heriz, Head of Multilateral Development Banks Research and Global Coordinator of Sustainable Investing Research Mark Streeter, CFA, Global Co-Head of Sustainable Investing Credit Integration; North America Corporate Credit - REITs, Transportation and Sustainable Investing This podcast was recorded on 24 September 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at: https://www.jpmm.com/research/content/GPS-4906148-0 https://www.jpmm.com/research/content/GPS-5062540-0 https://www.jpmm.com/research/content/GPS-5030285-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

New York Climate Week Speaker Series: The Future of US Clean Energy 26.09.2025 37min

Mark Strouse discusses recent trends and his team’s outlook for the US renewable energy market. The space has been very dynamic with cross-currents spanning surging electricity demand, and impacts from the US One Big Beautiful Bill Act and a related safe harbor update. Speaker Mark Strouse, CFA, US Clean Energy / Sustainable Investing Senior Analyst This podcast was recorded on 23 September 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at: https://www.jpmm.com/research/content/GPS-5022198-0 https://www.jpmm.com/research/content/GPS-5059659-0 https://www.jpmm.com/research/content/GPS-5076966-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

All into Account: Final Take with Chief Economist for China, Haibin Zhu: Revisiting Made in China 2025 – Lessons learned and what lies ahead 29.07.2025 21min

In this podcast, featuring a final interview with Chief China Economist Haibin Zhu, he shares invaluable lessons learned and offers insights into China’s outlook within the evolving global landscape. He notes the significant progress of the "Made in China 2025" initiative, which has propelled China from a follower to a leader across sectors. Haibin explores the strategic competition between the US and China and addresses China's economic growth trends, the housing market crackdown, and the three-arrow approach to economic challenges. Haibin also discusses the cautious approach to capital account liberalization amidst US-China strategic competition Speakers: Joyce Chang, Chair of Global Research Haibin Zhu, Chief China Economist and Head of Greater China Economic Research This episode was recorded on July 29, 2025 This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. Copyright 2025, J.P. Morgan Chase and Company. All rights reserved.

Beyond the Surface: Navigating the Future - One Big Beautiful Bill Act 24.07.2025 30min

This podcast was recorded on Jul 22, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://jpmorganmarkets.com/research/content/GPS-5027057-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

All Into Account: The State of US Housing: Market Dynamics and Policy Shifts 14.07.2025 27min

In this podcast, J.P. Morgan Research analysts examine the resiliency in US home prices, despite slower growth and higher rates, and the commercial real estate crisis. They provide insight into the drivers behind the frozen housing market, the challenges facing homebuilders, and the evolving role of Fannie Mae and Freddie Mac amidst discussions of GSE privatization. The discussion delves into the impact of tariff and immigration policies, particularly on the High Yield housing sector. Speakers: Joyce Chang, Chair of Global Research John Sim, Head of Securitized Products Research Michael Rehaut, Head of U.S. Homebuilding & Building Products Equity Research Anthony Paolone, Co-Head of REITs & Real Estate Services Equity Research Chong Sin, Securitized Products Research Nick Maciunas, Head of Agency MBS Research Arjun Chandar, North America Corporate Credit Research This podcast was recorded on July 3, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

All Into Account: Navigating Global Housing Challenges Beyond the US 14.07.2025 9min

In this podcast, J.P. Morgan Research analysts highlight emerging signs of relief in the housing affordability crisis across China, Japan, and the UK. The discussion focuses on whether we are approaching a bottom in China’s housing prices and additional policy support. There are concerns about leverage and the rise in property prices in Japan as the BOJ pursues policy normalization, while the UK housing market has seen an abundance of supply-side reforms from the Government to support homeownership. Speakers: Mohammed Hossain, Strategic Research Haibin Zhu, Chief China Economist Ayako Fujita, Chief Economist for Japan Zaim Beekawa, European Building & Construction and Infrastructure Equity Research This podcast was recorded on July 3, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

All Into Account: Exploring Housing Affordability: Insights from the JPMorganChase Institute 14.07.2025 20min

In this podcast, J.P. Morgan Research analysts discuss housing affordability with key insights from the JPMorganChase Institute (JPMCI). Building on a decade of research, the Institute has provided a comprehensive understanding of how consumers purchase homes, navigate recent surges in home prices, and accumulate wealth. The current housing market is redefining economic opportunities in the US, influencing how Americans live, spend, and plan for their future. Research analysts explore the impact of the housing affordability crisis on different population segments, emerging disparities, and the challenges faced by policymakers. Speakers: Joyce Chang, Chair of Global Research Makada Henry Nickie, Housing Finance Research Director, JPMorganChase Institute George Eckerd, Research Director for Wealth and Markets, JPMorganChase Institute Abiel Reinhart, US Economic Research This podcast was recorded on July 1, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

The Best of The Long-Term Strategist 16.06.2025 15min

In this All Into Account podcast Joyce Chang, Chair of Global Research and Jan Loeys, Long-term Strategist discuss the following topics: Regime shifts that are not yet reflected in asset prices and implications for strategic asset allocation • Global warming and climate change• Working-age depopulation in DM • Shift from Democracy to Populism • De-globalization• Higher US bond yields Current dynamics of longevity, retirement savings and investment • Longer life expectancy and rising longevity inequality• Rules of thumb for managing retirement savings Lessons learned and final advice • History does not always repeat • KISS Investing Speakers Joyce Chang, Chair of Global Research, J.P. MorganJan Loeys, Long-term Strategist Jan Loeys retired from JPMorgan this month after an impressive 40 year career that included numerous senior research roles, including Head of Market Research, Chief Bond Strategist in London, and Chief Investment Strategist in New York. In 2018, at the age of 65, Jan transitioned from tactical strategy to a new challenge with the launch of The Long-Term Strategist, advising investors on strategic asset allocations with a long-term perspective. Prior to joining JPMorgan, Jan taught finance and economics at UCLA, the Wharton School, NYU, and Fordham University, and was Senior Economist at the Federal Reserve Bank of Philadelphia. Related Research The Best of The Long-term Strategist, Joyce Chang, Jan Loeys and Alexander Wise, 16 June 2025 This podcast was recorded on June 9, 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5007106-0. For more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

ESG in Transition: Triumphs, Trials and Tensions 15.01.2025 29min

In this podcast Joyce Chang, Chair of Global Research is joined by Virginia Martin Heriz, JX Hecker and Paul Xu in J.P. Morgan’s ESG Research team to discuss the current landscape dictating the future of ESG, including the political backdrop under Trump 2.0, geopolitical risks, the US-China strategic competition and the rising energy demands from data center expansion to fuel the AI revolution, as forces that are reshaping the supply chain and energy demand. J.P. Morgan Speakers:Mohammed Hossain, Strategic Research Joyce Chang, Chair of Global Research Virginia Martin Heriz, Head of ESG Research Methodology and Integration Paul Xu, Asia Pacific ESG Research Jean-Xavier Hecker, Head of ESG & Sustainability Research This podcast was recorded on 15 January 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.