Making Sense

Episoade

• Airline industry outlook: Fuel, fares and demand shifts heading into summer 09.06.2026 17min

  The airline industry is heading into summer travel season under cloudy conditions. In this episode of J.P. Morgan’s Making Sense, Harry Gowers, lead analyst for European Airlines and Travel Retail stocks, and Jamie Baker, U.S. Airline and Aircraft Leasing Equity analyst, break down their expectations for the airline industry. Together, they discuss how geopolitics and fuel prices are affecting supply and demand, why low-cost carriers are finding success in some markets and not in others and what happens to pricing power if fuel prices ease. This episode was recorded on May 29, 2026.  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. © 2026, JPMorganChase & Co. All rights reserved.
• Unlocking liquidity: The evolution of structured financing in private markets 05.06.2026 12min

  How has structured financing moved into the private market mainstream? In this episode of Making Sense, Shiny Das from the Vida Portfolio Solutions product team sits down with John Neubauer, Global Head of Structured Equities Financing at J.P. Morgan, to examine the forces reshaping demand for structured financing as investors seek liquidity, flexibility and transparency. Together they look at how subscription lines have expanded, why NAV lending is becoming a core tool, and what aspects of structured financing are primed for further evolution. Click here to learn more about J.P. Morgan's Vida Financing Connect: https://jpmm.com/portfolio-solutions/financing-connect   This episode was recorded on June 1, 2026.  This podcast is intended for institutional clients only. 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, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. 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. Copyright 2026 JPMorgan Chase & Company. All rights reserved.
• Convergence in motion: Inside the institutional blockchain shift 02.06.2026 19min

  The convergence between traditional finance and public blockchain is no longer theoretical. It's live, it's operational, and it's scaling. Oli Harris, Head of Kinexys, and Emma Landriault, Head of Labs from Kinexys by J.P. Morgan discuss what's driving institutional adoption today, why compliance, privacy, and finality are the design requirements that separate what works from what doesn't, how deposit tokens and stablecoins each serve distinct roles, and where the next wave of value creation is headed as friction continues to be removed across the value chain.   This episode was recorded on May 19, 2026.   ©2026 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. Visit jpmorgan.com/payments disclosure for further disclosures and disclaimers related to this content. This video-podcast/guide is confidential and proprietary to J.P. Morgan and is provided for your general information only. It is subject to change without notice and is not intended to be legally binding. Any services described in this video-podcast/guide are subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. or its affiliates. J.P. Morgan makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to herein. Any mentions of third-party trademarks, brand names, products and services are for referential purposes only and any mention thereof is not meant to imply any sponsorship, endorsement, or affiliation. J.P. Morgan and J.P. Morgan Payments are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability. The views and opinions expressed herein are those of the author or speakers 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 or speakers 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. ©2026 JPMorgan Chase & Co. All rights reserved.
• A quant’s guide to finding alpha in commodities trading 26.05.2026 21min

  Commodities are an investing sphere unto themselves, offering diversification, decorrelation from equities and bonds – and plenty of surprises along the way. In this episode of Making Sense, Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan, sits down with Kranthi Gade, head of Global Macro QIS Product Structuring, to hear how the quantitative strategies group builds and tracks systematic, tailored commodities trading for clients seeking alternative alpha. Tune in to hear the tactics and trends that comprise this fascinating approach to an equally fascinating asset class.   This episode was recorded on May 12, 2026.   The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2026 JPMorgan Chase & Company. All rights reserved.
• What to expect from a Warsh-led Fed 22.05.2026 10min

  Who is the real Kevin Warsh? Having been sworn in as the Fed's 17th chair, the Warsh era at the FOMC has begun. But with inflation proving sticky and Fed independence under the microscope, how will he balance the committee's dual mandate? What might he do differently than his predecessor, Jerome Powell? And how will he handle President Trump? On this episode of Making Sense, Alexa Hanelin talks to Michael Feroli, J.P. Morgan's chief U.S. Economist, to forecast the path of the Fed and examine what may be in store at the June FOMC meeting and beyond. This episode was recorded on May 22, 2026.  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. © 2026, JPMorganChase & Co. All rights reserved.
• Staying a step ahead in the bold new era of shareholder activism 15.05.2026 21min

  Record-breaking volumes of activist campaigns, both public and private, are shaking up the investing world as activists flex their muscles, enjoying new voting powers and privileges in the U.S. and abroad. In this episode of J.P. Morgan’s “Making Sense,” Chuka Umunna, global head of Corporate Governance and Sustainable Solutions, is joined by Darren Novak, global head of Shareholder Engagement and M&A Capital Markets, and Lyndon Park, from the U.S. M&A Capital Markets team, to discuss the seismic shifts in shareholder activism.   Their conversation covers how institutional investors are adopting activist tactics and how market volatility is fueling opportunistic moves. It also explores how universal proxy cards, SEC guidance, and political scrutiny of proxy advisory firms are changing the game, plus behind-the-scenes battles in Europe, governance reforms in Japan, and other examples from around the world - and much more.   Tune in for insights on how companies and boards can anticipate, respond and thrive in the "new era of shareholder activism."   This episode was recorded on May 6, 2026.   This material was prepared by certain personnel of the investment banking group 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.  © 2026 JPMorgan Chase & Company. All rights reserved.
• The hidden costs of resilience: Financing the new supply chain reality 12.05.2026 27min

  In this episode, Dominic Drew from the Trade and Working Capital team is joined by Natasha Condon, global head of Sales for Trade and Working Capital, and Kyle Hutzler from the JPMorganChase Center for Geopolitics to discuss the fundamental repricing of supply chains. The discussion delves into how geopolitics, tariffs, and overlapping disruptions are prompting companies to carry higher inventory levels, build liquidity buffers, and reassess the allocation of resilience costs across complex ecosystems. The conversation highlights why these changes are structural rather than cyclical, identifies emerging pressure points, and examines how capital allocation and financing strategies are adapting to support more resilient supply chains   This episode was recorded on April 20, 2026.   ©2026 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. Visit jpmorgan.com/payments disclosure for further disclosures and disclaimers related to this content. This video-podcast/guide is confidential and proprietary to J.P. Morgan and is provided for your general information only. It is subject to change without notice and is not intended to be legally binding. Any services described in this video-podcast/guide are subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. or its affiliates. J.P. Morgan makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to herein. Any mentions of third-party trademarks, brand names, products and services are for referential purposes only and any mention thereof is not meant to imply any sponsorship, endorsement, or affiliation. J.P. Morgan and J.P. Morgan Payments are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability. The views and opinions expressed herein are those of the author or speakers 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 or speakers 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.   --------   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. Any Future capabilities of mobility payment systems are under development; features and timelines are subject to change at the Bank’s
• April jobs report: “Better than expected,” signs of resilience, and AI’s impact 08.05.2026 10min

  Is this a resilient labor market, or a fragile one? In this episode of Making Sense, Mike Feroli, Chief U.S. Economist at J.P. Morgan, joins Lauren Brice from the North America Rates Sales team to break down the April jobs report and discuss what it means for the health of the U.S. economy in 2026. They discuss the data on claims, AI’s impact on construction and other sectors, and what this report might suggest about the projected path of Fed rate cuts going forward.   This episode was recorded on April 8, 2026.   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. © 2026, JPMorganChase & Co. All rights reserved.
• The interplay between liquidity and collateral 05.05.2026 24min

  In this episode, three J.P. Morgan executives address the intricate connection between liquidity and collateral management. Eileen Herlihy, Head of Trading Services Sales, chats with O’Delle Burke, Global Head of Margin Services, and Michael Wynn, J.P. Morgan’s Global Head of FX and Liquidity for Securities Services, about the evolution of financing solutions as institutional investors raise and preserve cash. They discuss the importance of intraday liquidity, the rise of non-cash collateral, FX considerations, the increased attention to available cash with a shortened T+1 settlement cycle, and the tokenization of collateral. In this conversation, they explore how increasingly sophisticated firms are innovating to enhance alpha and preserve cash -- protecting it or deploying it as needed.   This episode was recorded on April 16, 2026.  This podcast is intended for institutional clients only. The views expressed in the podcast may not necessarily reflect the views of J.P. Morgan 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. 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. Copyright 2026 JPMorgan Chase & Co. All rights reserved. 
• ETFs and mutual funds: What dual share classes could mean for investors 04.05.2026 27min

  Global ETF assets have climbed to roughly $20 trillion, and one structure is drawing fresh attention: dual share classes, where a single portfolio can be accessed as both a mutual fund and an ETF. Funmi Osiyale, from J.P. Morgan's ETF sales team, sits down with Dimensional’s Joel Schneider and Lauren Olson to explore how the model works and what benefits investors could see — from potential cost savings and tax efficiency to broader access and simpler product lineups. The conversation also covers day-to-day market mechanics, liquidity considerations and what’s next for Dimensional’s ETF platform.    This episode was recorded on April 14, 2026.   This podcast is intended for institutional clients only. The views expressed in the podcast may not necessarily reflect the views of J.P. Morgan 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. 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. Copyright 2026 JPMorgan Chase & Co. All rights reserved.
• How are retail investor dynamics shaping equity markets? 29.04.2026 17min

  In this episode, Eloise Goulder, head of the Data Assets and Alpha Group, is joined by product specialist Edwina Lowe and Luca Rainero, head of Data Intelligence, to unpack how retail investors have influenced equity markets this year. They delve into how investors are staying active through volatility, navigating trends in the silver market and the relative outperformance in semiconductor versus software stocks. They also discuss how retail activity is shaping volumes, turnover and intraday trading patterns. Finally, they explore what social media activity can reveal about retail positioning and intent, and how AI tools are accelerating the retail investment cycle and potentially reshaping market structure.   This episode was recorded on April 13, 2026.   The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2026 JPMorgan Chase & Company. All rights reserved.
• Explaining the disconnect between geopolitics and markets 27.04.2026 28min

  From geopolitical tensions and energy disruptions to the latest tariff developments, uncertainty was a recurring motif at the IMF–World Bank Spring Meetings 2026. Yet, bullish market sentiment still prevails. What's causing this disconnect? Join Joyce Chang, chair of Global Research, and Derek Chollet, head of the JPMorganChase Center for Geopolitics, as they explore why markets have remained largely resilient despite the uncertain macro backdrop.  This episode was recorded on April 21, 2026.  The views or opinions expressed herein are solely those of the JPMorganChase Center for Geopolitics and may differ from the views and opinions expressed by J.P. Morgan Securities LLC Research Department or other departments or divisions of JPMorgan Chase & Co. or its affiliates.  Information has been obtained from sources believed to be reliable, but JPMorganChase does not warrant its completeness or accuracy. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.  The opinions herein should not be construed as an individual recommendation for any particular client and is not intended as advice or recommendations of particular securities, financial instruments, or strategies for a particular client.  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. 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. © 2026, JPMorganChase & Co. All rights reserved.
• Equities are back to all-time highs — what’s next? 21.04.2026 14min

  In this episode, Eloise Goulder speaks with Andrew Tyler, head of Global Market Intelligence, and Federico Manicardi, head of International Market Intelligence at J.P. Morgan. They discuss the sharp rebound in global equities, as attention shifts from geopolitical shocks back to macro and earnings fundamentals. They also explore sector and regional leadership (including U.S. tech and financials, and opportunities across Asia and EM), as well as key risks to watch — such as a renewed escalation in Middle East tensions and inflationary concerns stemming from energy shocks and supply chain disruptions.   This episode was recorded on April 20, 2026.   The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2026 JPMorgan Chase & Company. All rights reserved.
• The credit mosaic: A unified approach to the future of trading 17.04.2026 17min

  Nick Adragna (Global Head of Investment Grade & Macro Credit Trading) and Olivier “Caj” Cajfinger (Global Head of IG, Public Finance, and Co Head of Alternative Credit Sales) unpack the evolution of IG credit markets and how J.P. Morgan’s global franchise supports clients. They discuss the creation of unified IG and macro trading units, talent builds, and the surge in portfolio trading, e-trading and ETFs; plus innovations like Vida, J.P. Morgan Direct, and AI-driven analytics. Hear how cross-asset PT (muni, SPG, CLO) and the integration of IG private and alternative credit are reshaping client solutions and what’s ahead for 2026.   This episode was recorded on February 25, 2026.   The views expressed in this podcast may not necessarily reflect the views of JPMorganChase & 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. Reference 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 principle 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 them. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures. Copyright 2026 JPMorganChase & Co. All rights reserved.
• Inflation in focus: Unpacking the March CPI report 15.04.2026 16min

  In this episode of J.P. Morgan’s Making Sense, global economist Maia Crook is joined by senior U.S. economist Mike Hanson to break down the March CPI report. They discuss the energy-driven jump in headline inflation, why core inflation may remain firm and signs of tariff pass-through. The conversation also explores why CPI and the Fed’s preferred Personal Consumption Expenditures (PCE) measure are sending different signals, how that gap could shape Fed policy and how the Iran conflict may influence the global inflation outlook.   This episode was recorded on April 13, 2026.   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. © 2026, JPMorganChase & Co. All rights reserved.
• Security and Resiliency in Action: Supercharging the energy supply chain 10.04.2026 13min

  As data centers and electrification increase power demand, energy resiliency and a diversified energy mix are becoming even more crucial to national security. In this conversation, Dr. Sarah Kapnick, global head of Climate Advisory, and Michael Johnson, Security and Resiliency Initiative lead for Energy and the U.S. Government  , discuss the need for new sources of energy, challenges across the supply chain and industry dealmaking trends.    This episode was recorded on February 6, 2026.     This material was prepared by certain personnel of the investment banking group 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.      © 2026 JPMorgan Chase & Company. All rights reserved. 
• Private credit: Performance vs. liquidity 07.04.2026 15min

  In this episode of Making Sense, Stephen Dulake, co-head of Global Fundamental Research, is joined by Jake Pollack, head of North American Credit Trading and Global Credit Financing, to take stock of where private credit stands today. They unpack the two forces shaping the narrative — investor liquidity in retail vehicles and underlying credit performance — alongside investor focus areas like PIK (payments in kind), software and services exposure, and early markers of AI-related disruption. The conversation closes with views on marking practices, the 2028–2029 maturity wall and ongoing price discovery, and what increased regulatory scrutiny could look like as the market continues to grow. This episode was recorded on March 31, 2026.    --   This podcast is intended for institutional clients only. 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, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. 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.  --  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.  © 2026, JPMorganChase & Co. All rights reserved. 
• March jobs report: Healthy labor market, slower supply, more volatility 03.04.2026 8min

  In this episode of Making Sense, Mike Feroli, Chief U.S. Economist at J.P. Morgan, joins Sam Azzarello, head of Content Strategy, to unpack the March jobs report and what it signals beneath the headline. They discuss the rebound in hiring after February’s data, early signs that AI may be reshaping the labor market, and what higher energy prices could mean for consumer momentum. The conversation closes with Feroli’s outlook on how the data may shape the Fed’s near-term policy stance and his base-case outlook for the U.S. economy.   This episode was recorded on April 3, 2026.  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. © 2026, JPMorganChase & Co. All rights reserved.
• EMEA in Conversation | Eyes on Europe 31.03.2026 29min

  Shaped by diverse markets, languages, currencies and regulatory frameworks, Europe presents a complex landscape for businesses operating across the region. Understanding that landscape is essential for companies managing treasury, liquidity and cross-border payments. In this episode of EMEA in Conversation, Stew Cofer, EMEA head of Payments Specialists, Commercialization and Embedded Finance and Alison Livesey, head of UK and Europe Subsidiary Banking, examine the forces shaping payments across Europe today. From evolving regulatory environments to the realities of operating across multiple markets, the discussion explores how businesses are managing financial flows, approaching treasury strategy and supporting cross-border commerce across the region.    ©2026 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. All rights reserved. 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. This video-podcast/guide is confidential and proprietary to J.P. Morgan and is provided for your general information only. It is subject to change without notice and is not intended to be legally binding. Any services described in this video-podcast/guide are subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. or its affiliates. J.P. Morgan makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to herein. Any mentions of third-party trademarks, brand names, products and services are for referential purposes only and any mention thereof is not meant to imply any sponsorship, endorsement, or affiliation. J.P. Morgan and J.P. Morgan Payments are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability. 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.
• Portfolio trading is reshaping credit - here's how 27.03.2026 14min

  In this episode of Making Sense, Shiny Das, from the Vida Portfolio Solutions product team, sits down with Gustav Vogel, head of Portfolio Trading in Europe, Middle East, and Asia, and Marcus Imbert, head of Portfolio Solutions in North America. Together they explore the rise of portfolio trading and how it is reshaping credit markets globally. They compare how portfolio trading differs across EMEA and North America, from pre-trade pricing and transparency frameworks to the role of local market structure and regulation. The conversation also looks at how ETFs and ETF primary trading support liquidity and risk transfer, the growing demand for thematic and proxy baskets, and the expansion of portfolio trading into cross-currency, cross-asset and bespoke solutions during periods of market volatility.   This episode was recorded on March 16, 2026.  This podcast is intended for institutional clients only. 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, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. 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. Copyright 2026 JPMorgan Chase & Company. All rights reserved.