“Making Sense,” the podcast channel from J.P. Morgan’s Commercial & Investment Bank, brings you views and analysis from the Investment Banking, Markets and Research businesses. In each episode, experts discuss the latest market outlooks, trends and developments impacting our complex global economy.
Multi-strategy hedge funds are drawing fresh attention as investors reassess traditional 60/40 portfolios amid higher stock–bond correlations. In this second conversation with Blackstone, Kumar Panja, EMEA head of Capital Advisory Group at J.P. Morgan, sits down with Joe Dowling, global head of Blackstone Multi‑Asset Investing business (BXMA), and Riad Abrahams head of Strategy, Risk and Quant Analytics in BXMA, to unpack what’s driving multi‑strat growth—and how allocators are using these strategies as a potential fixed income substitute. They discuss how leading multi‑strat platforms are…
Payrolls came in lower than expected in the September jobs report, but topline numbers may not tell the whole story. In this episode of Making Sense, Alexa Hanelin of the Rates team sits down with Michael Feroli, J.P. Morgan's chief U.S. economist, to give a read on the print, unearth what's behind the softness and find where the data may be more encouraging than expected. They also discuss how this report might affect the path of Fed rate cuts, digest recent commentary from FOMC officials and offer a view to what might affect the forecast for one more rate hike with inflation seeming to…
Tokenization and digital assets are moving from experimentation to real-world implementation, from hype to measurable outcomes. In this episode of Making Sense, Hannah Elson, global head of Custody and EMEA head of Securities Services, sits down with Oli Harris, global head of Kinexys by J.P. Morgan, to discuss what’s changed over the last 18 months: clearer regulation, growing institutional adoption and the rise of credible “on-chain money” that enables true delivery-versus-payment settlement. They explore where clients are investing first, including 24/7 cross-border payments, liquidity…
For the first time in three years, the overnight federal funds rate is going up, as the Federal Open Market Committee (FOMC) voted to raise rates at its September meeting. In this episode of Making Sense, Samantha Azzarello, head of Content Strategy for Global Research, sits down with Michael Feroli, chief U.S. economist at J.P. Morgan, to discuss what went into the FOMC's decision, what to make of chair Kevin Warsh's press conference and how the unanimous Committee vote affects concerns over Fed independence. They also discuss whether rates might be considered restrictive, whether we're at…
As Treasury yields stay elevated and spreads remain historically tight, rates appear to be bleeding directly into credit — and investors are increasingly viewing credit through a rates lens. In this episode of Making Sense, Brian LaRocca, head of Vida Portfolio Solutions, Americas, joins Benjamin Kinney, global head of Credit and Public Finance Sales, to discuss what a "ratesified" market structure means for price discovery, electronification and portfolio trading. They also explore how policy uncertainty may be better expressed in FX than duration, why AI/data-center financing is still in…
Treasury is no longer a back-office function. As businesses navigate increasing complexity, it has become a strategic driver of resilience, decision-making and growth. In this episode, Roxana Montazerian, EMEA Head of Broker Dealer and Specialty Finance Sales and Sara Castelhano, Head of UK, Europe & Canada Treasury Services discuss how treasury is evolving in response to changing business demands. They explore the growing role of technology, real-time data and AI, the skills treasury leaders need for the future and how organizations can transform treasury from an operational function into a…
In this episode of J.P. Morgan's Making Sense, Meridy Cleary from the FICC Market Structure and Liquidity Strategy team sits down with Carlos Gomez-Gascón, head of EM Rates e-Trading, to explore how automation is reshaping emerging market rates trading. They unpack the key difference between electronification and true automation and discuss how automated pricing and workflows can improve speed, transparency and scalability across EM bonds, interest rate swaps and FX swaps. The conversation also covers regional market-structure nuances (including repo and futures market dynamics), the rise of…
2026 continues to be a record year for equity capital markets globally — and the tech issuance calendar isn't showing signs of slowing down. In this episode of J.P. Morgan’s Making Sense, Eddie Byun, global head of Technology Equity Capital Markets (ECM), sits down with Jack Atherton, head of EMEA ECM Market Intelligence, to unpack what's driving this year's spike in activity, why investor demand is staying strong across blockbuster deals and how issuers are thinking about private versus public market access. They also explore two of the dominant narratives — AI and rates — that continue to…
In this episode of J.P. Morgan’s Making Sense, Gurps Kharaud, head of Equities, Structuring and Financing Digital Markets, sits down with Rui Fernandes, head of Global Structuring, to unpack how structuring is evolving in today’s markets. They discuss what clients are asking for (more leverage, financing, protection and tailored exposures), as well as the need to keep solutions as implementable as possible — in other words, innovate to simplify. The conversation also explores how AI is starting to accelerate speed-to-market, improve customization and enhance long-dated post-trade servicing…
In this episode of J.P. Morgan’s Making Sense, Michael Johnson, Security and Resiliency Initiative lead for Energy and the U.S. Government, sits down with Ben Wilson, Co-head of North American Mergers & Acquisitions, and Andrew Castaldo, Co-head of Mid-Cap Mergers & Acquisitions, to weigh in on the future of global supply chains. Over the course of the conversation, they cover critical mineral supply chains, manufacturing bottlenecks, and the shift from just-in-time to just-in-case inventory. If you'd like to learn more, you can visit jpmorgan.com/sri. This episode was recorded on March 4,…
In this episode of J.P. Morgan’s Making Sense, Bryan Long, Power Trading and Origination at J.P. Morgan, is joined by Sam Tegel, CEO of ElectronX, to explore why US power has become an increasingly attractive and tradable product for a growing wave of global market participants. Against a backdrop of surging data center demand, renewable penetration, and grid complexity, they discuss how short-term electricity derivatives are unlocking new risk management tools and drawing in liquidity from proprietary trading firms, crypto miners, and institutional investors worldwide. The conversation also…
In this episode of J.P. Morgan’s Making Sense, Mark Marengo, head of Diversified Industries Investment Banking, sits down with Derek Chollet, head of the JPMorganChase Center for Geopolitics, to unpack what’s changing across defense and aerospace. They discuss where investment is flowing, how emerging technologies are reshaping capability and military readiness and why deeper public-private partnerships are becoming essential to move the sector forward in the U.S., Europe and beyond. This episode was recorded on March 4, 2026. This material was prepared by certain personnel at the Investment…
Can international equities keep leading as the rally broadens? In this episode of Making Sense, Edwina Lowe from J.P. Morgan's Data Assets and Alpha Group sits down with Federico Manicardi, head of International Market Intelligence, and Jigar Vakharia from the Positioning Intelligence team to unpack the landscape. They look at what’s driving Europe’s strength, why APAC is moving from stabilization to accumulation and how investor positioning is evolving across regions. They also discuss the key themes in play — from AI and semiconductors to miners and banks — as well as what risks could…
Inflation is cooling — at least on paper — so why does a night out still feel shockingly expensive? In this episode of J.P. Morgan’s Making Sense, U.S. rates strategist Harry Downie is joined by senior economist Mike Hanson and David Karnovsky, head of the U.S. Media, Entertainment and Advertising research team, to unpack the latest CPI report through the lens of “funflation” — rising costs tied to leisure and entertainment. They discuss what the CPI print says about the broader inflation trend, why prices can remain high even as inflation slows and why services inflation is still sticky.…
Hedge funds are back in focus as elevated stock-bond correlations challenge traditional portfolio construction. In this episode, Kumar Panja, EMEA head of Capital Advisory Group at J.P. Morgan, sits down with Joe Dowling, global head of Blackstone’s Multi-Asset Investing business (BXMA), and Riad Abrahams, head of Strategy, Risk and Quant Analytics in BXMA. Together, they discuss how Blackstone evaluates and partners with hedge fund managers, how they think about diversification versus “di-worsification” and why drawdown correlation matters as much as headline performance. They also explore…
What should we make of a weak payroll print alongside a lower unemployment rate? In this episode of Making Sense, Lauren Brice from the North America Rates Sales team sits down with Mike Feroli, Chief U.S. Economist at J.P. Morgan, to unpack the July jobs report and what it implies for U.S. growth momentum in 2026. They discuss why the headline miss may overstate weakness, what steady-but-low private hiring says about layoffs and labor market “dynamism” and how participation and wage growth are shifting the inflation outlook. The conversation also covers sector signals like leisure and…
Markets have remained notably risk-on in 2026, even as geopolitical fragmentation, energy chokepoints and intensifying U.S.-China competition continue to raise the stakes for investors and businesses. In this episode of J.P. Morgan’s Making Sense, Joyce Chang, chair of Global Research at J.P. Morgan, is joined by Paul Haenle, head of APAC Policy and Strategic Competitiveness at J.P. Morgan, and Karim Sadjadpour, senior fellow at the Carnegie Endowment for International Peace, to unpack how the Middle East conflict could continue to unfold — and what elevated geopolitical risk means for…
Markets have powered through a volatile first half of 2026, despite geopolitical shocks, commodity swings, a more complex rates backdrop and increased scrutiny on the returns to AI and other growth investments. In this episode of J.P. Morgan’s Making Sense, Evan Junek, global head of Corporate Finance Advisory, and Charlie Bouckaert, global head of Advisory and M&A, discuss the factors underpinning this resilience. They explore why M&A volumes have hit record highs, why corporates are leaning in with speed and scale, as well as how boards are thinking about strategic readiness in a…
What's the right price for AI stocks? In this episode of Making Sense, Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan, speaks with Helen Jewell, International CIO of Fundamental Equities at BlackRock, about differentiating within the AI trade, and identifying companies with durable earnings power and high return on capital growth, versus simply those trading with momentum. They discuss where the market is (and isn't) discriminating across semis, memory and software and what to watch as the AI capex cycle evolves. This episode was recorded on April 6, 2026. The…
Gold trading in APAC is evolving quickly, with record volumes, shifting participation and infrastructure upgrades reshaping liquidity and execution. In this episode of J.P. Morgan’s Making Sense, Khushil Nathoo from the FICC Market Structure & Liquidity Strategy team and Ravi Ramakrishnan, senior precious metals trader for Asia, discuss what’s driving heightened activity in gold, how clients are accessing liquidity and where trading could gravitate as new hubs and clearing initiatives take shape. Nathoo and Ramakrishnan also explore the impact of electronic execution, the interplay between…
Retail participation in Asia is not just significant — in many markets, it’s dominant. In this episode of Making Sense, Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan, sits down with Clare Witts, head of APAC Equity Market Structure, to chart the rise of retail investing and its effect on liquidity and market performance. Witts offers her perspective on concentration in single stocks, retail appetite for ETFs and derivatives, and how Asian exchanges are responding to this powerful phenomenon. This episode was recorded on June 26, 2026. The podcast's views do not…
Amid elevated volatility and rapid advances in technology, systematic trading is gaining steam in commodities markets. Join Leland Price from the FICC Market Structure & Liquidity Strategy team alongside commodity traders Max Lee and Biko Agozino as they discuss what’s driving the growth of quantitative strategies across commodities and what it means for market participants today. Explore how automation is unlocking access to OTC liquidity, alpha opportunities emerging from inefficiency as well as how API connectivity and AI are shaping the modern trader’s toolkit. This episode was recorded…
The checkout has become one of the most important moments in the customer journey — where growth, customer experience and digital transformation converge. In this episode, Patricia Brolly, head of EMEA Merchant Acquiring Product, and Ciaran Walsh, head of Europe Corporate Sales at J.P. Morgan Payments, explore why the checkout has evolved from an operational necessity into a strategic growth engine. They discuss how businesses can reduce friction, localize payment experiences, leverage data and AI, as well as balance innovation with security to drive conversion and scale across EMEA’s…
So far, 2026 has been a year defined by big market moves, shifting expectations for inflation and policy, and persistent geopolitical headwinds. This episode of J.P. Morgan’s Making Sense offers a global check-in: what’s held up so far, what have been the biggest surprises and what matters most for the second half of the year. Join Samantha Azzarello, head of Content Strategy, and other analysts from across J.P. Morgan Global Research as they explore what could drive markets — from equities and rates to FX and commodities — in the months ahead. In this episode, we hear from: Bruce Kasman,…
Despite ongoing macro uncertainty, healthcare dealmaking shows no signs of slowing. In this mid-year outlook episode, host Haley Trethaway sits down with Jerry Lee and Nick Richitt, global co-heads of Healthcare Investment Banking at J.P. Morgan, to take stock of the industry’s health. Together, they unpack five themes redefining the healthcare landscape, from biotech’s supercycle to supply chain resiliency and the surge in cross-border M&A. What should investors watch in the second half of the year? Read the full article here:…
2026 has been defined by big market moves, shifting expectations for inflation and policy, and persistent geopolitical headwinds. Next week, analysts from across J.P. Morgan Global Research will deliver a global check-in on what’s held up, what have been the biggest surprises and what matters most for the second half — across equities, rates, FX, commodities and more. Tune in on Monday, June 29, for the full episode.
AI is transforming global economies and revolutionizing industries. In this episode of Security and Resiliency in Action, Kristina Nilsson, global co-head of AI Investment Banking, and Justin Krauss, Security and Resiliency Initiative lead for Defense Tech and Innovation Economy, discuss why prioritizing strategic technology is critical. This material was prepared by certain personnel at 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. It is not intended as an…
Emerging market credit is navigating a new landscape shaped by strong fixed-income inflows, shifting investor participation and greater data availability. In this episode, Meridy Cleary from the FICC Market Structure and Liquidity Strategy team sits down with James Banghart, global head of EM Credit Trading at J.P. Morgan. Together, they discuss how recent geopolitical shocks have tested liquidity, how execution is evolving via portfolio trading and ETFs, as well as what new EU and U.K. bond transparency rules could mean for EM credit markets. Tune in to learn more about the state of private…
Equities have been on a remarkable run — join members of J.P. Morgan's Data Assets and Alpha Group to dig into what’s been behind this outperformance. Eloise Goulder, head of the group, and product specialist Edwina Lowe break down the forces lifting markets, from resilient growth and strong earnings to the sheer scale of AI capex and rising valuations. We then hear from John Schlegel, global head of Positioning Intelligence, and Drew Tyler, global head of Market Intelligence, who explore the near-term outlook for equities — weighing inflation and rates risk, seasonality and positioning…
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…
About Making Sense
“Making Sense,” the podcast channel from J.P. Morgan’s Commercial & Investment Bank, brings you views and analysis from the Investment Banking, Markets and Research businesses. In each episode, experts discuss the latest market outlooks, trends and developments impacting our complex global economy.
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