Global Data Pod

Despite the purchasing power squeeze from the Middle East conflict, the resilient cycle has dominated the macro landscape. Business spending on capex and hiring looks be broadening out, supporting our thesis that the cycle owes more to fading business caution than to a narrow AI boost. How well the supply side of the economy can keep pace with firming demand will tell the tale for central banks, including the Fed—which is likely to shift toward a neutral stance this month. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 5 June 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.

J.P. Morgan Global Research recently launched the Industry and Policy Thematics group. The aim of this group is to provide timely analysis of economy-wide industry and policy topics, including issues related to security and resilience. In this episode we discuss the group’s inaugural report on Rare Earths, we discuss the rare earth supply chain, why rare earths are critical, common myths, and the potential US playbook going forward.​ Featuring Jahangir Aziz, Co-Head of Economic Research and Head of Industry & Policy Thematics, and Samantha Azzarello, Head of Content Strategy. This podcast was recorded on February 25, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5211349-0 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.

There are significant elements of noise in this week’s key reports but we feel there is enough signal in these readings to increase confidence that recoupling is taking hold that lifts hiring this quarter even as consumer spending slows. US inflation data follows a similar pattern, with the underlying signal pointing to somewhat less firming than incorporated in our forecast. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on February 13, 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.

Strong global momentum at the start of the year is coming alongside rising commodity prices and a falling dollar. Is there a signal there? Can the EM ease even if DM rates stay on hold? Euro area inflation is coming off but growth is firming and pushing the unemployment rate to record lows. In the US, Fed chair nominee Warsh is likely to push for lower rates but could find himself in the dissent in the face of strong growth and sticky high inflation. Speaker: Bruce Kasman Joseph Lupton This podcast was recorded on 30 January 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.