Making Sense

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, chief global economist - 2:02 Jay Barry, head of Global Rates Strategy - 5:04 Ben Ramsey, head of Emerging Markets Sovereign Credit Strategy - 12:35 Mislav Matejka, head of International Equity Strategy - 20:00 Stephen Dulake, co-head of Global Fundamental Research - 24:13 Meera Chandan, co-head of Global FX Strategy - 30:42 Greg Shearer, head of Base and Precious Metals Strategy - 35:38 Fabio Bassi, head of Cross-Asset Strategy - 40:17 This episode was recorded between June 15 - June 24, 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.

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.

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 credit in emerging markets and the drivers shaping private lending. This episode was recorded on June 9, 2026. The views expressed in this podcast may not necessarily reflect the views of JPMorgan 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. They are not issued by Research but are a solicitation under CFTC Rule 1.71. 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. 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 these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2026 JPMorgan Chase & Company. All rights reserved.