At Any Rate

This week delivered headlines across the board, and commodities were no exception. While Brent crude prices dropped off 11% from their highs last week, the fundamentals have deteriorated in Hormuz and Bab-el-Mandeb, with reignited discussions about transit fees and their legality. Do these fees have historical precedents? Can they be legal? We answer in this episode.

 

Speaker: 

Natasha Kaneva, Head of Global Commodities Research

 

This podcast was recorded on July 31, 2026.

 

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5385695-0 and 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.

J.P. Morgan Strategists discuss the impact of President Trump’s Truth Social posts on interest rate markets.

Speakers: 

Ipek Ozil, Head of US Interest Rate Derivatives Strategy

Chris Hayward, US Interest Rate Derivatives Strategist

 

This podcast was recorded on July 31, 2026.

 

This communication is provided for information purposes only. Institutional clients can view the related report at

https://www.jpmm.com/research/content/GPS-5380811-0, https://www.jpmm.com/research/content/GPS-5364829-0 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.

This week, our Global FX Strategists unpack the fallout from the FOMC for the dollar, as well as implications from another round of Japan FX intervention against a BoJ hold. We also look at AUD’s reaction to recent local data and implications from the BoE meeting for GBP.

 

Speakers:

Patrick Locke, Global FX Strategy

Junya Tanase, Global FX Strategy

Ben Jarman, Global Economics, Rates & FX Strategy

Kunj Padh, Global FX Strategy 

 

This communication is provided for information purposes only. Institutional clients can view the related report at

https://www.jpmm.com/research/content/GPS-5388109-0, https://www.jpmm.com/research/content/GPS-5390436-0

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.

Brent is up nearly 40% in July, setting itself up for the strongest monthly gain since March. With flows from the Persian Gulf suppressed and Red Sea shipments at risk, it appears that geopolitics has taken control of the wheel once again. The story is, however, more nuanced.

 

Speaker: 

Natasha Kaneva, Head of Global Commodities Research

 

This podcast was recorded on July 24, 2026.

 

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5374973-0 and 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.

This week, our global FX and EM strategists discuss the bullish risks for USD into the FOMC meeting, EM FX movers (ZAR, CLP, HUF), GBP valuations & BoE, as well as key takeaways on cross-border M&A flows in 1H’26. 

 

Speakers
Meera Chandan, Global FX Strategy
Patrick Locke, Global FX Strategy
Anezka Christovova, Head of EMEA EM Local Markets Strategy
Octavia Popescu, Global FX Strategy

 

This podcast was recorded on 24 July 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at

https://www.jpmm.com/research/content/GPS-5374884-0

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.