“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. Subscribe now for insights that will help you navigate the world we live in.
The U.S. labor market remains resilient despite recent headline misses, with job growth aligning with trend levels and labor participation increasing. While consumer sentiment surveys indicate recession-level pessimism, actual spending remains robust, largely supported by the wealth effect from AI-driven equity market ...
Tokenization is transitioning from experimental pilot programs to scalable, production-grade infrastructure within institutional finance. This shift is fueled by the convergence of regulatory clarity, the emergence of credible on-chain cash like J.P. Morgan Coin, and a market-wide need for improved liquidity and collat...
Credit markets are undergoing a fundamental transformation as they converge with rates and equity markets, characterized by increased electronification and continuous price discovery. Investment-grade and high-yield bond turnover has reached multi-year peaks, enabling more efficient risk management. Macroeconomic volat...
Treasury departments have evolved from back-office functions focused on basic cash positioning into strategic hubs at the epicenter of corporate risk, liquidity, and growth. This transformation is driven by increasing business complexity, geopolitical shifts, and the integration of advanced technologies like artificial...
Automation in emerging market (EM) rates trading is shifting from simple electronic communication to machine-driven price discovery and execution. This evolution enhances workflow efficiency, transparency, and scalability, particularly for systematic funds that rely on data-driven strategies. While electronification in...
2026 marks a historic year for global equity capital markets, with volumes reaching nearly $800 billion year-to-date, driven largely by a surge in IPO activity. Global Head of Tech ECM Eddie Byun highlights that current market depth and investor appetite for generational companies—particularly in AI—support this record...
Structuring in modern markets requires balancing complex client needs with simple, efficient implementation. By consolidating structuring teams into a single, matrixed unit, J.P. Morgan has improved cross-asset collaboration and alignment with sales and trading priorities. This integration facilitates a "one plus one e...
The Security and Resiliency Initiative (SRI) addresses critical vulnerabilities in U.S. supply chains by shifting from a just-in-time inventory model to a just-in-case approach. This transition prioritizes national security by securing domestic production of essential inputs like rare-earth magnets, pharmaceuticals, an...
U.S. power markets are undergoing a fundamental transformation driven by increased renewable energy penetration and surging demand from data centers and AI. This shift necessitates a more modern, granular approach to risk management, as traditional bilateral agreements struggle to address rising intraday volatility. El...
The aerospace and defense sector serves as a critical foundation for national security, necessitating a new strategic playbook driven by the Security and Resiliency in Action (SRI) initiative. Global defense spending is surging toward $1.5 trillion, fueling significant investment in high-growth areas such as AI, cybers...
Global equity markets remain constructive despite geopolitical uncertainty and ongoing dispersion, with a 15% year-to-date rise in the MSCI ACWI. A global tech boom and non-tech capital expenditure are broadening growth, supporting a 2.6% annualized growth forecast for the second half of the year. Europe shows resilien...
The latest U.S. Consumer Price Index (CPI) report reveals that while inflation has cooled significantly from its 2022 peak, price levels remain elevated, driven by persistent demand and sticky service costs. Senior Economist Mike Hanson notes that although headline inflation is slowing, the cumulative 28% rise in price...
Blackstone’s multi-asset investing (BXMA) division manages $105 billion, focusing on delivering uncorrelated, consistent returns through absolute return, multi-strategy, and endowment-style portfolios. With traditional 60-40 portfolios struggling due to rising stock-bond correlations, hedge funds have become essential ...
The latest U.S. jobs report reveals a cooling labor market characterized by a headline miss of 23,000 jobs, partially attributed to seasonal adjustments in local government education services. Private hiring has stabilized at a modest 30,000, while the unemployment rate fell to 4.1%, albeit alongside a declining partic...
Geopolitical fragmentation and the persistence of cognitive dissonance in financial markets define the current global landscape, characterized by robust risk-on sentiment despite escalating international tensions. The conflict in the Middle East, particularly Iran’s efforts to control the Strait of Hormuz, threatens gl...
The 2026 mid-year M&A landscape remains remarkably resilient, characterized by elevated deal volumes and a shift toward proactive corporate strategy. Despite geopolitical volatility and commodity price fluctuations, markets have absorbed shocks effectively, with the S&P 500 showing significant gains following recent co...
The impact of artificial intelligence on equity markets demands a rigorous focus on long-term earnings potential and return on capital rather than short-term momentum. While AI-driven sectors like semiconductors and memory hardware currently experience significant capital expenditure, the market often fails to distingu...
Gold trading across the Asia-Pacific region is undergoing a structural transformation characterized by record volumes, shifting participant dynamics, and significant infrastructure modernization. Heightened volatility has accelerated the adoption of electronic trading platforms, with systematic funds and private wealth...
Retail investors currently dominate Asian equity markets, accounting for as much as 65% of daily turnover in countries like Korea and significantly influencing market performance. This surge in retail participation, particularly around the AI theme, often amplifies volatility and triggers market-wide trends that transc...
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