Making Sense

• June jobs report: Better than expectations

  The U.S. economy added 147,000 jobs in June, roundly beating market expectations. But while the headline numbers seem strong at first glance, much of the increase was attributed to government employment, with private payroll growth showing some moderation. What do these mixed signals mean in the context of the wider economy? And is J.P. Morgan Research adjusting its forecast for rate cuts as a result? Join chief U.S. economist Michael Feroli and Alexa Hanelin from the U.S. Rates Sales team as they discuss the state of the labor market.     This episode was recorded on July 3, 2025.    This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.  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.  Copyright 2025, JPMorganChase & Co. All rights reserved. 

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• Uncertainty reigns: The market outlook at mid-year

  Will uncertainty continue to shape business cycle dynamics? How might trade tensions, fiscal policy and geopolitical risks play out? And will there be lasting damage to markets and the economy? Join J.P. Morgan Research analysts as they explore the outlook for the second half of 2025.    In this episode, we hear from:  Bruce Kasman, chief global economist Bhupinder Singh, U.S. equity strategist and head of Thematic Research Jay Barry, head of Global Rates Strategy Meera Chandan, co-head of Global FX Strategy Natasha Kaneva, global head of Commodities Research Stephen Dulake, co-head of Fundamental Research Jonathan Goulden, head of EM Fixed Income Strategy Fabio Bassi, head of Cross-Asset Strategy This episode was recorded between June 23 and June 26, 2024.   This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.  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.  Copyright 2025, JPMorganChase & Co. All rights reserved. 

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• Serving up success: Crabel Capital Management’s evolution

  Founded in 1987 by Toby Crabel, a former professional tennis player turned commodities trader, Crabel Capital Management has today evolved into a diversified quant manager with over $5 billion in assets. In this episode, Peter Sughrue from J.P. Morgan’s Prime Financial Services Sales team sits down with Michael Pomada, president and CEO of Crabel. They discuss the importance of adapting strategies to thrive in today’s complex market, with a focus on systematic trading, risk management and the growing role of technology.    This episode was recorded on May 6, 2025.   The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. 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.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. To find out more about our services, please contact [email protected]. © 2025 JPMorgan Chase & Company. All rights reserved.

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• Navigating the hedge fund frontier: Insights from the Elo Pension Fund

  In this episode, Kumar Panja, EMEA head of the Capital Advisory Group at J.P. Morgan, chats with Kari Vatanen, head of Asset Allocation and Alternatives at Elo, one of the largest pension funds in Finland. They discuss the uncertain market environment, plus the importance of hedge funds and illiquid assets in diversifying portfolios. Vatanen also shares Elo’s current asset allocation strategy and ways managers can engage with institutional investors.   This episode was recorded on May 30, 2025.   The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. 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.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. To find out more about our services, please contact [email protected]. © 2025 JPMorgan Chase & Company. All rights reserved.

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• Trading Insights: Data in the discretionary investment process with AKO Capital’s CEO

  In this episode, Patrick Hargreaves, CEO of AKO Capital and PM of the AKO Capital Global Fund, is in discussion with Eloise Goulder, head of the Data Assets and Alpha Group. Patrick discusses the rationale for the quality investment philosophy at AKO Capital and the 'patterns of quality' the team look to identify to source these companies (as articulated in their 2016 Quality Investing book). He also lays out the five specialized teams who work alongside the analysts on market research, forensic accounting, behavioral analysis, data science and sustainability. Finally, Patrick highlights where machine learning and LLM tools can be additive in their processes, and where the role of the human, and of judgement, remains critical.   Shownotes: https://www.akocapital.com/ https://www.akocapital.com/quality-investing/   This episode was recorded on June 6, 2025.   The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument.  This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. 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.  For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

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