Making Sense

Nick Adragna (Global Head of Investment Grade & Macro Credit Trading) and Olivier “Caj” Cajfinger (Global Head of IG, Public Finance, and Co Head of Alternative Credit Sales) unpack the evolution of IG credit markets and how J.P. Morgan’s global franchise supports clients. They discuss the creation of unified IG and macro trading units, talent builds, and the surge in portfolio trading, e-trading and ETFs; plus innovations like Vida, J.P. Morgan Direct, and AI-driven analytics. Hear how cross-asset PT (muni, SPG, CLO) and the integration of IG private and alternative credit are reshaping client solutions and what’s ahead for 2026.

 

This episode was recorded on February 25, 2026.

 

The views expressed in this podcast may not necessarily reflect the views of JPMorganChase & 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. Reference 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 principle 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 them. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures.

Copyright 2026 JPMorganChase & Co. All rights reserved.

In this episode of J.P. Morgan’s Making Sense, global economist Maia Crook is joined by senior U.S. economist Mike Hanson to break down the March CPI report. They discuss the energy-driven jump in headline inflation, why core inflation may remain firm and signs of tariff pass-through. The conversation also explores why CPI and the Fed’s preferred Personal Consumption Expenditures (PCE) measure are sending different signals, how that gap could shape Fed policy and how the Iran conflict may influence the global inflation outlook.

 

This episode was recorded on April 13, 2026.

 

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.

© 2026, JPMorganChase & Co. All rights reserved.

As data centers and electrification increase power demand, energy resiliency and a diversified energy mix are becoming even more crucial to national security. In this conversation, Dr. Sarah Kapnick, global head of Climate Advisory, and Michael Johnson, Security and Resiliency Initiative lead for Energy and the U.S. Government  , discuss the need for new sources of energy, challenges across the supply chain and industry dealmaking trends. 

 

This episode was recorded on February 6, 2026.  

 

This material was prepared by certain personnel of the investment banking group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  

  

© 2026 JPMorgan Chase & Company. All rights reserved.

In this episode of Making Sense, Stephen Dulake, co-head of Global Fundamental Research, is joined by Jake Pollack, head of North American Credit Trading and Global Credit Financing, to take stock of where private credit stands today. They unpack the two forces shaping the narrative — investor liquidity in retail vehicles and underlying credit performance — alongside investor focus areas like PIK (payments in kind), software and services exposure, and early markers of AI-related disruption. The conversation closes with views on marking practices, the 2028–2029 maturity wall and ongoing price discovery, and what increased regulatory scrutiny could look like as the market continues to grow.

This episode was recorded on March 31, 2026. 

 

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This podcast is intended for institutional clients only. 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, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. 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. 

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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.

In this episode of Making Sense, Mike Feroli, Chief U.S. Economist at J.P. Morgan, joins Sam Azzarello, head of Content Strategy, to unpack the March jobs report and what it signals beneath the headline. They discuss the rebound in hiring after February’s data, early signs that AI may be reshaping the labor market, and what higher energy prices could mean for consumer momentum. The conversation closes with Feroli’s outlook on how the data may shape the Fed’s near-term policy stance and his base-case outlook for the U.S. economy.

 

This episode was recorded on April 3, 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.