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Analysts from J.P. Morgan Global Research take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

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Latest Episodes

There has been no rest for commodities in the last 34 days. This week, Houthis have formally entered the conflict, while metals and energy infrastructure continued to be targeted by strikes. With an expanded geography of the war and no immediate off-... more

We run through the state of current macro markets as this week’s geopolitics has unfolded, detailing our view about potentially complacent FX markets in the face of cyclical risks. Our cross asset strategy colleague Jainik Mody also joins to discuss ... more

Welcome to JPMorganChase Global Research’s new In Focus podcast, where we explore timely, thematic topics with insights from across Global Research. In today’s episode, we bring together cross-asset perspectives to examine the geopolitical and market... more

Jonny Goulden, Anezka Christovova and Ben Ramsey discuss the latest market developments and their impacts for the EM fixed income asset class.

This podcast was recorded on 31 March 2026.

© 2026 JPMorgan Chase & Co. All rights reserved. This materia... more

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Recent Guests

Jainik Mody
EM equities researcher
JP Morgan Chase & Co
Episode: Global FX: Wary of complacency in FX
Nora Szentivanyi
Senior Global Economist
JPMorgan Global Research
Episode: In Focus: Middle East Conflict
Fabio Bassi
Head of Cross Asset Strategy
JPMorgan Global Research
Episode: In Focus: Middle East Conflict
Natasha Kaneva
Host of the episode
JPMorgan Chase & Co. / JPMorgan Global Research
Episode: Global Commodities: What are the Markets Missing?
Greg Shearer
Head of Base and Precious Metals Research
JPMorgan Chase & Co.
Episode: Global Commodities: Mind the Metals
Otar Dgebuadze
Leads European Natural Gas Research at JP Morgan
J.P. Morgan
Episode: Global Commodities: Gas Finds a Tighter Balance
Ben Ramsey
Head of EM Sovereign Credit Strategy
J.P. Morgan
Episode: EM Fixed Income: Sticking to the knitting
Anezka Christovova
Head of EMEA EM and Latam Local Market Strategy
J.P. Morgan
Episode: EM Fixed Income: Sticking to the knitting
Phoebe White
Senior US Rates and Inflation Strategist
J.P. Morgan
Episode: US Rates - Keep the liquidity flowing

Hosts

Francis Diamond
Head of European Rate Strategy
Natasha Kaneva
Host of At Any Rate

Reviews

4.3 out of 5 stars from 300 ratings
  • Terrible sound quality

    It is shocking that the almighty JP Morgan doesn't have money to invest in a decent studio or editing. The contents are pretty good, when you can hear them!!!!! Please put some money in new equipment or hire a competent sound editor. We can barely hear them sometimes. There are huge volume and clarity differences between the people talking. Good content, terrible sound quality.

    Apple Podcasts
    1
    Edxs
    Canada2 months ago
  • Good themas but low quality sound

    It is shocking that the almighty JP Morgan doesn't have money to invest in a decent studio or interview procedures. The contents are pretty good, when you can hear them!!!!! Please put some money in new equipment. To be fair, it may not be your studio, but from the people that you interview. We can barely hear them sometimes. Take them to a studio!

    Apple Podcasts
    2
    Edxs
    Canada4 months ago
  • Great content, terrible audio

    Please invest in a better audio recording setup!

    Apple Podcasts
    3
    Rm77410
    United Statesa year ago
  • Great for specific numbers but

    Sometimes hard to understand, needs to work on diction

    Apple Podcasts
    3
    NOPE:(((((
    South Korea2 years ago
  • Mohan

    One of best podcasts on macro.

    Apple Podcasts
    5
    Mohan 1234
    United States2 years ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Content is insightful and appealing to finance enthusiasts, offering expert analysis relevant to current market trends.
Listeners often express concerns about audio quality despite finding the discussions valuable.
Some feedback suggests a desire for a more consistent focus on core topics, particularly on fixed income, rather than diverging into unrelated areas.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#191
United Kingdom/Business
Apple Podcasts
#211
Canada/Business
Apple Podcasts
#237
Australia/Business
Apple Podcasts
#51
Singapore/Business
Apple Podcasts
#58
Hong Kong/Business
Apple Podcasts
#85
South Korea/Business

Talking Points

Recent interactions between the hosts and their guests.

Global Commodities: Timing the Global Impact
Q: Switching now to metals, how is the precious metals space behaving given broader macro risks and liquidity flows?
Gold has shown resilience and even strength recently, aided by a bounce off key moving averages, improved demand from the Far East, and shifting liquidity flows from de-risking; the metal could either rally with de-escalation or strengthen as a safe haven if growth risks worsen and central bank support wanes.
Global Commodities: Timing the Global Impact
Q: Greg, let's start our discussion with the energy prices and the immediate implications of the Hormuz bottleneck.
Prices reflect Iran as the sole active exporter through the strait with limited passage, while Gulf region supplies are rerouted but constrained; overall, a large portion of global supply remains sidelined, and regional bottlenecks suggest volatility will persist with a potential improvement only modest in the near term.
EM Fixed Income: Assessing the situation and path ahead for EM in Week 2 of the Middle East conflict
Q: What is the base case for EM fixed income given the war, and how should investors position themselves?
The base case envisions a protracted but manageable disruption, with a potential three to four week air campaign keeping Straits of Hormuz closed, followed by a path toward de-escalation. In that frame, we'd expect resilient EMFX, selective carry-focused currency plays, and tactically reduced duration risk while remaining ready to add back in on weakness; overall, maintain cautious optimism and focus on idiosyncratic opportunities.
Global Commodities: Mind the Metals
Q: What risks and transmission channels exist for metals like aluminum in this environment?
Aluminum faces a different dynamic than oil, with supply chain constraints on alumina and smelter ramp-downs anticipated as inventories tighten and regional premiums rise, potentially leading to multi-quarter adjustments.
Global Commodities: Mind the Metals
Q: What is the current status of oil supply and how are markets responding to the disruption?
Oil prices have surged and refiners are feeling physical tightness as supply disruptions propagate through shipping times, with expectations of significant crude and product deficits in coming weeks despite SPR actions.

Audience Metrics

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Frequently Asked Questions About At Any Rate

What is At Any Rate about and what kind of topics does it cover?

A team of market analysts engages in in-depth conversations surrounding significant trends and topics related to global financial markets. The discussions often encompass various aspects of economic indicators, foreign exchange rates, commodities, and fixed income strategies, providing valuable insights into the ever-evolving financial landscape. Through expert commentary, the analysts not only address current market dynamics but also explore the implications of geopolitical events and macroeconomic changes on investments and trading strategies. This unique blend of analytical depth and market focus makes it particularly appealing for finance professionals and market enthusiasts looking for expert perspectives on market movements and trends... more

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At Any Rate launched 7 years ago and published 100 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on At Any Rate?

Recent guests on At Any Rate include:

1. Jainik Mody
2. Nora Szentivanyi
3. Fabio Bassi
4. Natasha Kaneva
5. Greg Shearer
6. Otar Dgebuadze
7. Ben Ramsey
8. Anezka Christovova

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