Global Data Pod

This week displayed significant diversity in central bank actions amid a clear-cut positive signal from the data flow (DM PMIs and China activity). While central bank diversity is an important theme, the dominant signal for markets is the hawkish guidance delivered by Chair Powell and Governor Ueda.

Speakers:

Bruce Kasman

Joseph Lupton

This podcast was recorded on 22 March 2024.

This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Michael Feroli joins Nora Szentivanyi to discuss the economic effects of surging US immigration. Immigration has soared over the last few years, profoundly affecting some of the widely-followed economic statistics. It’s been important to the surprising pace of job growth, even alongside a modestly increasing unemployment rate. This, in turn, has added to overall income and output growth. The increase in immigration probably hasn’t had a first order effect on inflation: immigrants add to labor supply, but also add to consumer demand. However, there are many nuances to this assessment.

This podcast was recorded on March 21, 2024.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4655607-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2024 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

The news flow supports our core views on growth resilience and core inflation stickiness as we turn into the new year. As central banks process this news we expect a DM easing to take hold at midyear but prove shallow. Next week, the FOMC should lean in this direction removing one easing from its dot plot and raising its r* estimate

This podcast was recorded on 15 March 2024.

This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Michael Feroli, Chief US Economist, and Samantha Azzarello, Head of Content Strategy, discuss the February jobs report.

Speakers: Michael Feroli, Chief US Economist Samantha Azzarello, Head of Content Strategy

This podcast was recorded on March 8, 2024.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4648073-0for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

The global expansion looks to be broadening with both sectoral and geographic growth gaps closing. Resilience fades recession risks but keeps inflation risks on the table. In a Goldilocks report this week, US job growth remained strong last month but came alongside a rise in the urate. The Fed and ECB signaled cuts are coming but remain cautious.

Speakers:

Bruce Kasman

Joseph Lupton

This podcast was recorded on 8 March 2024.

This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Katie Marney and Nicolaie Alexandru discuss recent developments in the EM Edge economies. The outlook had turned more favorable for the EM Edge, aided by macro adjustments and a supportive external environment. Since then, markets have priced out earlier easing by DM central banks. While some of the optimism may have been tempered, the evolving external narrative has not challenged our views. Central Bank reaction functions should continue to be guided by domestic growth/inflation, which remain broadly favorable. Frontiers can also take comfort in the fact that shifts in global markets have not negatively impacted exchange rates. Easier financial conditions have also reduced liquidity concerns for some economies. The outlook for frontier economies remains broadly positive, in our view, absent a more aggressive repricing of the Fed and the dollar.

This podcast was recorded on March 5, 2024. This communication is provided for information purposes only. Institutional clients can view the related reports at www.jpmm.com/research/content/GPS-4638834-0 and https://www.jpmm.com/research/content/GPS-4627975-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved.

This week’s activity reports suggest that global growth is resilient and forming a broader base as we start the new year. Inflation readings point to stickiness. Next week’s Powell testimony and ECB meeting should show these developments tempering but not derailing central bank confidence that inflation will continue to decline.

This podcast was recorded on 1 March 2024.

This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Nora Szentivanyi, Senior Economist, Global Emerging Markets and Samantha Azzarello, Head of Content Strategy, discuss the January global inflation report.

Speakers: Nora Szentivanyi, Global Economic and Policy Research Samantha Azzarello, Head of Content Strategy

This podcast was recorded on 29 February 2024.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4637818-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Nora Szentivanyi and Michael Hanson discuss their takeaways from the global January CPI reports and how the incoming data are shaping the outlook for inflation and monetary policy.

This podcast was recorded on February 27, 2024.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4637818-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2024 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

This week delivered an encouraging rise in Western European flash PMIs alongside signs that the Euro area consumer may be waking up. This is encouraging, but the survey also points to a structural malaise in German industry.

Speakers:

Bruce Kasman

Michael Hanson

This podcast was recorded on 23 February 2024.

This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.