Global Data Pod

Kicking the tires After two weeks off, the Weekender picks back up with a chat about the data in recent weeks and a probing of the upside and downside risks to the 2026 outlook. Two underappreciated issues for the US are also discussed: still-to-come immigration drags and the hit to growth and inflation from health care costs. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on December 12, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

Kazakhstan and Uzbekistan have captured the attention of global investors in 2026. In this episode, Anatoliy Shal, Khamza Sharifzoda, and Nicolaie Alexandru dive into the factors fueling investor interest across Central Asia this year. The conversation also explores the outlook for 2026, examining whether these driving forces will sustain the region’s momentum. Our speakers also discuss key economic and political risks that may impact Kazakhstan and Uzbekistan in the year ahead. This podcast was recorded on December 08, 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5136574-0 https://www.jpmm.com/research/content/GPS-5140889-0 https://www.jpmm.com/research/content/GPS-5124410-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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 data of activity past has begun. This week’s payroll report is only one month and stale (Sept), but on the margin tempers some downside risk. Combined with the bulk of data coming after the Fed’s Dec meeting, a pause looks sensible. Asia views are upgraded, but possibly with a little too much verve. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on November 11, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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 balance of risks has been buffeted by resilient spending and survey data (the tick) and weak labor market data (and the tock). After a tick of solid 3Q GDP tracking and improving PMIs through October, we once again see the tock of even weaker labor market data this week from the US and Western Europe. Resilience into next year depends on how well the tick weathers the tock. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 14 November 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

Testing views, with continued uncertainties around the US labor market exacerbated by the government shutdown offset by better business surveys and improving activity data from Asia and Europe. Whether IEEPA tariffs are reversed may not change Trump’s mission (with numerous tools still at his disposal) but it could indicate that this Supreme Court has some limits—with a possible read-through to the Fed Governor Lisa Cook court case in January. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 7 November 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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 the latest global CPI reports and the implications for central banks. We also delve deeper into the topic of tariff-induced inflation in the US. The global top-down message remains one of continued sticky inflation around 3%. Along with the trimming of downside growth risks, this has unsurprisingly prompted central banks to turn less dovish. While US core inflation has risen less than expected at the outset of the trade war, it is running well above target and we still anticipate tariff-related pressures will push it higher, with the likely peak now in 1Q26. Outside the US, core inflation has moderated somewhat as goods inflation is not seeing the same tariff-induced bounce. However, core services inflation has yet to fully normalize, and volatile items add to the sticky core picture. Speakers: Nora Szentivanyi, Senior Global Economist Michael Hanson, Senior US and Canada Economist This podcast was recorded on October 4, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5113765-0; https://www.jpmm.com/research/content/GPS-5094754-0; and https://www.jpmm.com/research/content/GPS-5110036-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

Gbolahan Taiwo and Katie Marney discuss the improving outlook for African economies. Fiscal, monetary and FX reforms, rebuilt external reserves, improving terms of trade, declining inflation, and monetary easing are putting African economies on a more solid footing. Gbolahan and Katie go through takeaways for Nigeria, Angola, Ghana, Egypt, Senegal and Uganda. Speakers Katherine Marney, Emerging Markets Economic and Policy Research Gbolahan Taiwo, Emerging Markets Economic and Policy Research This podcast was recorded on October 3, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5110345-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

After two weeks off, the Weekender returns with an exploration of the upside and downside risks to the growth outlook and the implications of each for inflation and central bank behavior. We also discuss the outcome of the Trump Asia tour. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 31 October 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

Debate over the growth picture continues with global expenditure data through September showing resilience but the labor market a key area of weakness. Whether wealth effects will cushion the coming purchasing power squeeze in the US is unclear. But we maintain that there is a tension in risk markets pricing both resilience and a Fed that returns rates to neutral, with inflation looking sticky absent a more material soft patch in growth. Speakers: Bruce Kasman Joseph Lupton This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

A case is made that the US floor is low but the ceiling is high, while the range for the rest of the world is narrower. A counter argument is that the bullish view of risk assets poses more of an asymmetric risk distribution for the US. Fiscal policies have tilted easier this year, a theme we stressed in our year-ahead outlook, but the latest developments (France, Japan, China, US) do not move the global needle much. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 10 October 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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 US shutdown leaves us with limited visibility at an important juncture in the global outlook. There are reasons to believe that the factors of lift are set to fade and that the factors of drag are intensifying. These are just narratives for now, but keep the risks for a bend-but-not break global outlook skewed to the downside and the Fed in insurance easing mode. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 3 October 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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 is now tracking a strong 3Q outturn, led by a robust increase in the US. The contrast of this strength with a near-stall in global employment is striking. Strong wealth gains and a falling saving rate are supporting consumer spending for now. But labor income growth is softening broadly, and is set to take a sharp leg down next quarter in the US. Absent a bounce back in hiring, the expansion will be on shaky ground. This podcast was recorded on September 26, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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 Raphael Brun-Aguerre discuss their takeaways from the latest CPI reports, the key drivers shaping the outlook, and implications for monetary policy. This podcast was recorded on September 26, 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5085949-0 and https://www.jpmm.com/research/content/GPS-5083938-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

Abiel Reinhart joins Nora Szentivanyi to discuss the recent surge in tech-related business investment, its impact on US growth, and what it might mean for productivity gains. Tech investment accounted for about a third of US GDP growth––and much of the expansion in domestic final sales––in 1H25. While hyperscaler capex levels are expected to stay high in coming years, current growth rates are unlikely to be sustained, implying a smaller GDP contribution in 2026. We also discuss potential mismeasurement of tech investment in the GDP accounts. This podcast was recorded on September 23, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved.

Despite resilience through 3Q, we maintain that drags are building and still see recession odds at 40%. Heightened labor market risk was enough to get the Fed to cut this week and signal two more by year-end, even if not the start of a more aggressive easing cycle. Beneath the surface, 4-6 quarters of weak job growth with trend-like GDP growth raises questions about the structure of the economy while also adding to near-term vulnerabilities. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 19 September 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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 debate builds over the resilience of the expansion, the health of the labor market, and the durability of the consumers. At the same time, questions arise over growth without jobs and the Fed’s responsibility to it. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 12 September 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

Although this week’s business surveys sent an upbeat growth signal, the message from labor market reports in the US and elsewhere dominates risk assessments and the direction central banks will travel. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 5 September 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

Despite a softening US labor market and a downshift in global industry and trade, the global economy looks resilient with the US tracking above-trend growth this quarter. With tariff and immigration drags still building, do we just delay the expected pothole or fill it over? The Fed is set to cut, but strong growth, high-and-rising inflation, and threats to independence complicate the path beyond. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 29 August 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

Global industry is stalling at midyear and we look for the soft patch to continue as the trade war bites and global capex growth softens. The Fed looks likely to restart its easing cycle in September. The addition of Stephen Miran to the Fed opens the door to significant reforms, some of which could threaten independence. This podcast was recorded on August 8, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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 Tingting Ge discuss their latest research on China’s evolving role in global goods disinflation, the impact of higher US tariffs on China’s trade with the rest of the world, its export price competitiveness and the implications of currency movements for the inflation outlook. We also expand on the root-causes of China’s excess capacity and whether the government’s latest anti-involution measures are gaining traction. This podcast was recorded on 08 August 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5045284-0, https://www.jpmm.com/research/content/GPS-4958251-0 , for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

First-half resilience and robust risk markets have challenged our forecast for a sharp deceleration in 2H25 and tempered risks of recession. This week’s news on global industry and the US labor market affirms our call. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 1 August 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

Jahangir Aziz and Katie Marney discuss sluggish EM capital flows against a backdrop of trade uncertainty, risks to global growth, elevated treasury yields, and a weaker dollar. EM capital flows have been languishing and shifting in composition since about 2015. Hopes that a weaker US dollar would break EM capital flows out its malaise have not been fulfilled. We explore our finding that dollar’s influence as a push factor for EM investment flows has been waning, while US Treasury yields matter more. EM also needs to offer a sufficient growth pick-up to pull in flows. We also discuss China’s role as an attractor or substitute for broader EM capital flows. Greater macro stability for many EMs have also necessitated lower capital flows and enabled EM to face three big economic and funding shocks over the last 5 years. Speakers: Katherine Marney, Emerging Markets Economic and Policy Research Jahangir Aziz, Emerging Markets Economic and Policy Research This podcast was recorded on July 29, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5040188-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.

As trade (hand-shake) deals get made, it is looking increasingly likely that the effective tariff rate is going to settle very close to the 22% rate initially announced on April 2. And yet, the global expansion looks resilient through 1H25. Is the shock just not that big? Is there more fundamental support for growth? Are businesses willing to smooth the shock over time? Are easy financial conditions short-circuiting the shock? Or is it just too soon, with the past flattered by front-loading and a sharp break still to come? Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 25 July 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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 latest data keep the inflation and growth backdrop challenging for central banks. Politics are an added wrinkle for the Fed. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 18 July 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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 is joined by Michael Hanson to discuss key takeaways from the June CPI reports and key drivers shaping the outlook. Global core inflation remains stuck close to a 3%ar following a broad-based––and somewhat unexpected––firming in services inflation (ex Asia) in June, and broad stability in core goods inflation. US inflation data show increasing evidence of tariff pass-through to core goods prices but overall core inflation has still come in softer than we expected in recent months. We continue to expect a rotation in core inflation towards the US, but have scaled back the size of this projected US-RoW inflation gap while also pushing back its expected timing. A synchronized slowing in global growth alongside moderating wage inflation is likely to weigh on service price pressures more broadly while core goods inflation should ease modestly outside the US once the front-loading lift unwinds and transshipments from China are closed off. Speakers: Nora Szentivanyi, Senior Global Economist Michael Hanson, Senior Global Economist This podcast was recorded on 17 July 2025. This communication is provided for information purposes only. Institutional clients can view the related report at: https://www.jpmm.com/research/content/GPS-5030422-0 https://www.jpmm.com/research/content/GPS-5031696-0 For more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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.