Bruce Kasman and Joe Lupton discuss how the goods sector activity boomed through 1Q but the signal to take is far less clear, particularly as sentiment looks to be souring. We maintain our recession call but also see the uniqueness of the event and note that timing is uncertain in an otherwise resilient expansion. Central banks turn a bit more cautious. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 04/17/2025. 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.
