Making Sense

How is the role of hedge funds evolving? In this episode of Making Sense, John Schlegel, head of the Global Data Assets and Alpha Group for Prime Financial Services, sits down with Kumar Panja, head of the Capital Advisory Group for EMEA, to unpack what they’re seeing across hedge funds in 2026. From regional outperformance to the strategies attracting fresh capital, they explore how institutional allocators increasingly frame hedge funds as portfolio diversifiers, not simply return enhancers. They look at the debate around leverage and crowding, as well as the growing trend toward “investor innovation” using portfolio leverage and custom baskets to manage exposures. They also touch on how current macro dynamics relate to hedge fund positioning. This episode was recorded on October 1, 2026. The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2026 JPMorgan Chase & Company. All rights reserved.

Payments decisions now influence growth, liquidity, and risk — often as much as traditional finance levers. In this episode of Making Sense, co-heads of J.P. Morgan Global Payments Max Neukirchen and Umar Farooq explain how payments became a revenue-enabling capability — and what “trust at scale” requires when clients expect instant, seamless experiences. They cover the move toward real-time rails, the operational demands of always-on infrastructure and the new fraud landscape where threats accelerate with speed. They also detail how data and AI-driven controls help safeguard transactions without adding friction. Looking forward, they discuss intelligent payments and embedded finance, and how blockchain and tokenization — including Kinexys — could modernize cross-border settlement and expand the window for global money movement beyond market hours. This episode was recorded on August 24, 2026. JP Morgan and third parties referenced in this recording have not entered into a legal partnership to provide the services described above. Third party trademarks, brand names, and descriptions of products and services referenced in this recording are provided by the respective third party. JP Morgan is not liable or responsible for such trademarks, brand names, descriptions of products, companies, and/or services. JP Morgan may generate profit from the use of any services products provided by third parties. Nothing in this recording shall be taken as an endorsement of any third party or advice on the suitability of the third party services for the client. You shall make an independent determination for selection of the services provided by the third parties. Neither JP Morgan nor its affiliates shall be liable to you for any loss or liability suffered by you from the use of the third party services. The views, opinions, estimates and strategies expressed in this recording are those of the respective individual contributors, authors or speakers, and may differ from those of JPMorganChase, or its employees and affiliates. Any market and/or economic commentary in this recording in no way constitutes JPMorganChase research and should not be treated as such. Further, the views expressed in this recording may differ from those contained in JPMorganChase research reports. The content in this recording have been obtained from sources deemed to reliable, but JPMorganChase makes no representation or warranty as to its accuracy or completeness. In no event shall JPMorganChase nor any of its directors , officers, employees or agents be liable for any use of, for any decision made or action taken in reliance upon, or for any inaccuracies or errors in or omissions from, this recording. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice, or recommendation to make any investment decisions or purchase any financial instruments and may not be construed as such. Any future capabilities of mobility payment systems are under development. Features and timelines are subject to change at the bank’s sole discretion. Copyright 2026 JP Morgan Chase & Co. All rights reserved. JP Morgan Chase Bank, NA, member FDIC. Deposits held in non-US branches are not FDIC insured. Non-deposit products are not FDIC insured. The statements herein are confidential and proprietary and not intended to be legally binding. Not all products and services are available in all geographical areas. Visit jpmorgan.com/paymentsdisclosure for further disclosures and disclaimers related to this content. © 2026 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches, are not FDIC insured. Non-deposit products are not FDIC insured.

One year of advancing economic security and resiliency. And we're just getting started. As the Security and Resiliency Initiative marks its first anniversary, Doug Petno, co-president of JPMorganChase and CEO of the Commercial & Investment Bank, and Jay Horine, global head of the Security and Resiliency Initiative, reflect on the progress made and priorities ahead. This conversation kicks off a new video series featuring business and industry leaders from across the initiative, sharing their perspectives on the challenges, opportunities and investments shaping a more resilient future. Learn More: https://www.jpmorgan.com/insights/security-and-resiliency-initiative/investments-into-us-economic-security This episode was recorded on October 6, 2026. This material was prepared by certain personnel at 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. It 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 JP Morgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. Copyright 2026, JPMorgan Chase & Co., all rights reserved.

Multi-strategy hedge funds are drawing fresh attention as investors reassess traditional 60/40 portfolios amid higher stock–bond correlations. In this second conversation with Blackstone, Kumar Panja, EMEA head of Capital Advisory Group at J.P. Morgan, sits down with Joe Dowling, global head of Blackstone Multi‑Asset Investing business (BXMA), and Riad Abrahams head of Strategy, Risk and Quant Analytics in BXMA, to unpack what’s driving multi‑strat growth—and how allocators are using these strategies as a potential fixed income substitute. They discuss how leading multi‑strat platforms are built (talent, technology and risk management), the trade‑offs investors debate most, and where innovation is heading, from external SMAs to expanding opportunity sets and the increasing role of data and AI. This episode was recorded on June 26, 2026. The podcast’s views do not necessarily reflect those of J.P. Morgan Chase & Co. or its affiliates (together “J.P. Morgan’) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. The information contained in this podcast shall not form the primary basis of any investment decision. It is the user’s responsibility to independently confirm the information and to obtain any other information deemed relevant to any investment decision. J.P. Morgan makes no representation or warranty (express or implied) regarding the fairness, accuracy, fitness for purpose, correctness or completeness of the statements, opinions, estimates, conclusions and other information contained in this podcast and J.P. Morgan accepts no responsibility whatsoever for any loss, direct or indirect, arising in connection therewith. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers’ opinions are personal and not J.P. Morgan’s views. @2026 JPMorgan Chase & Company. All rights reserved.

Payrolls came in lower than expected in the September jobs report, but topline numbers may not tell the whole story. In this episode of Making Sense, Alexa Hanelin of the Rates team sits down with Michael Feroli, J.P. Morgan's chief U.S. economist, to give a read on the print, unearth what's behind the softness and find where the data may be more encouraging than expected. They also discuss how this report might affect the path of Fed rate cuts, digest recent commentary from FOMC officials and offer a view to what might affect the forecast for one more rate hike with inflation seeming to cool and midterms on the horizon. This episode was recorded on October 2, 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.

Tokenization and digital assets are moving from experimentation to real-world implementation, from hype to measurable outcomes. In this episode of Making Sense, Hannah Elson, global head of Custody and EMEA head of Securities Services, sits down with Oli Harris, global head of Kinexys by J.P. Morgan, to discuss what’s changed over the last 18 months: clearer regulation, growing institutional adoption and the rise of credible “on-chain money” that enables true delivery-versus-payment settlement. They explore where clients are investing first, including 24/7 cross-border payments, liquidity and collateral efficiency and tokenized money market funds, as well as the hurdles still to solve, such as interoperability, privacy and governance and user experience. If you’d like to learn more about Kinexys by J.P. Morgan, visit Kinexys: Enterprise Bank-Led Blockchain Solutions . This episode was recorded on September 1, 2026. 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 . © 2026 JPMorgan Chase & Company. All rights reserved.

For the first time in three years, the overnight federal funds rate is going up, as the Federal Open Market Committee (FOMC) voted to raise rates at its September meeting. In this episode of Making Sense, Samantha Azzarello, head of Content Strategy for Global Research, sits down with Michael Feroli, chief U.S. economist at J.P. Morgan, to discuss what went into the FOMC's decision, what to make of chair Kevin Warsh's press conference and how the unanimous Committee vote affects concerns over Fed independence. They also discuss whether rates might be considered restrictive, whether we're at the start of a hiking cycle and what to watch from here. This episode was recorded on September 17, 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.

As Treasury yields stay elevated and spreads remain historically tight, rates appear to be bleeding directly into credit — and investors are increasingly viewing credit through a rates lens. In this episode of Making Sense, Brian LaRocca, head of Vida Portfolio Solutions, Americas, joins Benjamin Kinney, global head of Credit and Public Finance Sales, to discuss what a "ratesified" market structure means for price discovery, electronification and portfolio trading. They also explore how policy uncertainty may be better expressed in FX than duration, why AI/data-center financing is still in the early innings (and what that means for clearing prices and volatility) and how private credit is evolving after “SaaSPocalypse.” To learn more about J.P. Morgan's Vida Portfolio Solutions: https://jpmm.com/portfolio-solutions This episode was recorded on September 4, 2026. This communication is provided for information purposes only. Please visit www.jpmorgan.com/disclosures for important disclosures. © 2026, JPMorganChase & Co. All rights reserved.

Treasury is no longer a back-office function. As businesses navigate increasing complexity, it has become a strategic driver of resilience, decision-making and growth. In this episode, Roxana Montazerian, EMEA Head of Broker Dealer and Specialty Finance Sales and Sara Castelhano, Head of UK, Europe & Canada Treasury Services discuss how treasury is evolving in response to changing business demands. They explore the growing role of technology, real-time data and AI, the skills treasury leaders need for the future and how organizations can transform treasury from an operational function into a source of strategic insight and competitive advantage. Learn more at: https://www.jpmorgan.com/payments/payments-emea This episode was recorded on July 17, 2026. ©2026 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured. Non-deposit products are not FDIC insured. All rights reserved. The statements herein are confidential and proprietary and not intended to be legally binding. Not all products and services are available in all geographical areas. Visit jpmorgan.com/paymentsdisclosure for further disclosures and disclaimers related to this content. This video-podcast/guide is confidential and proprietary to J.P. Morgan and is provided for your general information only. It is subject to change without notice and is not intended to be legally binding. Any services described in this video-podcast/guide are subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. or its affiliates. J.P. Morgan makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to herein. Any mentions of third-party trademarks, brand names, products and services are for referential purposes only and any mention thereof is not meant to imply any sponsorship, endorsement, or affiliation. J.P. Morgan and J.P. Morgan Payments are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability. The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments and may not be construed as such.

In this episode of J.P. Morgan's Making Sense, Meridy Cleary from the FICC Market Structure and Liquidity Strategy team sits down with Carlos Gomez-Gascón, head of EM Rates e-Trading, to explore how automation is reshaping emerging market rates trading. They unpack the key difference between electronification and true automation and discuss how automated pricing and workflows can improve speed, transparency and scalability across EM bonds, interest rate swaps and FX swaps. The conversation also covers regional market-structure nuances (including repo and futures market dynamics), the rise of systematic funds, behavior during volatility and how trading workflows evolve through benchmark reform transitions. This episode was recorded on August 28, 2026. The views expressed in this podcast may not necessarily reflect the views of JPMorgan 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. They are not issued by Research but are a solicitation under CFTC Rule 1.71. 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. 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 these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2026 JPMorgan Chase & Company. All rights reserved.

2026 continues to be a record year for equity capital markets globally — and the tech issuance calendar isn't showing signs of slowing down. In this episode of J.P. Morgan’s Making Sense, Eddie Byun, global head of Technology Equity Capital Markets (ECM), sits down with Jack Atherton, head of EMEA ECM Market Intelligence, to unpack what's driving this year's spike in activity, why investor demand is staying strong across blockbuster deals and how issuers are thinking about private versus public market access. They also explore two of the dominant narratives — AI and rates — that continue to shape markets into the second half of this year, share insights from recent mega deals on market depth and investor discipline and discuss what it all means as we head closer to year-end. This episode was recorded on August 28, 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 J.P. Morgan’s Making Sense, Gurps Kharaud, head of Equities, Structuring and Financing Digital Markets, sits down with Rui Fernandes, head of Global Structuring, to unpack how structuring is evolving in today’s markets. They discuss what clients are asking for (more leverage, financing, protection and tailored exposures), as well as the need to keep solutions as implementable as possible — in other words, innovate to simplify. The conversation also explores how AI is starting to accelerate speed-to-market, improve customization and enhance long-dated post-trade servicing across complex structured transactions. To learn more about J.P. Morgan's Vida Portfolio Solutions: https://jpmm.com/portfolio-solutions This episode was recorded on August 13, 2026. This communication is provided for information purposes only. Please visit www.jpmorgan.com/disclosures for important disclosures. © 2026, JPMorganChase & Co. All rights reserved.

In this episode of J.P. Morgan’s Making Sense, Michael Johnson, Security and Resiliency Initiative lead for Energy and the U.S. Government, sits down with Ben Wilson, Co-head of North American Mergers & Acquisitions, and Andrew Castaldo, Co-head of Mid-Cap Mergers & Acquisitions, to weigh in on the future of global supply chains. Over the course of the conversation, they cover critical mineral supply chains, manufacturing bottlenecks, and the shift from just-in-time to just-in-case inventory. If you'd like to learn more, you can visit jpmorgan.com/sri. This episode was recorded on March 4, 2026. This material was prepared by certain personnel at 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. It 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 JP Morgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. Copyright 2026, JPMorgan Chase & Co., all rights reserved.

In this episode of J.P. Morgan’s Making Sense, Bryan Long, Power Trading and Origination at J.P. Morgan, is joined by Sam Tegel, CEO of ElectronX, to explore why US power has become an increasingly attractive and tradable product for a growing wave of global market participants. Against a backdrop of surging data center demand, renewable penetration, and grid complexity, they discuss how short-term electricity derivatives are unlocking new risk management tools and drawing in liquidity from proprietary trading firms, crypto miners, and institutional investors worldwide. The conversation also covers the convergence of power and compute costs, and what deeper market liquidity means for private capital deployment in US energy infrastructure. This episode was recorded on May 19, 2026. The views expressed in this podcast may not necessarily reflect the views of JPMorgan 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. They are not issued by Research but are a solicitation under CFTC Rule 1.71. 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. 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 these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2026 JPMorgan Chase & Company. All rights reserved.

In this episode of J.P. Morgan’s Making Sense, Mark Marengo, head of Diversified Industries Investment Banking, sits down with Derek Chollet, head of the JPMorganChase Center for Geopolitics, to unpack what’s changing across defense and aerospace. They discuss where investment is flowing, how emerging technologies are reshaping capability and military readiness and why deeper public-private partnerships are becoming essential to move the sector forward in the U.S., Europe and beyond. This episode was recorded on March 4, 2026. This material was prepared by certain personnel at 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. It 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 JP Morgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. Copyright 2026, JPMorgan Chase & Co., all rights reserved.

Can international equities keep leading as the rally broadens? In this episode of Making Sense, Edwina Lowe from J.P. Morgan's Data Assets and Alpha Group sits down with Federico Manicardi, head of International Market Intelligence, and Jigar Vakharia from the Positioning Intelligence team to unpack the landscape. They look at what’s driving Europe’s strength, why APAC is moving from stabilization to accumulation and how investor positioning is evolving across regions. They also discuss the key themes in play — from AI and semiconductors to miners and banks — as well as what risks could disrupt the path ahead, including rates, geopolitics and the fragility of investor conviction. This episode was recorded on August 13, 2026. The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2026 JPMorgan Chase & Company. All rights reserved.

Inflation is cooling — at least on paper — so why does a night out still feel shockingly expensive? In this episode of J.P. Morgan’s Making Sense, U.S. rates strategist Harry Downie is joined by senior economist Mike Hanson and David Karnovsky, head of the U.S. Media, Entertainment and Advertising research team, to unpack the latest CPI report through the lens of “funflation” — rising costs tied to leisure and entertainment. They discuss what the CPI print says about the broader inflation trend, why prices can remain high even as inflation slows and why services inflation is still sticky. The conversation then shifts to premium entertainment, using IMAX and the current blockbuster hit The Odyssey to explore what’s driving leisure pricing trends today. This episode was recorded on August 12, 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.

Hedge funds are back in focus as elevated stock-bond correlations challenge traditional portfolio construction. In this episode, Kumar Panja, EMEA head of Capital Advisory Group at J.P. Morgan, sits down with Joe Dowling, global head of Blackstone’s Multi-Asset Investing business (BXMA), and Riad Abrahams, head of Strategy, Risk and Quant Analytics in BXMA. Together, they discuss how Blackstone evaluates and partners with hedge fund managers, how they think about diversification versus “di-worsification” and why drawdown correlation matters as much as headline performance. They also explore the rise of managed accounts and seeding, the role of leverage and crowded positioning and how data and AI could reshape the next era of hedge fund edge. This episode was recorded on June 26, 2026. The podcast’s views do not necessarily reflect those of J.P. Morgan Chase & Co. or its affiliates (together “J.P. Morgan’) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. The information contained in this podcast shall not form the primary basis of any investment decision. It is the user’s responsibility to independently confirm the information and to obtain any other information deemed relevant to any investment decision. J.P. Morgan makes no representation or warranty (express or implied) regarding the fairness, accuracy, fitness for purpose, correctness or completeness of the statements, opinions, estimates, conclusions and other information contained in this podcast and J.P. Morgan accepts no responsibility whatsoever for any loss, direct or indirect, arising in connection therewith. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers’ opinions are personal and not J.P. Morgan’s views. @2026 JPMorgan Chase & Company. All rights reserved.

What should we make of a weak payroll print alongside a lower unemployment rate? In this episode of Making Sense, Lauren Brice from the North America Rates Sales team sits down with Mike Feroli, Chief U.S. Economist at J.P. Morgan, to unpack the July jobs report and what it implies for U.S. growth momentum in 2026. They discuss why the headline miss may overstate weakness, what steady-but-low private hiring says about layoffs and labor market “dynamism” and how participation and wage growth are shifting the inflation outlook. The conversation also covers sector signals like leisure and hospitality, the latest read-through from JOLTS, where (if anywhere) AI is showing up in the hard data and what upcoming CPI reports could mean for the next Fed move. This episode was recorded on August 7, 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.

Markets have remained notably risk-on in 2026, even as geopolitical fragmentation, energy chokepoints and intensifying U.S.-China competition continue to raise the stakes for investors and businesses. In this episode of J.P. Morgan’s Making Sense, Joyce Chang, chair of Global Research at J.P. Morgan, is joined by Paul Haenle, head of APAC Policy and Strategic Competitiveness at J.P. Morgan, and Karim Sadjadpour, senior fellow at the Carnegie Endowment for International Peace, to unpack how the Middle East conflict could continue to unfold — and what elevated geopolitical risk means for global markets. They discuss the strategic objectives and end states of the conflict, how ongoing disruptions in the Strait of Hormuz and Bab el-Mandeb could impact global oil and LNG flows, as well as how China weighs the risks of instability against the opportunities of U.S. distraction. The conversation also looks ahead to the September U.S.-China summit and explores how AI competition is reshaping the relationship between the world’s two largest economies. This episode was recorded on July 22, 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.