Global resilience to higher rates View transcript View video and charts here

Global resilience to higher rates <a href="https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/eye-on-the-market/the-rasputin-effect-transcript.pdf" rel="nofollow" target="_blank">View transcript</a> <a href="https://am.jpmorgan.com/us/en/asset-management/institutional/insights/market-insights/eye-on-the-market/the-rasputin-effect/" rel="nofollow" target="_blank">View video and charts here</a>

The Rasputin Effect

The impact of underperforming 2020 and 2021 US IPOs View transcript with chart references

The impact of underperforming 2020 and 2021 US IPOs <a href="https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/eye-on-the-market/mr-toads-wild-ride-amv.pdf" rel="nofollow" target="_blank">View transcript with chart references</a>

Mr. Toad’s Wild Ride

Comments on mega-cap stocks and artificial intelligence. Then, it’s time for some of my unsolicited letters to Barron’s, MSNBC, “No Labels”, FHFA and more.

Comments on mega-cap stocks and artificial intelligence. Then, it’s time for some of my unsolicited letters to Barron’s, MSNBC, “No Labels”, FHFA and more.

Letters to the Editor

Time to retire the US/Emerging Markets barbell for a while View transcript with chart references

Time to retire the US/Emerging Markets barbell for a while <a href="https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/eye-on-the-market/too-long-at-the-fair-transcript-with-charts.pdf" rel="nofollow" target="_blank">View transcript with chart references</a>

Too Long at the Fair

Before getting into the US$ discussion, three quick things. First, despite strong US data in Q1 and Q2, the US still appears headed for a slowdown later this year. As shown below, many longer-horizon leading indicators point in that direction. Excess household savings are also being run down and should be 60%-70% depleted by the end of the year. Stable copper prices are one exception but its usefulness as a business cycle indicator is affected by China’s reopening and the copper intensity of the energy transition. Click here for a chart collection on these leading indicators.

Before getting into the US$ discussion, three quick things. First, despite strong US data in Q1 and Q2, the US still appears headed for a slowdown later this year. As shown below, many longer-horizon leading indicators point in that direction. Excess household savings are also being run down and should be 60%-70% depleted by the end of the year. Stable copper prices are one exception but its usefulness as a business cycle indicator is affected by China’s reopening and the copper intensity of the energy transition. Click here for a chart collection on these leading indicators.

The Places We Could Go

Frankenstein’s Monster: banking system deposits and the unintended fallout from the Fed’s monetary experiment; commercial real estate, regional banks and the COVID occupancy shock; the wipeout of Credit Suisse contingent capital securities; a market and economic update; and an update on San Francisco, which has experienced the weakest post-COVID recovery of any major city in North America.

Frankenstein’s Monster: banking system deposits and the unintended fallout from the Fed’s monetary experiment; commercial real estate, regional banks and the COVID occupancy shock; the wipeout of Credit Suisse contingent capital securities; a market and economic update; and an update on San Francisco, which has experienced the weakest post-COVID recovery of any major city in North America.

Frankenstein’s Monster

Renewables are growing but don’t always behave the way you want them to.  This year’s topics include the impact of rising clean energy investment and new energy bills, how grid decarbonization is outpacing electrification, the long-term oil demand outlook, the flawed concept of levelized cost when applied to wind and solar power, the scramble for critical minerals, the improving economics of energy storage and heat pumps, the transmission quagmire, energy from municipal waste, carbon sequestration, a whydrogen update, the Russia-China energy partnership, methane tracking and some futuristic energy ideas that you can just ignore, for now. View transcript with chart references

Renewables are growing but don’t always behave the way you want them to.  This year’s topics include the impact of rising clean energy investment and new energy bills, how grid decarbonization is outpacing electrification, the long-term oil demand outlook, the flawed concept of levelized cost when applied to wind and solar power, the scramble for critical minerals, the improving economics of energy storage and heat pumps, the transmission quagmire, energy from municipal waste, carbon sequestration, a whydrogen update, the Russia-China energy partnership, methane tracking and some futuristic energy ideas that you can just ignore, for now. <a href="https://am.jpmorgan.com/content/dam/jpm-am-aem/global/campaign/energy-paper-13/energy-paper-transcript-with-charts.pdf" rel="nofollow" target="_blank">View transcript with chart references</a>

Growing Pains: The Renewable Transition in Adolescence

The large language model battles begin: a look at the future of web search, conventional wisdom machines, hallucinating bears in space, some early application successes and how far they still are from humans. View transcript with chart references

The large language model battles begin: a look at the future of web search, conventional wisdom machines, hallucinating bears in space, some early application successes and how far they still are from humans. <a href="https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/eye-on-the-market/winter-heating-transcript.pdf" rel="nofollow" target="_blank">View transcript with chart references</a>

Winter Heating

The Federal debt and how the Visigoths may try to break the system if no one fixes it View transcript with the chart references

The Federal debt and how the Visigoths may try to break the system if no one fixes it <a href="https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/eye-on-the-market/american-gothic-transcript.pdf" rel="nofollow" target="_blank">View transcript with the chart references</a>

American Gothic

The affair with the market catalysts of the last decade is over now, and a new era of investing begins View transcript with chart references 

The affair with the market catalysts of the last decade is over now, and a new era of investing begins <a href="https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/eye-on-the-market/2023-outlook-transcript-amv.pdf" rel="nofollow" target="_blank">View transcript with chart references </a>

The End of the Affair

Join Michael Cembalest as he explores a wide variety of investment topics, including the economy, policy and markets.

Thanks for your insights, research and candid views.

Great market synopsis

I love this Podcast! Keep the episodes coming.

Honest and Independent

Eye On The Market

Michael went on a search for Democratic Socialism in the real world, and ended up halfway around the globe from where he began. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. https://jpmorgan.com/disclaimer-eotm © 2019 JPMorgan Chase &amp; Co.

Michael went on a search for Democratic Socialism in the real world, and ended up halfway around the globe from where he began. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. <a href="https://jpmorgan.com/disclaimer-eotm" rel="nofollow" target="_blank">https://jpmorgan.com/disclaimer-eotm</a> © 2019 JPMorgan Chase &amp; Co.

Lost in space: The search for democratic socialism in the real world

In this episode, Michael Cembalest takes a look at the recent tariff announcements in the context of historical tariffs since 1900. While the tariffs are substantial for the industries affected, Michael explains why they may not move the needle for overall consumer prices or corporate profits. Please see the podcast video or visit jpmorgan.com/eotm for the slide referenced. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase &amp; Co.

In this episode, Michael Cembalest takes a look at the recent tariff announcements in the context of historical tariffs since 1900. While the tariffs are substantial for the industries affected, Michael explains why they may not move the needle for overall consumer prices or corporate profits. Please see the podcast video or visit <a href="http://jpmorgan.com/eotm" rel="nofollow" target="_blank">jpmorgan.com/eotm</a> for the slide referenced. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. <a href="/waxxnx/episode/update/id/jpmorgan.com/disclaimer-eotm" rel="nofollow" target="_blank">jpmorgan.com/disclaimer-eotm</a> © 2018 JPMorgan Chase &amp; Co.

Trump tariffs in context

Michael Cembalest takes a unique look at US states, cities, and counties using his signature comprehensive debt ratio. While municipalities have time to address underfunded obligations, some face difficult trade-offs. Legal precedent shows that bondholder losses exceed pensioner write-downs. Given complacent conditions in credit markets, this is a good time to review muni diversification. Read more: jpmorgan.com/jpmpdf/1320745513818.pdf *Please note this PDF is publicly available and issued through our Private Bank business. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase &amp; Co.

Michael Cembalest takes a unique look at US states, cities, and counties using his signature comprehensive debt ratio. While municipalities have time to address underfunded obligations, some face difficult trade-offs. Legal precedent shows that bondholder losses exceed pensioner write-downs. Given complacent conditions in credit markets, this is a good time to review muni diversification. Read more: <a href="/waxxnx/episode/update/id/jpmorgan.com/jpmpdf/1320745513818.pdf" rel="nofollow" target="_blank">jpmorgan.com/jpmpdf/1320745513818.pdf</a> *Please note this PDF is publicly available and issued through our Private Bank business. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. <a href="/waxxnx/episode/update/id/jpmorgan.com/disclaimer-eotm" rel="nofollow" target="_blank">jpmorgan.com/disclaimer-eotm</a> © 2018 JPMorgan Chase &amp; Co.

The Arc and the Covenants

Michael recaps the self-inflicted wounds of the Section 301 tariffs, and recaps his meetings in DC with a group of Congressmen to discuss debt, deficits and financial markets. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase &amp; Co.

Michael recaps the self-inflicted wounds of the Section 301 tariffs, and recaps his meetings in DC with a group of Congressmen to discuss debt, deficits and financial markets. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. <a href="/waxxnx/episode/update/id/jpmorgan.com/disclaimer-eotm" rel="nofollow" target="_blank">jpmorgan.com/disclaimer-eotm</a> © 2018 JPMorgan Chase &amp; Co.

The room where it happens

Michael Cembalest discusses his latest Eye on the Market. Topics include the underappreciated risks of Chinese retaliation against US companies doing business in China, and how a full-blown trade war and military conflict are far from inevitable given the greater economic linkages between the US and China compared to adversaries of the last 100 years. Also, some thoughts on emerging markets, Turkey and serial defaulter Argentina. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase &amp; Co.

Michael Cembalest discusses his latest Eye on the Market. Topics include the underappreciated risks of Chinese retaliation against US companies doing business in China, and how a full-blown trade war and military conflict are far from inevitable given the greater economic linkages between the US and China compared to adversaries of the last 100 years. Also, some thoughts on emerging markets, Turkey and serial defaulter Argentina. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. <a href="/waxxnx/episode/update/id/jpmorgan.com/disclaimer-eotm" rel="nofollow" target="_blank">jpmorgan.com/disclaimer-eotm</a> © 2018 JPMorgan Chase &amp; Co.

Chinese handcuffs

Michael Cembalest discusses his latest Eye on the Market, The Late Show. He considers why despite strong US earnings growth and global expansion, equity markets remain flattish in 2018. He tackles the drivers of somewhat muted equity returns by focusing on late-cycle investing, the Fed, and the factors affecting the path of interest rates (labor markets and the expanding budget deficit). Michael also discusses his views on the oil price recovery since 2016. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 J.P. Morgan Chase &amp; Co.

Michael Cembalest discusses his latest Eye on the Market, The Late Show. He considers why despite strong US earnings growth and global expansion, equity markets remain flattish in 2018. He tackles the drivers of somewhat muted equity returns by focusing on late-cycle investing, the Fed, and the factors affecting the path of interest rates (labor markets and the expanding budget deficit). Michael also discusses his views on the oil price recovery since 2016. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. <a href="/waxxnx/episode/update/id/jpmorgan.com/disclaimer-eotm" rel="nofollow" target="_blank">jpmorgan.com/disclaimer-eotm</a> © 2018 J.P. Morgan Chase &amp; Co.

The Late Show

Michael Cembalest discusses his latest Eye on the Market: America, First. Michael reviews the strength of US equity markets so far this year in the context of fading fiscal and monetary stimulus, signs of fatigue in US tech stocks and potential ramifications of constitutional and trade concerns. Other topics include current dynamics in Italy and the US commercial real estate market. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase &amp; Co.

Michael Cembalest discusses his latest Eye on the Market: America, First. Michael reviews the strength of US equity markets so far this year in the context of fading fiscal and monetary stimulus, signs of fatigue in US tech stocks and potential ramifications of constitutional and trade concerns. Other topics include current dynamics in Italy and the US commercial real estate market. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. <a href="/waxxnx/episode/update/id/jpmorgan.com/disclaimer-eotm" rel="nofollow" target="_blank">jpmorgan.com/disclaimer-eotm</a> © 2018 JPMorgan Chase &amp; Co.

America, First

Michael Cembalest discusses his latest Eye on the Market, The song remains the same. Michael reviews current market dynamics, walks through four investment strategies that have performed well over multiple cycles as this one enters its latter stages, and shares his thoughts on the Helsinki summit. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. jpmorgan.com/disclaimer-eotm © 2018 JPMorgan Chase &amp; Co.

Michael Cembalest discusses his latest Eye on the Market, The song remains the same. Michael reviews current market dynamics, walks through four investment strategies that have performed well over multiple cycles as this one enters its latter stages, and shares his thoughts on the Helsinki summit. *Disclaimer: This podcast is intended for informational / market commentary purposes only, and is a J.P. Morgan Asset Management communication on behalf of J.P. Morgan Institutional Investments, Inc. a Member of FINRA. The views and opinions expressed herein constitutes Michael Cembalest’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan Chase &amp; Co., its employees, subsidiaries and affiliates worldwide. Views may not be suitable for all investors, and are not intended as personal investment, tax, legal accounting advice or as a solicitation or recommendation. Outlooks and Past Performance are never guarantees of future results. This is not investment research. This podcast should not be copied, distributed, published or reproduced, in whole or part, without our express permission. We believe the information contained in this material to be reliable but do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of its use. <a href="/waxxnx/episode/update/id/jpmorgan.com/disclaimer-eotm" rel="nofollow" target="_blank">jpmorgan.com/disclaimer-eotm</a> © 2018 JPMorgan Chase &amp; Co.

The song remains the same

The election as referendum on America: how well does the “system” work, and for whom?

The election as referendum on America: how well does the “system” work, and for whom?

Election 2020 - Praying for Time

US infection plateau; Liz Cheney; Hong Kong’s reaction to a mini second wave; Phase I Oxford vaccine antibody response; US spending and hospitalization trends; an update on infections in US hotspots and Latin America; Government march-in rights and herd immunity.

US infection plateau; Liz Cheney; Hong Kong’s reaction to a mini second wave; Phase I Oxford vaccine antibody response; US spending and hospitalization trends; an update on infections in US hotspots and Latin America; Government march-in rights and herd immunity.

COVID Research: Charts of the Week

PAPER

While COVID temporarily reduced global CO2 emissions to 2006 levels, a faster and broader renewable energy transition will be needed to result in more permanent reductions. This year’s topics include decarbonization of steel; the amount of energy storage, reforestation and carbon sequestration required to make an impact; and the financial, political and environmental risks to US energy independence.

While COVID temporarily reduced global CO2 emissions to 2006 levels, a faster and broader renewable energy transition will be needed to result in more permanent reductions. This year’s topics include decarbonization of steel; the amount of energy storage, reforestation and carbon sequestration required to make an impact; and the financial, political and environmental risks to US energy independence.

Stargazing: Tenth Annual Eye on the Market Energy Paper

In this week’s Eye on the Market, we review topics from our recent client Zoom calls. Topics include: risk of inflation, second waves of infection, the effectiveness of lockdowns and Biden’s taxation and spending agenda.

In this week’s Eye on the Market, we review topics from our recent client Zoom calls. Topics include: risk of inflation, second waves of infection, the effectiveness of lockdowns and Biden’s taxation and spending agenda.

Zoom Room

An update on the COVID-19 crisis as the US prepares to reopen despite having one of the highest infection rates in the world. Additional topics: monoclonal antibodies and anti-viral trials; the growing gap between markets and the economy; S&amp;P 500 earnings haves and have-nots; regional equity performance (Europe loses again) and leveraged loans at a time of rising bankruptcies.

An update on the COVID-19 crisis as the US prepares to reopen despite having one of the highest infection rates in the world. Additional topics: monoclonal antibodies and anti-viral trials; the growing gap between markets and the economy; S&amp;P 500 earnings haves and have-nots; regional equity performance (Europe loses again) and leveraged loans at a time of rising bankruptcies.

Ready or Not: The US prepares to reopen

Michael discusses updates on the Covid19 crisis, including the potential path of decline in US infection rates, the impact of the new fed facilities, the difference between virus and serology testing, and the new vaccine efforts underway.

Michael discusses updates on the Covid19 crisis, including the potential path of decline in US infection rates, the impact of the new fed facilities, the difference between virus and serology testing, and the new vaccine efforts underway.

Covid-19 Update

Michael discusses what the government can and can not fix during a pandemic. In particular, he walks through US high frequency manufacturing and consumer data, the Fed measures, the studies on Chloroquine, and infection outbreak prediction models.

Michael discusses what the government can and can not fix during a pandemic. In particular, he walks through US high frequency manufacturing and consumer data, the Fed measures, the studies on Chloroquine, and infection outbreak prediction models.

Man vs Nature

Michael discusses the coronavirus latest infection rates by country and latitude, anti-viral and vaccine efforts, and what equity markets are pricing in.

Michael discusses the coronavirus latest infection rates by country and latitude, anti-viral and vaccine efforts, and what equity markets are pricing in.

COVID-19 update: infection rates, medical research and equity markets

An update on the Democratic Primary. Confounding almost every forecast we saw last week, Senator Biden appears to have emerged from Super Tuesday with a sizeable delegate lead. Why might the night have turned out so differently from what was expected just a few days ago? This week's note includes some charts and exhibits to think about.

An update on the Democratic Primary. Confounding almost every forecast we saw last week, Senator Biden appears to have emerged from Super Tuesday with a sizeable delegate lead. Why might the night have turned out so differently from what was expected just a few days ago? This week's note includes some charts and exhibits to think about.

Berning Man

Answers to questions on the coronavirus, US megacap stocks, the cost of Democratic Healthcare plans, the Iowa caucus and the problem with the student loan system.

Answers to questions on the coronavirus, US megacap stocks, the cost of Democratic Healthcare plans, the Iowa caucus and the problem with the student loan system.

Millions and Trillions

Consensus reactions to the Phase I US-China deal are very skeptical, but may be missing the broader point.

Consensus reactions to the Phase I US-China deal are very skeptical, but may be missing the broader point.

Rotten Tomatoes

Michael discusses his forecast for 2020, which entails a modest recovery in global growth and profits after trade-war weakness in 2019.

Michael discusses his forecast for 2020, which entails a modest recovery in global growth and profits after trade-war weakness in 2019.

Ghosts of Christmas Past

The best podcast episodes on romantic relationships. Episodes talk about the 5 love languages, intimacy, and the taboo topics of sexual desires and infidelity. This topic is a deep dive into the science and complexities that face us in our relationships with others. Add episodes you're interested into your queue below!

Best Episodes on Relationships & Love

The best podcast episodes of anyone with an interesting story. With famous guests like Obama, LeBron James, Drake, Oprah Winfrey, Richard Branson, Michelle Obama, Serena Williams, to anyone who has a unique and interesting story to tell. Add episodes you're interested into your queue below!