Making Sense
Science & Ideas
About
Sam Harris on consciousness, ethics, AI and current events.
Episodes
- April jobs report: “Better than expected,” signs of resilience, and AI’s impact
Mike Feroli of J.P. Morgan joins Lauren Brice to analyze the April 2026 U.S. jobs report. They discuss the report's indicators of economic resilience, the influence of AI on sectors like construction, and implications for Federal Reserve r…
- The interplay between liquidity and collateral
This episode features J.P. Morgan executives discussing the connection between liquidity and collateral management. Topics include intraday liquidity, non-cash collateral, FX considerations, and the impact of the T+1 settlement cycle on ca…
- ETFs and mutual funds: What dual share classes could mean for investors
This episode explores dual share classes for ETFs and mutual funds, discussing how the model works and its potential benefits for investors, such as cost savings and tax efficiency. It also covers market mechanics and liquidity considerati…
- How are retail investor dynamics shaping equity markets?
This episode explores how retail investors are influencing equity markets. Discussions include investor activity through volatility, trends in the silver market, and the performance of semiconductor versus software stocks, as well as the i…
- Explaining the disconnect between geopolitics and markets
This episode explores the disconnect between geopolitical uncertainty and resilient market performance. Joyce Chang and Derek Chollet discuss factors contributing to this trend, including geopolitical tensions, energy disruptions, and tari…
- Equities are back to all-time highs — what’s next?
This episode of Making Sense features a discussion with J.P. Morgan experts about the rebound in global equities and the shift in focus to macro and earnings fundamentals. They also explore sector and regional leadership, as well as key ma…
- The credit mosaic: A unified approach to the future of trading
Nick Adragna and Olivier Cajfinger discuss the evolution of IG credit markets and how J.P. Morgan supports clients. They cover unified trading units, talent, and advancements like portfolio trading, e-trading, ETFs, Vida, J.P. Morgan Direc…
- Inflation in focus: Unpacking the March CPI report
This episode of J.P. Morgan’s Making Sense focuses on inflation, analyzing the March CPI report. Global economist Maia Crook and senior U.S. economist Mike Hanson discuss headline and core inflation, tariff pass-through, and the differing…
- Security and Resiliency in Action: Supercharging the energy supply chain
This episode explores security and resiliency within the energy supply chain. It covers increasing power demand, the importance of a diversified energy mix, and national security concerns. The conversation also touches on new energy source…
- Private credit: Performance vs. liquidity
This episode of Making Sense features Stephen Dulake and Jake Pollack discussing the current state of private credit. They examine investor liquidity in retail vehicles and underlying credit performance, as well as investor focus areas and…
- March jobs report: Healthy labor market, slower supply, more volatility
This episode of Making Sense features Mike Feroli and Sam Azzarello discussing the March jobs report. They analyze the labor market, potential impact of AI, and the outlook for the U.S. economy.
- EMEA in Conversation | Eyes on Europe
This episode of Making Sense discusses the complexities of operating businesses across Europe. Stew Cofer and Alison Livesey examine the forces shaping payments within the European region.
- Portfolio trading is reshaping credit - here's how
This episode explores how portfolio trading is reshaping credit markets globally. It examines the differences in portfolio trading across EMEA and North America, including pricing, transparency, market structure, and regulation.
- Why clean tech companies are critical for energy security
This episode of Making Sense features a discussion on how clean technologies are impacting the global energy landscape. Topics include electricity demand from AI data centers, grid modernization, nuclear energy, and energy storage. The con…
- Exploring the evolving Asian consumer and investor base with Dymon Asia
Sian Goh and Eloise Goulder discuss evolving market dynamics in Asia, including supply chains, AI, retail investors, and Asian consumer influences. They also cover how Dymon Asia analyzes the global investment universe by blending local ma…
- Examining the AI value chain with Horizon Global Partners
In this episode, Fawaz Chaudhry and Eloise Goulder examine the AI value chain, noting a shift in value from software to chips. They discuss the importance of semiconductors, foundries, and tools in the accelerating AI infrastructure buildo…
- How are geopolitics and AI trends impacting leveraged finance?
Host Amaury Guzman, alongside Kevin Foley and Tarek Hamid of J.P. Morgan, discuss insights from the 31st annual Global Leveraged Finance Conference. They examine the impact of geopolitics, AI, and energy volatility on leveraged finance mar…
- From stalling home prices to new reforms: Will US housing activity pick up?
Anthony Paolone and John Sim analyze the current U.S. housing market, covering topics such as supply-demand dynamics, regional price trends, mortgage rates, and the impact of new reforms. The discussion also addresses the condition of rent…
- What lies ahead for Iran and the wider region?
Derek Chollet and Clare Kim discuss the implications of the U.S.–Israel military operation against Iran, including its impact on regional leadership, the balance of power, and potential long-term economic consequences.
- Blockchain breakthroughs: “You can’t innovate from afar”
On Making Sense, Kate Finlayson hosts Sandy Kaul and Scott Lucas to discuss blockchain breakthroughs. They cover advancements, credibility, institutional investor perspectives, adoption milestones, regulatory developments, the convergence…
- Inflation in focus: Unpacking the latest CPI report
Phoebe White and Mike Hanson discuss the January CPI report on J.P. Morgan's Making Sense, exploring the 2026 inflation outlook, potential 3% inflation, and factors influencing the Fed, including rents, energy, food prices, and data qualit…
- EMEA in Conversation | Middle East in Motion
In this episode of Making Sense, James Fraser and Ambar Morshed explore the Middle East's rapid growth and digital evolution. They discuss how innovative strategies and regulatory reforms are attracting global businesses and creating new o…
- What's in store for the silver market in 2026?
Host Sam Azzarello and Greg Shearer discuss the volatile silver market, exploring reasons for its price fluctuations compared to gold, policy impacts, and changing industrial demand. They examine key risks and opportunities for the silver…
- Is "another year of good growth" ahead for the US economy?
Lauren Brice and Mike Feroli analyze recent US economic data, including job openings and tech earnings, alongside Federal Reserve developments to assess the economic outlook and potential monetary policy shifts.
- AI Risk and opportunity: The state of tech lending
J.P. Morgan experts discuss how AI infrastructure is changing tech lending and investment. They analyze market volatility, investor risk perception in software and semiconductors, and the tech IPO pipeline.
- Rally or retreat: What‘s next for US equities?
John Schlegel and Andrew Tyler of J.P. Morgan discuss the future of U.S. equities after a period of underperformance, with earnings season beginning. Tyler’s team is tactically bullish due to resilient data, earnings growth, and easing tra…
- What’s the outlook for credit financing in 2026?
Brian LaRocca and Lou Cerrotta discuss the 2026 outlook for credit financing, covering trends in loan and bond total return swaps, asset-based lending, and the effects of regulatory changes.
- How events in Venezuela could reshape global commodities
Analysts from J.P. Morgan Global Research discuss the potential long-term implications of events in Venezuela on global commodity markets, focusing on oil, natural gas, and metals.
- December Jobs Report: Will the US economy remain in a “low-hire, low-fire” mode?
The December jobs report revealed a modest increase of 50,000 non-farm payrolls and a 4.4% unemployment rate, suggesting a continued "low-hire, low-fire" economic environment. The episode explores potential Federal Reserve actions and the…
- 2026 Corporate Compass: Market resilience, AI and geopolitics
In this episode of Making Sense, Rama Variankaval and Evan Junek discuss the 15th annual J.P. Morgan Corporate Compass report. They analyze 2025 market trends including tariffs, geopolitical shifts, AI's impact on capital spending, the pre…
- 2026 outlook: What’s next for markets and the global economy?
J.P. Morgan Global Research analysts provide a 2026 outlook for global markets and the economy, driven by monetary policy, AI, and polarization. The episode covers opportunities and risks across equities, commodities, currencies, and more,…
- The Supreme Court, executive power and market implications
Joyce Chang hosts Sarah Isgur and Peter Harrell to discuss Supreme Court cases impacting executive power, trade, tariffs, and the Federal Reserve, exploring legal and economic implications.
- Mega deals and market shifts: 2025 investment banking recap and 2026 outlook
This episode of Making Sense features Dorothee Blessing, Anu Aiyengar, and Kevin Foley discussing the 2025 investment banking landscape, including mega deals, AI's impact, and adaptation to uncertainty. They provide insights into the 2026…
- Live from the trading floor: Views on global rates, FX, and EM
Brady Leventhal, Matthew Franklin Lyons, and Stephen Jeffries discuss global rates, FX, and emerging markets, recapping highlights from J.P. Morgan’s Global Macro Conference and key risks and opportunities for 2026.
- Trading Insights: What to watch in equity markets heading into year-end
In this episode of Making Sense, Eloise Goulder hosts Andrew Tyler and Federico Manicardi from J.P. Morgan to discuss equity market insights heading into year-end 2025. They analyze the macro backdrop, corporate earnings, and central bank…
- AI, policy and the future of US power trading
Leland Price and Chris Wu discuss the transformation of the US power market due to AI data centers and policy changes. They cover rising electricity demand, grid constraints, the role of renewables and natural gas, and the adaptation of ma…
- Trading Insights: Unpacking innovations in quantitative investment strategies (QIS)
Arnaud Jobert and Eloise Goulder discuss J.P. Morgan's QIS business growth, the types of alphas provided, and potential product innovation, including the use of LLMs.
- Uncharted territory: Unpacking the longest government shutdown on record
This episode of Making Sense discusses the impacts of the longest government shutdown on record with Michael Feroli and Jay Barry, exploring its effects on consumer sentiment, economic growth, market responses, and potential changes in Fed…
- “It’s not just innovation, it’s impact”: How AI is revolutionizing healthcare
This episode of Making Sense features Nick Richitt of J.P. Morgan and Michael Gao of Smarter DX discussing AI's transformative impact on healthcare, covering digitization, clinical reasoning, patient records, operational efficiency, and re…
- Live from Money20/20 Middle East: Moving money, shaping futures
Veronique Steiner and Lori Schwartz discuss the rapid growth of financial services in the Middle East, the impact of technology on cross-border payments, and the balance between security and innovation. They also explore the future of fint…
- How stablecoins are reshaping global finance
Kenneth Worthington and Teresa Ho of J.P. Morgan discuss stablecoins, explaining what they are, how they function, and their growing importance in finance. They compare stablecoins to deposits and money market funds, and examine the effect…
- "Bending, not breaking": The global economy’s new normal
Joyce Chang, Jahangir Aziz, and Jay Barry explore the evolving global economy, focusing on AI's influence, the importance of tech innovation over tariffs, and shifts in U.S.-China relations. They also cover stagflation risks and the outloo…
- Trading Insights: Exploring trend-following strategies with Lynx’s CEO
Martin Kallström, CEO of Lynx Asset Management, and Eloise Goulder of J.P. Morgan explore trend-following strategies, their evolution, and long-term alpha drivers. They also discuss Lynx's distinct approach and the impact of AI on quantita…
- Inside Tech Stars 2025: From IPOs to defense tech
J.P. Morgan's Rosh Wijayarathna, David Bauer, and Matt Gehl join host Mose Adigun to discuss venture capital in AI and defense tech, and trends from the Tech Stars Conference.
- Trading Insights: US policy and the impact of tariffs
Eloise Goulder and William Tuttle discuss US policy, tariffs, and the global AI race, examining the shift towards transactionalism in foreign policy and its market effects. This episode was recorded on September 22, 2025.
- Shutdown showdown: Economic and market impacts explained
This episode of Making Sense discusses the U.S. government shutdown, its economic implications on Fed policy, GDP, and jobs, and the resulting market response. Experts Jay Barry, Mike Feroli, and Eben Peck join host Samantha Azzarello to a…
- From geopolitics to rate cuts: What’s shaping commodities markets?
Greg Shearer and Natasha Kaneva discuss the key factors influencing commodities markets, such as geopolitical events and interest rate changes. They analyze the impact of attacks on Russian energy infrastructure on global oil supply and th…
- Trading Insights: Why macro matters for systematic investors
Ralph Sueppel and Eloise Goulder explore the use of macro quantamental data in systematic investment strategies. They discuss historical alpha opportunities and the future of macro quantamental investing.
- The data center surge: Building the backbone of the digital age
J.P. Morgan's Fahmi Enam and Scott Wilcoxen discuss the surge in data centers and digital infrastructure, covering the massive capital needed for AI and cloud growth, funding challenges, and the evolving connectivity landscape.
- Digital assets unveiled: Industry insights and regulatory shifts
Tina Rathjen and Kara Kennedy explore the evolving landscape of digital assets and blockchain technology, covering opportunities, challenges, and recent regulatory shifts relevant to J.P. Morgan's initiatives.