Global Data Pod

J.P. Morgan Global Research

Economists from J.P. Morgan Global Research offer their analysis on the economic data, macro trends and monetary and fiscal policy impacting the world today.

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100 episodes
Updated Friday

Episodes100

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Friday · 38 min
Global Data Pod Weekender: Vibe check
The view is tracking a cyclical lift that comes with job growth, which in turn will amplify already elevated inflation concerns and spark a central bank turn toward tightening. Whether the mood around this call is shifting for the better or not is up for debate given ongoing downside worries. Against this backdrop, Chair Warsh’s performance in conveying an effective Fed policy path is also up for debate. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 31 July 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
Friday · 22 min
Global Data Pod: Solid growth and clarity of speech in W. Europe
Greg Fuzesi and Allan Monks discuss the solid 2Q26 GDP reports and the (relative) clarity of central bank speak in Western Europe. This podcast was recorded on 30 July 2026. This communication is provided for information purposes only. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
Thursday · 27 min
Global Data Pod: Inflation Monitor: Inflation down, but not out
Nora Szentivanyi is joined by Greg Fuzesi and Michael Hanson to discuss the latest inflation developments and the outlook for the second half. The pullback in energy prices delivered a sizable disinflationary impulse in June, but that inflation drag is unlikely to persist unless oil prices move lower again. Global core inflation eased in June, but owed largely to a soft US print which may be understating underlying momentum. Through the noise, global core inflation remains sticky at closer to 3%––a level we expect to be maintained during 2H26. Lower food inflation has helped to temper the energy shock, but risks are for a turn higher as El Niño intensifies. This podcast was recorded on July 30, 2026. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5381620-0 https://www.jpmm.com/research/content/GPS-5352836-0 https://www.jpmm.com/research/content/GPS-5372703-0 https://www.jpmm.com/research/content/GPS-5370262-0 https://www.jpmm.com/research/content/GPS-5368433-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
July 24 · 37 min
Global Data Pod Weekender: The eagle and snake
The outlook has been viewed through the lens of a strong cyclical lift clashing with a set of geopolitical drags. The past week has delivered positive news on the cycle, but this also comes with news of an intensifying energy shock and trade war. As central banks weigh these forces, they are remaining constructive on growth and thus focus is on ongoing inflation pressures. Speaker: Bruce Kasman Joseph Lupton This podcast was recorded on 24 July 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
July 24 · 26 min
Global Data Pod: The starting point is good and that matters
Greg Fuzesi and Allan Monks discuss the latest on the Western European economy, which is seeing improving growth face off against yet another energy price shock. This podcast was recorded on 24 July, 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
July 17 · 32 min
Global Data Pod Weekender: One-and-a-half-handed economists
While there are considerable crosscurrents on both the growth and inflation fronts, our views remain squarely focused on resilient global growth (with risks biased to the upside) and a 2H26 global inflation profile that downshifts to a still elevated level. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 17 July 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.
July 17 · 18 min
Global Data Pod: Growth upsides, Hormuz relapse, ECB pause and a new UK PM
Greg Fuzesi and Allan Monks continue to discuss upside risks to growth (despite the renewed tensions in Hormuz), and they preview next week’s ECB meeting and a new UK PM. This podcast was recorded on 17 July, 2026. This communication is provided for information purposes only. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
July 10 · 30 min
Global Data Pod Weekender: Who, me? Worry?
In our forecast, which the consensus and market have come to over the past months (resilient growth, sticky inflation, hawkish central banks), the distinctiveness has diminished. However, this doesn’t stop us from worrying about things, or arguing about them. The baseline is still for continued expansion with a bit of upside risk driven by an unstoppable consumer, but downsides can still be seen in the tail. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 10 July 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.
July 10 · 23 min
Global Data Pod: Upside growth risks in the Euro area as Le Pen runs
This week, Greg Fuzesi and Raphael Brun-Aguerre discuss whether the latest data out of the Euro area raise upside risks to growth and what the Le Pen court ruling means for France. This podcast was recorded on 10 July 2026. This communication is provided for information purposes only. Institutional clients for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
July 2 · 37 min
Global Data Pod Weekender: Being there
An interesting week leads us to trim both upside but also downside risks. The balance is still in some question, with the potential for a little upside in the US and Asia. A spirited debate about the internal reaction function of Fed Chair Warsh ensues after this week’s comments in Sintra. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 2 July 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.
July 2 · 24 min
Global Data Pod: W. European Economics
Greg Fuzesi speaks with Allan Monks about the Western European economy. This podcast was recorded on 02 July 2026. This communication is provided for information purposes only. For more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
July 2 · 29 min
Global Data Pod: Inflation monitor: Energy relief in sight, but core stays sticky
Nora Szentivanyi is joined by Raphael Brun-Aguerre and Abiel Reinhart to discuss the latest inflation developments. Global inflation stepped up further in May, led by a third monthly jump in energy prices, tightening the squeeze on household purchasing power. However, monthly CPI gains have started to cool and June’s sharp decline in oil prices sets up a meaningful deceleration in headline momentum; if Brent holds near current levels, headline inflation could slide below ~2%ar and support 2H26 growth. While the difficult trade-off posed by a shock that raises inflation and lowers growth is being removed, central banks still need to contend with uncomfortably firm services price pressures and overall core inflation that remains stuck close to 3%. This podcast was recorded on July 02, 2026. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5345242-0 https://www.jpmm.com/research/content/GPS-5354109-0 https://www.jpmm.com/research/content/GPS-5333946-0 https://www.jpmm.com/research/content/GPS-5332592-0 https://www.jpmm.com/research/content/GPS-5332794-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
June 26 · 36 min
Global Data Pod Weekender: One battle after another
The battle between the cycle and the energy shock is over, and the cycle has won. The second half will still face headwinds as some supports fade and some drags remain. But the cyclical lift taking shape looks strong, and conviction is high that the expansion is on an upturn. This shifts the conversation to the next battle: If, when, and by how much will central banks need to tap the brake to get the inflation contained. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 26 June 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
June 26 · 22 min
Global Data Pod: W. European Economics
Greg Fuzesi speaks with Allan Monks about the Western European economy. This podcast was recorded on 26 June 2026. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
June 19 · 19 min
Global Data Pod: W. European Economics
Greg Fuzesi speaks with Allan Monks about the Western European economy. This podcast was recorded on June 19, 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
June 12 · 43 min
Global Data Pod Weekender: Shifting sands
Growth resilience through 2Q, hints of a deal to get oil flowing through the Strait, and signs of firming labor markets raise the question of shifting growth risks to the upside for 2H26. A reassessment of growth and inflation risks is, in turn, sparking a rethink in central bank policies. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 12 June 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
June 5 · 34 min
Global Data Pod Weekender: Let me hear your cycle talk
Despite the purchasing power squeeze from the Middle East conflict, the resilient cycle has dominated the macro landscape. Business spending on capex and hiring looks be broadening out, supporting our thesis that the cycle owes more to fading business caution than to a narrow AI boost. How well the supply side of the economy can keep pace with firming demand will tell the tale for central banks, including the Fed—which is likely to shift toward a neutral stance this month. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 5 June 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
May 29 · 39 min
Global Data Pod Weekender: I’m okay, you’re okay
The global expansion is showing resilience to the energy shock as the pre-war cyclical lift we have anticipated is absorbing the loss of purchasing power. As we enter week 14 of the Strait remaining closed, should we feel better, worse, or have the same degree of caution? If the Strait opens, will the cycle accelerate or are there headwinds to still worry about for 2H26? And if not, what should this mean for central banks? Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 29 May 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
May 28 · 30 min
Global Data Pod: Inflation monitor: Energy boosts headline, while core pressures build
Nora Szentivanyi is joined by Raphael Brun-Aguerre and Michael Hanson to discuss takeaways from the latest CPI reports and signals for the path ahead. Surging energy prices pushed global headline inflation up further to 3.4%oya in April, bringing the gain since February to 1%-pt. The three-month annualized headline CPI rate jumped to 6.0%––its strongest pace since 2022––with energy prices alone adding 4%ar. Core inflation has remained sticky around 3% but we see growing risks of a break higher amid a mix of goods sector cost pressures, tightening labor markets, and firm pricing power. The signals on services inflation are mixed, with surveys suggesting a sharp loss in demand growth alongside a jump in prices. This podcast was recorded on May 28, 2026. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5313158-0 https://www.jpmm.com/research/content/GPS-5308513-0 https://www.jpmm.com/research/content/GPS-5309828-0 https://www.jpmm.com/research/content/GPS-5300334-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.
May 23 · 44 min
Global Data Pod Weekender: Wobble, wobble
After the data in recent weeks underscoring the cyclical uplift in the global economy since the start of the year, this week’s DM flash PMIs and China data remind us that the Iran-related headwind is taking a toll and keeps downside risks alive. Absent this risk, inflation pressures are underappreciated and point to a potential central bank problem in the coming quarters. Speakers: Bruce Kasman Joseph Lupton This podcast was recorded on 22 May 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.