Back to School on the U.S. Economy

Season 07 Episode 04                                          23:06

In this episode, as we wrap up our summer series Market Movers, two of JP Morgan’s most prominent thought leaders, Dr. David Kelly and Michael Feroli, Chief U.S. Economist for the JP Morgan Investment Bank, tackle the outlook for the U.S. economy and the Federal Reserve (Fed).    

The Outlook for Real Estate

Season 07 Episode 03                                           17:29

While the broader economy has remained resilient this year, the real estate sector has faced its fair share of headwinds, with higher mortgage rates and home prices, tighter lending conditions following the regional banking crisis, and pandemic-induced disruptions.  For today’s episode, Dr. David Kelly is joined by Dave Esrig, a Portfolio Manager at J.P. Morgan Asset Management, to discuss the trajectory of the real estate market.

Investing for the Next Generation

Season 07 Episode 02                                           25:13

For our second episode of Market Movers, Dr. David Kelly, Chief Global Strategist, is joined by Jack Manley, Global Market Strategist, to discuss the next generation of investors. They dive deep into how this younger demographic is shaping the investment environment and driving key themes in the markets today.

The Economic Implications of Generative AI

Season 07 Episode 01                                            25:21

Artificial intelligence (AI) technologies, particularly generative AI, appear likely to revolutionize the way we work, innovate, and create.  In the first episode of our summer series Market Movers, Dr. David Kelly, Chief Global Strategist, is joined by Stephanie Aliaga, Research Analyst, and Michael Albrecht, Global Strategist on the Multi-Asset Solutions Team, to discuss the broad range of implications AI may have on labor markets, economic growth, and the future investment environment.

The Bond’s Eye View

Season 06 Episode 08                                          14:59

As we conclude this season, which we entitled A Bond’s Eye View of the World, a lot of core arguments for adding fixed income at the start of the year still remain in place.  The Fed has continued to hike rates but they may, finally, be at the end of their tightening regime   To wrap up our last episode, Dr. David Kelly is joined by Bob Michele, CIO and Head of our Global Fixed Income, Currency and Commodities Group at JP Morgan Asset Management, for a conversation on his outlook for the economy, the Fed, and ultimately, bond markets.

Finding Income for Global Investment Portfolios

Season 06 Episode 07                                          23:39

In today's episode, Dr. David Kelly is joined by Phil Camporeale, portfolio manager in our Multi-Asset Solutions group at JP Morgan Asset Management.  Phil manages portfolios with a global opportunity set and is actively making decisions on how to allocate the pieces of the pie within portfolios.  Listen in to hear how Phil is shifting the dials in portfolios right now and what slice he's allocated to fixed income.

The Muni Landscape Heading Into a Downturn

Season 06 Episode 06                                           16:23

After significant monetary tightening over the last year, the Federal Reserve has now hiked rates up to 5-5.25%, but this tightening cycle may finally be at a close.  On today's episode, Dr. David Kelly is joined by Richard Taormina, a portfolio manager for several municipal bond strategies here at JP Morgan Asset Management, to discuss municipal bonds, which may be an effective way for investors to access high-quality and attractive tax-exempt yields in portfolios, particularly when heading into a downturn.

Credit vs. Duration - Where Should You Spend Your Risk Budget?

Season 06 Episode 05                                           20:13

In Q1 of this year, investors have had to contend with the implications of a regional banking crisis, a still-hawkish Fed, and rising expectations for a near-term recession.  On today's episode, Dr. David Kelly is joined by Andrew Norelli, Portfolio Manager for several multi-sector fixed-income strategies here at J.P. Morgan Asset Management, to dive into the outlook for the economy and interest rates and what this all means for striking the right balance between credit and duration in fixed income portfolios.

Navigating the Opportunities in Global Bonds

Season 06 Episode 04                                           27:12

So far this season, we've talked about the bond market from a number of different angles, and in this episode, we look at fixed income as a global asset class.  Dr. David Kelly is joined by Iain Stealey, International Chief Investment Officer within the Global Fixed Income, Currency and Commodities (GFICC) group, to dive into the outlook for global monetary policy and what this means for opportunities in international bonds.

The Regional Bank Crisis and Its Implications for Bonds

Season 06 Episode 03                                          25:05

On this episode, tune in to hear Dr. David Kelly and Kelsey Berro, Portfolio Manager on our Global Fixed Income, Currencies, and Commodities Group, discuss the banking crisis and its implications for fixed-income markets, credit conditions, and monetary policy, which has been sending markets through a series of twists and turns and raising questions about the risk of a US recession later this year. 

Finding Direction in Fixed Income

Season 06 Episode 02                                         25:40

This episode dives into positioning within fixed income.  Dr. David Kelly is joined by Bill Eigen, portfolio manager for an unconstrained fixed-income strategy at J.P. Morgan Asset Management.  Bill offers a unique perspective, as his fund uses an opportunistic go-anywhere strategy that aims at delivering positive returns – no matter what’s happening in fixed-income markets.  In today’s particularly uncertain macro environment, Bill offers important insights on where he’s seeing opportunities, what areas he’s steering clear from, and his latest thoughts on the markets and economy.

Are Bonds Really Back, and for How Long?

Season 06 Episode 01                                            19:27

This episode kicks off our sixth season of Insights Now, entitled  “A Bond's Eye View of Investing," and we've decided to center this season around fixed income.  On this episode, Dr. David Kelly is joined by Jordan Jackson, Global Market Strategist at J.P. Morgan Asset Management, to discuss the outlook for the Fed and opportunities within fixed income.

Will 2023 Be a Year of Slow Growth, But Better Markets?

Season 05 Episode 07                                          20:20

2022 has been a brutal year for investors, with unusually large sell-offs in both stocks and bonds, resulting in one of the worst years ever for balanced investing. However, 2023 may be the calm after the storm of this year, with markets stabilizing, inflation receding, and the Fed nearing the end of its tightening cycle. On the last episode of this season, Dr. Kelly is joined by Jack Manley, Global Market Strategist at J.P. Morgan Asset Management, to discuss the key takeaways from their Investment Outlook for 2023.

Bonds are Back

Season 05 Episode 06                                           17:34

Higher rates and rising inflation have created a particularly challenging environment for bonds this year.  While economic uncertainties remain about the timing of a Fed pivot and the potential for U.S. recession, the case for bonds is as strong as it's been in over a decade.  Dr. David Kelly and Bob Michele, CIO and Head of the Global Fixed Income, Currency & Commodities group, discuss the outlook for fixed-income markets and how investors can take advantage of opportunities the current climate provides.

The Implications of Divided Government

Season 05 Episode 05                                          27:21

Earlier this month, Americans went to the polls for the midterm elections.  While some were expecting a red wave, what resulted was more of a red ripple, with Republicans garnering a slim majority in the House and Democrats likely maintaining control of the Senate.  In this episode, Dr. Kelly is joined by Michelle Mesack, Head of Federal Government Relations at JP Morgan Chase, and Meera Pandit, Global Market Strategist at J.P. Morgan Asset Management, to discuss the main takeaways for investors from the midterm elections.

The Future of Globalization

Season 05 Episode 04                                         38:00

The global pandemic, supply chain problems and heightened geopolitical tensions from Russia's war in Ukraine have all raised questions about whether the long trend toward globalization is being thrown into reverse. Our 2023 Long Term Capital Market Assumptions, available now, features a paper that tackles the future of globalization. In this episode, Stephanie Aliaga interviews two of the authors from the paper, Dr. David Kelly and Kerry Craig, to discuss the potential future paths of globalization, and the implications of a multi-polar world order for the global economy, inflation, and valuations.  

Cross-Currents for Corporate Profits

Season 05 Episode 03                                         20:54

Higher inflation, higher interest rates, and slowing consumer demand have all posed considerable headwinds to U.S. equities and contributed to the large selloffs experienced in markets this year.  In this episode, Dr. David Kelly is joined by David Lebovitz, Global Market Strategist for J.P. Morgan Asset Management, for a discussion on the outlook for U.S. equities and what investors can expect from the 3Q22 earnings season.

Europe’s Energy Crisis and the UK Response

Season 05 Episode 02                                           22:01

In an already challenging year for markets, the energy crisis in Europe and recent fiscal actions by the UK government have rattled market sentiment and caused further disruption to currency and global bond markets, with a higher reliance on Russian supply putting Europe in a particularly vulnerable position as winter approaches.  On today's episode, Dr. David Kelly is joined by Hugh Gimber, Global Market Strategist, to shed some light on these issues and the outlook going forward for the UK and Europe.

The Fed: Hiking Up a Hill of Uncertainty

Season 05 Episode 01                                           23:23

This episode kicks off our fifth season of Insights Now.  Over the course of this season, Dr. David Kelly will sit down with a slate of market strategists and subject matter experts to discuss topics such as the implications of aggressive Fed tightening, the European energy crisis, equity market volatility, and the future of globalization to try to provide some insight into investing in this very stormy climate.  In this episode, we tackle important questions for investors surrounding the outlook for the Federal Reserve with our fixed income strategist at J.P. Morgan Asset Management, Jordan Jackson.

Investing in Troubled Times

Season 04 Episode 11                                            28:09

Investors have had a challenging year so far.  While the outlook remains cloudy, much of the "bad news" might already be priced into markets, and investors may be wise to take advantage of the correction in valuations to position portfolios for the expansion ahead.  For the last episode this season, Dr. David Kelly is joined by Jack Manley, Global Market Strategist at J.P. Morgan Asset Management, for an insightful conversation on navigating investing in troubled times.

Alternatives in a Higher Rate, Slower Growth World

Season 04 Episode 10                                            21:59

2022 has been a challenging year for most public asset classes, leaving many investors at odds on how to position portfolios, protect against inflation, and identify areas for potential excess returns going forward.  While markets have been more challenging, the need for income, capital appreciation, and capital preservation has not changed.  That’s where alternative investments may provide some solutions.

The Labor Market: Cyclical Strength and Structural Change

Season 04 Episode 09                                           23:19

Today, as investors mull the increasing risk of a U.S. recession, the strength in the labor market can be a double-edged sword.  In this episode, Dr. David Kelly is interviewed by Stephanie Aliaga, Research Analyst, to discuss the latest jobs report, the outlook for the labor market, and our latest thoughts on the risk of a recession in 2022 or 2023. 

The U.S. Fiscal and Midterms Outlook

Season 04 Episode 08                                           30:14

As investors mull recession risks, they will also soon have to grapple with the midterm elections and how changes in politics may cause uncertainty in the economic outlook. In this episode, Dr. David Kelly is joined by Meera Pandit, Global Market Strategist, to discuss politics and the fiscal outlook ahead of the midterm elections in a conversation moderated by Stephanie Aliaga, Research Analyst.

Unpacking the Tumultuous Equity Market

Season 04 Episode 07                                           14:49

The equity markets have seen a tumultuous and fairly disappointing few months in 2022.  Investor sentiment has turned extremely bearish due to a land war in Ukraine, a more hawkish and aggressive Fed, and rising and persistent inflation.  In this episode, Dr. David Kelly is joined by Andrew Tyler, Head of U.S. Market Intelligence, to discuss the current state of equity markets, the factors driving recent volatility, the takeaways from 1Q22 earnings season, and the further implications of the Fed's rate-hiking cycle on equity markets.

Real Estate Booms, Busts, and Structural Change

Season 04 Episode 06                                          18:04

While the 21st Century has seen a wide variety of housing markets with massive booms and busts, never in all these years have there been so few properties on the market.  In this episode, Dr. David Kelly is joined by Mike Kelly, Head of US Real Estate, to discuss the current housing market, the surge in housing costs, and the long-term impacts of the pandemic on certain real estate sectors. 

Building Resilient Portfolios

Season 04 Episode 05                                          26:35

The last few months have seen a swift and significant recalibration in markets.  Inflation looks to be higher and stickier than previously assumed, with The Fed shifting more hawkish.  In this episode, Dr. David Kelly is joined by Phil Camporeale, Portfolio Manager on the Multi-Asset Solutions group at J.P. Morgan Asset Management, to discuss asset allocation in an environment with higher uncertainty on interest rates and inflation.

The Fed’s New Playbook

Season 04 Episode 04                                          24:57

The Federal Reserve recently hiked interest rates for the first time since 2018 and delivered a hawkish surprise to investors by way of its updated dot plot and economic projections.  In this episode, Dr. David Kelly is joined by Jordan Jackson, Global Market Strategist at J.P. Morgan Asset Management, to discuss the new outlook for the Fed and the risks that surround their decision to quickly tighten policy.  

Implications of the Russian Invasion of Ukraine

Season 04 Episode 03                                          35:42

The Russian invasion of Ukraine has brought horrible human consequences, but for investors, it’s also raised a lot of questions.  In this episode, we review the broad implications of the Russian invasion for investors in a special roundtable interview.  Dr. David Kelly is joined by David Maccarrone, equity research analyst at J.P. Morgan Asset Management, and retired General Mastin Robeson, member of the Academy Security's Geopolitical Team, in a discussion moderated by Stephanie Aliaga, Research Analyst at J.P. Morgan Asset Management.

Solving for Climate Change with ESG

Season 04 Episode 02                                           25:51

In today's episode, Dr. David Kelly is joined by Meera Pandit, Global Market Strategist at J.P. Morgan Asset Management, to discuss the efforts against climate change and the investment opportunities that may underlie this transition towards a more sustainable future. 

Investing in China in the Year of the Tiger

Season 04 Episode 01                                           22:33

In the first episode of Season 4, Dr. David Kelly is joined by Gabriela Santos, Global Market Strategist at J.P. Morgan Asset Management, to discuss what investors should expect from China in the Year of the Tiger and beyond.

Investing Beyond the Pandemic

Season 03 Episode 12                                            21:09

Dr. David Kelly sits down with Jack Manley, Global Market Strategist at J.P. Morgan Asset Management, to discuss the investment outlook for 2022.  Despite the continued pandemic, the U.S. economy saw a powerful recovery in 2021 across equity markets, the labor market, and overall economic growth.  Where are the best opportunities for tactical positioning and strategic long-term investing in 2022?

College Planning and 529s

Season 03 Episode 11                                            22:28

In today’s episode, Dr. David Kelly sits down with Michael Conrath, Head of Education Savings at J.P. Morgan and author of the College Planning Essentials publication, to discuss the importance of saving for college and how to accumulate these savings most efficiently. 

The Post-Pandemic Lens on Europe

Season 03 Episode 10                                            31:20

In today’s episode, Dr. David Kelly sits down with Karen Ward, Chief Market Strategist for EMEA at J.P. Morgan Asset Management and author of the Europe and UK Guide to the Markets publications, to discuss the outlook for Europe.  

Alternative Investments in a World of Higher Inflation

Season 03 Episode 09                                          20:28

In today’s episode, Dr. David Kelly sits down with David Lebovitz, Global Market Strategist at J.P. Morgan Asset Management and author of the Guide to Alternatives publication, to discuss the role of alternative assets in portfolios.  Investors have been increasingly interested in alternatives, but for many, this is still unfamiliar territory.    

Do Cryptocurrencies Have a Place in Portfolios?

Season 03 Episode 08                                          25:23

In today’s episode, Dr. David Kelly is interviewed by Stephanie Aliaga, strategy analyst at J.P. Morgan Asset Management, to discuss the advent of cryptocurrencies and whether this new asset class should have a place in portfolios. 

The Genomic Health Revolution

Season 03 Episode 07                                           15:38

In today’s episode, Dr. David Kelly is joined by Nick Leventis, Senior Healthcare Analyst for the Innovators Strategy at J.P. Morgan Asset Management, to discuss the genomic health revolution. 

Tech and Equity Investing

Season 03 Episode 06                                           24:13

In today’s episode, Dr. David Kelly is joined by Manish Goyal from J.P. Morgan Asset Management, who has over 25 years of investment experience in the tech industry and manages strategies that focus on digital evolution and innovation.

A Long-Term Look at China’s Growth

Season 03 Episode 05                                           25:14

In today’s episode, Dr. David Kelly is joined by Gabriela Santos, Global Market Strategist at J.P. Morgan Asset Management, to discuss the recent developments in China and how they fit into the context of China’s long-term growth story.

The Fiscal Outlook

Season 03 Episode 04                                          30:03

In today’s episode, Dr. David Kelly is joined by Meera Pandit, Global Market Strategist at J.P. Morgan Asset Management, to discuss the outlook for further fiscal stimulus with the infrastructure bill and budget reconciliation bill making their way through Congress. 

The Reality of Global Warming

Season 03 Episode 03                                          25:55

In today’s episode, Dr. David Kelly is joined by Sarah Kapnick, J.P. Morgan’s Climate Scientist and Sustainability Strategist, with a discussion on the sobering realities of climate change and the opportunities for policy and investment solutions.

The Fed’s Timetable

Season 03 Episode 02                                          28:24

In this episode, Dr. David Kelly is joined by Jordan Jackson, Global Strategist on the Market Insights Team at J.P. Morgan, for a discussion on the Fed’s timetable for reducing accommodation as the economy shows signs of a durable recovery.

Investing as the Pandemic Winds Down

Season 03 Episode 01                                           24:04

Tune in to hear Dr. David Kelly and Michael Cembalest, two of J.P. Morgan’s most respected thought leaders, discuss the most pressing questions for investors as we head into the second half of 2021.

Asset Class: Investing with Model Portfolios

Season 02 Episode 12                                            16:02

Tune in to hear Dr. David Kelly and Ted Dimig, Head of Advisory and Core Beta Solutions, discuss model portfolios and how they can be used to benefit your clients.

Asset Class: Actively Managing Through Uncertainty

Season 02 Episode 11                                             15:03

Tune in to hear Dr. David Kelly and Jeff Geller, who serves as a Chief Investment Officer of our Multi-Asset Solutions group, discuss portfolio allocation decisions across a global opportunity set.

Asset Class: Reflation and Fixed Income Investing

Season 02 Episode 10                                           23:43

Tune in to hear Dr. David Kelly and Andrew Norelli, who serves as a portfolio manager for several global fixed income strategies, consider the impact of a reflationary environment.

Asset Class: Making the Most of Your Cash

Season 02 Episode 09                                          23:30

Tune in to hear Dr. David Kelly and James McNerny, Lead Portfolio Manager of the actively managed JPMorgan Ultra-Short Income ETF, discuss how to make the most of your cash in a world of low yields.

Asset Class: Finding Income in a World of Low Yields

Season 02 Episode 08                                           23:10

Tune in to hear Dr. David Kelly and Michael Schoenhaut, Lead Portfolio Manager of the JPMorgan Income Builder Fund, discuss how to achieve income in today's low bond and dividend yields world.

Asset Class: Growth Stocks for the Long Run

Season 02 Episode 07                                          20:30

Tune in to hear Dr. David Kelly and Giri Devulapally, Lead Portfolio Manager for the Large Cap Growth strategy here at JPMorgan Asset Management, discuss opportunities in technology trends over the long term.

Asset Class: Understanding Factor Investing

Season 02 Episode 06                                           12:28

Tune in to hear Dr. David Kelly and Yazann Romahi, who manages a quantitative beta strategies team here at JP Morgan Asset Management, discuss the increased interest in factor investing.

Asset Class: ESG Investing

Season 02 Episode 05                                           12:56

Tune in to hear Dr. David Kelly and Jennifer Wu, Global Head of Sustainable Investing here at J.P. Morgan Asset Management, discuss the increased interest in ESG investing.

Asset Class: Opportunities in Municipal Bonds

Season 02 Episode 04                                            9:22

Tune in to hear Dr. David Kelly and Richard Taormina, head of the Tax Aware Strategies team here at J.P. Morgan Asset Management, discuss how to protect your portfolio in a rising rate environment.

Asset Class: Using Equity Derivatives to Cut Risk and Boost Income

Season 02 Episode 03                                           10:50

Tune in to hear Dr. David Kelly and Hamilton Reiner, head of U.S. Equity Derivatives here at J.P. Morgan Asset Management, discuss how investors can participate in the equity market.

Asset Class: The Opportunity in International Stocks

Season 02 Episode 02                                           19:24

Dr. David Kelly and Shane Duffy, Lead Portfolio Manager of the International Equity Group here at J.P. Morgan Asset Management, discuss if investors should increase exposure to international equities.

Asset Class: Is it Time for Value?

Season 02 Episode 01                                             11:58

Tune in to hear Dr. David Kelly and Clare Hart, Lead Portfolio Manager of the Equity Income Fund here at JP Morgan Asset Management, to discuss if investors should take a closer look at value in 2021.

A Land with Zero Rates

Season 01 Episode 07                                            14:04

Tune in to hear Dr. David Kelly and Jordan Jackson, Global Market Strategist, discuss how low-interest rates have made the fixed income environment even more challenging for investors.

Power for the People: The Outlook for Energy

Season 01 Episode 06                                            26:13

Tune in to hear David Kelly and David Lebovitz, Global Market Strategist, discuss how the energy industry is evolving over the long-term.

The Fiscal Decade

Season 01 Episode 05                                           37:24

Tune in to hear David Kelly and John Bilton, Head of Global Multi-Asset Strategy, discuss the key themes and issues that are going to drive both economic growth, inflation, monetary and economic policy, and ultimately asset returns.

Behavioral Finance Pitfalls and How to Overcome Them

Season 01 Episode 04                                            21:55

Tune in to hear David Kelly and Global Market Strategist Samantha Azzarello discuss the key tenets of behavioral finance that every investor should be aware of. 

Demographic Potholes

Season 01 Episode 03                                           23:22

Many trends that persisted before 2020 have been accelerated by the COVID crisis, including dramatic shifts in demographics. Baby boomers, the largest generation ever, are aging and deaths are on the rise. Immigration has essentially halved compared to three years ago. And last year we saw the lowest birth rate ever.

The 21st Century Economy

Season 01 Episode 02                                           26:55

Technological change is, of course, the most powerful force shaping the economy of the future. Tune in to hear David Kelly and Global Market Strategist Jack Manley discuss how the impact of technological innovations is shaping the world and the investment environment, both today and in the decades ahead.

China : Too Big to Ignore

Season 01 Episode 01                                            28:36

For global markets, there is no long-term issue greater than the growth and evolution of China as an economic superpower. Tune in to hear David Kelly and Global Market Strategist Gabriela Santos discuss the extraordinary progress in China’s economy.