Making Sense

Democrats have won control of the U.S. Legislature, riding a historic wave of support to equally historic margins in both the House and Senate. In this episode of Making Sense, Kathleen Mellody, head of J.P. Morgan's Federal Government Relations team, sits down with Bruce Kasman, chief global economist, and Derek Chollet, head of the JPMorganChase Center for Geopolitics, to unpack what this outcome could mean in the U.S. and abroad. Will it reshape fiscal policy, the outlook for growth and the AI buildout? Could it affect U.S.-China relations, as well ongoing conflicts in the Middle East and Ukraine? And how does it align with electoral results in Brazil and Israel? Tune in for a fascinating look at what's ahead.

 

This episode was recored on November 5 & 6, 2026. 

This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.

Alex Gorsky, former chairman and CEO of Johnson & Johnson and a member of J.P. Morgan’s SRI Advisory Council, joins Jerry Lee, global co-head of Healthcare Investment Banking and global chairman of Investment Banking at J.P. Morgan to discuss what reshoring, friendshoring and AI mean for the next decade of healthcare resiliency.

 

Learn more: https://www.jpmorgan.com/insights/security-and-resiliency-initiative/pharma-supply-chain-resiliency

 

This episode was recorded on October 12, 2026.

 

This material was prepared by certain personnel at the Investment Banking Group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide, and not the firm's research department. It is for informational purposes only. It is not intended as an offer or solicitation for the purchase, sale, or tender of any financial instrument and does not constitute a commitment, undertaking offer, or solicitation by any JP Morgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.

 

Copyright 2026, JPMorgan Chase & Co., all rights reserved.

Southeast Asia’s economy has grown nearly ninefold since 1998, and the region is now at the center of the global AI investment cycle. In this episode of Making Sense, Sjoerd Leenart, CEO of J.P. Morgan’s banking business in Asia Pacific, sits down with Joyce Chang, chair of Global Research at J.P. Morgan, to unpack key takeaways from the investor seminar hosted around the IMF–World Bank annual meetings in Bangkok. They discuss the forces propelling Asia’s growth — from the manufacturing renaissance driven by AI data center demand to divergent policy tailwinds across China, Japan, Korea and ASEAN economies. They also explore the IMF’s latest global outlook, the narrowing base of countries driving world growth and why investor sentiment has shifted from "fear of missing out" to more selective, quality-focused positioning.

 

This episode was recorded on October 22, 2026.

This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.

Modern warfare has exposed a costly gap between what militaries need and what the industrial base can deliver. General Chris Cavoli (Ret.), former Supreme Allied Commander Europe, and Mark Marengo, head of diversified industries investment banking at J.P. Morgan, discuss why closing that gap will take new ways of solving problems and closer partnership between capital, industry and government.

 

This episode was recorded on October 2, 2026.

This material was prepared by certain personnel at the Investment Banking Group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide, and not the firm's research department. It is for informational purposes only. It is not intended as an offer or solicitation for the purchase, sale, or tender of any financial instrument and does not constitute a commitment, undertaking offer, or solicitation by any JP Morgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.

Copyright 2026, JPMorgan Chase & Co., all rights reserved.

In volatile markets, trade-offs sharpen: pay for certainty now, or preserve flexibility for later. In this episode of Making Sense, Ben Berkey from the corporate derivatives franchise talks with Brian Tramontozzi, head of North American Leveraged Finance Capital Markets, and Kim Hernas, global head of Sponsor Private Side Sales, to discuss how leveraged finance and private markets are weighing these trade-offs in a higher-for-longer rate environment. They discuss how higher base yields are affecting leveraged loan and high-yield markets, and what spread behavior across rating tiers may be signaling. They also explore the evolving sponsor toolkit — back leverage and beyond — and how sponsors are reassessing holding periods, liquidity needs and risk management. 

 

This episode was recorded on October 13, 2026.  

 

This material was prepared by certain personnel of the investment banking group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.   

© 2026 JPMorgan Chase & Company. All rights reserved.