J.P. Morgan’s FX strategists discuss the outlook for the USD and other currencies in the wake of the US Treasury’s unexpected increase in long-end bond buybacks. Speakers: Arindam Sandilya Meera Chandan Patrick Locke James Nelligan This podcast was recorded on 21 August 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS- 5416260 -0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase &amp; 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.

At Any Rate - Global FX: Debate Corner 2.0

At Any Rate

Hello and welcome to this At Any Rate podcast. I'm your host, Arindam Sandilea from J.P. Morgan's FX research team. I'm joined today by my senior FX strategy colleagues across the globe, my partner in crime, Meera Chandan, running the team out of London, as well as Patrick Locke and James Nellian. Now, if you guys pick up a copy of our FX Weekly this week, the first words you will read in the Currency Overview section are reports of a quiet summer for macro markets are greatly exaggerated.

And I think most of us on this call feel that way. You know, the policy surprises have been coming at us thick and fast. One week it is the historic joint intervention on the yen. This week it was the turn of the Treasury to up the size of long-end bond buybacks that abruptly flattened the long end of the U.S. yield curve and sank the dollar. Now, clearly we are dealing with an activist Treasury that is not gun-shy about making the most of the tools at its disposal.

In his interview with the press yesterday, Secretary Besant also alluded to the idea that there are other unused tools in the Treasury toolkit still. So we may not be anywhere close to the end of this supply of policy surprises. So given this, you know, unsurprisingly, the biggest point of discussion for us with clients this week was the dollar outlook in the wake of the Treasury's actions. The market seems to have latched on to two somewhat related strands of reasoning for the dollar weakness that we saw this week.

At Any Rate - Global FX: Debate Corner 2.0

Read the full transcript

The candid version is on a podcast,
not the earnings call.

At Any Rate - Global FX: Debate Corner 2.0

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.