Speakers: Jay Barry, Head of Global Rates Strategy Michael Feroli, Chief US Economist Samantha Azzarello, Head of Content Strategy This podcast was recorded on July 20, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5371657-0 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.

US Rates: Fed Policy Outlook & New Task Forces

At Any Rate

[SPEAKER_A] Welcome to J.P. Morgan's At Any Rate podcast series. In this episode, we will be discussing Fed policy and the potential implications from the Fed working groups. Now for your host and Head of Content Strategy here at J.P. Morgan, Samantha Azzarello.

[SPEAKER_B] Welcome everyone to our call on Fed policy and the task forces. The Fed has been top of mind for investors. There's been a lot of focus on it. So we thought it would make sense to have Jay Barry, Global Head of Rates Strategy, and Mike Feroli, our Chief US Economist, Chief US Economist, come and have a call on a piece they just put out last week, a joint piece on the task forces and going in depth on that. So we're going to have a little bit of a structured conversation. I'm sure they will go off the cuff and then we will answer— they will, I know. And then we'll have client Q&A. And with that, let's get into it. So great piece that came out last week. Mike, overall, zoom out for us. What do the task forces mean?

[SPEAKER_C] Okay. So I think the first thing to emphasizes these are the chair's task forces, right? Fed Chair Warsh's task force. Second thing is, last year, the Fed just underwent one of their about every 5-year framework reviews. And that was a committee-wide effort, right? And so it wasn't just the chair. It wasn't just the board. It was the board and the 12 regional reserve banks all involved in the analysis. So how do we interpret this? I think it's, you know, Warsh wasn't around for that framework review.

US Rates: Fed Policy Outlook & New Task Forces

Read the full transcript

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

US Rates: Fed Policy Outlook & New Task Forces

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.