Anezka Christovova, Ben Ramsey and Nishant Poojary discuss the latest market developments and their impacts for the EM fixed income asset class.<br><br>This podcast was recorded on 28th May 2026.<br><br>© 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.

EM Fixed Income: EM resilience amid renewed USD strength and idiosyncratic pitfalls

At Any Rate

# Full Transcript

**Podcast:** At Any Rate

## Participants

- **Francis Diamond** (J.P. Morgan)
- **Ineska Kristovova** (J.P. Morgan)
- **Nishant Pujari** (J.P. Morgan)

## Transcript

Hello and welcome to our At Any Rate, Emerging Markets Focus podcast, a place for us to discuss recent developments and key issues of focus in the Emerging Markets Fixed Income asset class. I'm Francis Diamond, Head of EM Sovereign Credit Strategy here at J.P. Morgan, and I'm joined by Ineska Kristovova, Head of EMEA EM and LatFAM Local Market Strategy. And today we're joined by Nishant Pujari, our Senior EMEA EM Sovereign Credit Strategist, both at J.P. Morgan. Ineska, Nishant, thanks for joining. Nishant Pujari, Head of EMEA EM Hi Ben, nice to be here.

Nishant Pujari, Head of EMEA EM So, let's get into it. Seems for markets, we are of course still looking here at what's going on with Iran and the Straits of Hormuz. We have new headlines every day, but it seems like the market's kind of reacting less and less in both directions to these headlines. Kind of feels like we're pivoting from fearing the tail risks from the Iran conflict and the Straits of Hormuz

and how much more price pressure there could be to be endured going forward. And this assessment is not only from fuel prices, but I think we're increasingly focused on the impact of food prices. Of course, a lot of fertilizers go through the Straits of Hormuz. We've also been here at J.P. Morgan looking a little bit more at risk from El Nino.

In terms of oil, Brent crude seems to kind of have transitioned from $110 range in recent weeks to really something that's now bouncing around between $90 and $100. As both the US and Iran seem to be closer to a deal, of course we get, you know, kind of headlines pointing to risks around that every day. But it kind of feels like the direction of travel among the volatility is that we're getting towards the end of the conflict. Even, of course, this remains fragile.

The inflation theme, as we discussed last week, has led to a repricing of global rates, even as the AI theme, strong earnings, and actual activity data have pushed risky assets even higher. And credit spreads continue to be moving towards historical tights. So, in short, the broad market narrative seems to move from a recessionary stagflation type risk theme to one which is underpinned by improving growth, a better outlook for the consumer.

Of course, risks ahead there with inflation still bubbling up. So, that's kind of where we're starting. We're here going to obviously try to take that frame and look at it from the EM perspective, and then we're going to get into some particularly topical idiosyncratic story, which is Senegal with Nishant. Okay, let's start with you, Ben.

How is this backdrop that you described of stronger growth while stronger inflation mixing with the outlook for potential higher rates in terms of sovereign credit? Yeah, I mean, it's really one where I think that stronger growth wei...

EM Fixed Income: EM resilience amid renewed USD strength and idiosyncratic pitfalls

Transcript

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Every day you wait, your competitors are finding
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EM Fixed Income: EM resilience amid renewed USD strength and idiosyncratic pitfalls

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.