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In this podcast Khagendra Gupta, Ipek Ozil, Francis Diamond, Takafumi Yamawaki, and Ben Jarman discuss the main drivers of DM swap spreads.

This podcast was recorded on 20 March 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5230870-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2026 JPMorgan Chase & 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.