Global Rates - 2025 Global government issuance outlook

At Any Rate

Luis Oganes, head of Global Macro research at J.P. Morgan, discusses the outlook for government bond issuance in 2025 with strategists Jay Barry and Aditya Chordia. The team discusses how ongoing central bank QT amplifies issuance trends, and wide budget deficits suggest term premium should remain elevated in the US and UK, while these trends should be less impactful for Euro-area and Japanese yields.

Speakers:

Luis Oganes, Head of Global Macro Research

Jay Barry, Head of Global Rates Strategy

Aditya Chordia, European Rates Strategy

This podcast was recorded on 17 January 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4887257-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 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. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.