Эпизоды
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The combination of resurgent consumer spending and persistently sticky inflation near 3% is challenging consensus calls for Goldilocks. Next week’s flash PMIs will be the first data prints post US election, and we will be closely watching the vibe expressed in the future output components. Manufacturing should indicate caution given trade war concerns, while the broader all-industry measure could show some widening divergence between the US and the rest of the world.
Speakers:
Bruce Kasman
Joseph Lupton
This podcast was recorded on 15 November 2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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Bruce Kasman and Joe Lupton discuss how the US election is a material shock to the baseline, but one that reinforces our view that pushed back against a consensus for an immaculate disinflation. A careful assessment of the coming supply and demand shocks to the global economy will lead us to expect diverse growth outcomes but undeniably higher inflation and less policy easing.
This podcast was recorded on November 8, 2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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Пропущенные эпизоды?
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Ahead of the all-important US election, the data tracking at the start of 4Q is mixed but supportive of a resilient expansion. A noisy October US labor report should be faded, but strong 3Q GDP growth and healthy income gains are constructive. Nevertheless, moderating wages gains should help the Fed ease at next week’s meeting while presenting an open mind about December. Elsewhere, we look for a 25bp cut from the BoE next week as well as an announcement of further China stimulus.
Speakers:
Bruce Kasman
Joseph Lupton
This podcast was recorded on 1 November 2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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Michael Feroli, Chief US Economist, and Samantha Azzarello, Head of Content Strategy, discuss the October jobs report.
Speakers:
Michael Feroli
Samantha Azzarello
This podcast was recorded on 1 November 2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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Katie, Nicolaie, Gbolahan and Steven discuss takeaways for EM Edge economies from last week’s IMF/World Bank meetings. Investors started the year ready to increase their exposures to EM Edge economies spurred by improved fundamentals, attractive valuations and reduced US recession risks. Improving fiscal and current accounts, better growth, high nominal (and real) rates and structural reform efforts drove interest in a diverse set of Edge economies. That interest remains intact. Yet, stories remain highly idiosyncratic which warrants differentiation. Following an overview of broad themes, the podcast goes into the most top-of-mind frontier markets from last week’s meetings.
Speakers:
Katherine Marney, Emerging Markets Economic and Policy ResearchGbolahan Taiwo, EM, Economic and Policy ResearchNicolaie Alexandru-Chidesciuc, EM, Economic and Policy ResearchSteven Palacio, EM, Economics Research
This podcast was recorded on 31 October 2024.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4829599-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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The JPMorgan conference delivered a consensus around a Goldilocks macro scenario even as participants say US election outcomes look like a coin-toss. The risks of a blue versus red wave, and versus divided government lead to varied outcomes on growth, inflation, and the Fed. All of these are discussed.
Speakers:
Bruce Kasman
Joseph Lupton
This podcast was recorded on 25 October 2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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Nora Szentivanyi and Raphael Brun-Aguerre discuss their takeaways from the September CPI reports and how the incoming data are shaping the outlook for global inflation and monetary policy. Global headline inflation eased further to 2.7%oya, aided by falling energy prices––a decline that has supported consumer purchasing power. But core inflation is proving to be sticky around 3% after stepping down from 3.4%ar in 1H24. Services inflation globally continues to run above pre-pandemic norms, even as goods prices have returned to their pre-pandemic inflation rate. However, persistent divergences in both domestic demand and supply are now starting to drive greater variation in inflation outcomes.
This podcast was recorded on October 24, 2024.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4824594-0 , https://www.jpmm.com/research/content/GPS-4820478-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.
© 2024 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.
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A number of recent developments serve to reduce downside growth risks globally. In part this reflects strong US demand indicators and substantial front-loaded China policy supports, which serve to materially raise our current quarter global growth forecast.
Speakers:
Bruce Kasman
Joseph Lupton
This podcast was recorded on October 18, 2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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Katie, Nicolaie and Steven discuss the latest economic trends in the EM Edge. Inflation for most EM Edge economies, outside of Africa, have converged to their pre-pandemic norms. The direction from here is upward, in our view. While we are not overly concerned yet, we are monitoring risks rising global food prices, increases in global energy prices and a continued hawkish re-pricing of Fed policy that brings EM Edge currencies under pressure.
SpeakersKatherine Marney, Emerging Markets Economic and Policy Research Nicolaie Alexandru, EM, Economic and Policy ResearchSteven Palacio, EM, Economics Research
This podcast was recorded on October 15, 2024.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4813316-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 20XX 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.
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The improving US activity data has trimmed the downside tail, reinforcing views for a Goldilocks-type soft-landing. However, with core inflation running at a pace little different from a year-ago (around 3%ar), more respect for a high-for-long scenario is also needed. Not all are in same boat, and Euro area growth weakness is likely to get the ECB to cut rates next week. Enthusiasm for a China fiscal bazooka has built, but we do not see this as likely.
Speakers:
Bruce Kasman
Joseph Lupton
This podcast was recorded on 11 October 2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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Haibin Zhu and Nora Szentivanyi discuss China’s latest policy easing measures and what to expect in coming weeks and months. Three aspects of the upcoming fiscal announcement will be important to watch: magnitude, composition and forward guidance. We do not expect the October fiscal package to exceed 2 trillion yuan, with only modest direct support for consumers, but additional fiscal easing is likely further down the road. Accommodative fiscal policy is important not only in the near term, but also into 2025 when the Chinese economy may face a series of adverse shocks.
This podcast was recorded on 10 October 2024.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4813222-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures.
© 2024 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.
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A much better than expected US payroll report, along with a quick end to the port strike, shift the risk distribution away from recession. Whether this adds probability to the Goldilocks outturn or the boil-the-frog scenario we have warned about is still uncertain, but the odds of rates staying higher than previously thought are clearly up. The global goods sector still looks grim, as does European growth. We remain skeptical about the medium run outlook for China even if seeing potential upside to the near-term.
Speaker:
Bruce Kasman
Joseph Lupton
This podcast was recorded on 4 October 2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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Michael Feroli, Chief US Economist, and Samantha Azzarello, Head of Content Strategy, discuss the Sept jobs report.
This podcast was recorded on October 4, 2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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Growth was relatively strong across the EM Edge economies in 2Q. Nicolaie, Steven and Katie debate the influence that diverging growth risks in US, China and Europe has for growth in the Edge. While the US influence may predominate, fiscal and monetary policies, structural reforms and changing trade patterns (among others) enable some differentiation between Edge economies. Differing cyclical conditions in part explain why Fed easing won’t alter most Edge central banks’ reaction functions.
Speakers:
Katherine Marney, Emerging Markets Economic and Policy Research
Nicolaie Alexandru, EM, Economic and Policy Research
Steven Palacio, EM, Economics Research
This podcast was recorded on October 1, 2024.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4803854-0 and https://www.jpmm.com/research/content/GPS-4799145-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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A set of divergences in the global economy raise tail risks to the expansion. While we see numerous reasons for a soft-landing, next week’s PMIs and US labor market news are likely to exacerbate the tensions. Despite this, US growth is robust while Europe is held back by a weak Germany. China’s policy shift this week is encouraging only if a signal of more to come. Joe shares pics from his trip to the North Branch Outing Club in Northern Michigan.
Speakers:
Bruce Kasman
Joseph Lupton
This podcast was recorded on 27 September 2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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Nora Szentivanyi and Greg Fuzesi discuss their takeaways from the August CPI reports and how the incoming data are shaping the outlook for global inflation and monetary policy. Global headline inflation stepped down to 2.9%oya, helped by lower energy prices, while core inflation moved sideways at 3.1%. The monthly pace of core CPI gains firmed marginally to 0.3%, but remains on track to ease in line with our forecasts for a moderation to 2.8%ar this quarter from a 3.4%ar pace in the first half of the year. While the recent slide in US core inflation stands out, there has been some encouraging progress with respect to services disinflation in a number of other countries too. In this episode we discuss the Euro area’s inflation dynamics in more detail and what it means for the ECB.
This podcast was recorded on Sept 24, 2024.
This communication is provided for information purposes only. Institutional clients can view the related reports at
https://www.jpmm.com/research/content/GPS-4801321-0
https://www.jpmm.com/research/content/GPS-4799070-0
https://www.jpmm.com/research/content/GPS-4794311-0
for more information; please visit www.jpmm.com/research/disclosures for important disclosures.
© 2024 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.
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Bruce Kasman and Jay Barry discuss how the Fed met their expectations for a 50bp rate cut as it shifted its assessment of risk while not materially adjusting its growth or inflation forecasts. Markets showed a continued steepening in the US curve but the rise in longer-term yields suggests that this is aligned with greater confidence in the Fed engineering a sustained expansion.
This podcast was recorded on 9/20/2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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Bruce Kasman is joined by Joe Lupton to discuss how the Fed will take center stage in a week marked by a number of significant central bank decisions that don’t revolve around a common theme. We anticipate a 50bp rate cut from the FOMC as it responds to a material shift in risk bias. At the same time, we expect the BoE to follow the ECB in guiding toward a cautious rate normalization path while we anticipate the BoJ will continue to emphasize further rate hikes lie ahead. We also see Norges Bank on hold, an easing from SARB, and a tightening from Brazil’s BCB.
This podcast was recorded on 9/13/2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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SpeakersNicolaie Alexandru, EM, Economic and Policy Research
Katherine Marney, Emerging Markets Economic and Policy Research
Steven Palacio, EM, Economics Research
EM Edge economies have seen improvements in their fundamentals with only limited exceptions. We have also seen better growth and fiscal consolidation in primary balances, mainly in Africa. IMF programs have helped along the way with both reforms and funding. Despite these trends and against a more favorable global backdrop relative to 2022 and 2023, rating changes have been mixed. Katherine Marney, Steven Palacio and Nicolaie Alexandru discuss recent rating trends across the all regions.
This podcast was recorded on 10 September 2024.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4778639-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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The latest PMIs reinforce the resilience of the global expansion, even if still imbalanced across sectors. While the US has led with the strongest recovery, the more material moderation in the labor markets of late shifts the risk skew onto growth over inflation. This points to at least 100bp of Fed cuts by year-end with a start of 50bp later this month. Elsewhere, the cutting cycle has already begun as inflation looks on path to return to target and we look for another 25bp cut from the ECB next week.
Speakers:
Joseph Lupton
Michael Hanson
This podcast was recorded on 6 September 2024.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 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.
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