Global Data Pod Weekender: On the strait and harrow

The fragile cease-fire has not opened the strait or even ended hostilities fully, but the hint of an end keeps our outlook on a path for energy prices to hold steady before gradually drifting lower in 2H26. Absent downside tail risks, which remain large, we see supports to weather the storm. However, signs of slowing consumer spending last quarter and a March drop in surveys raise concerns.   Speakers: Bruce Kasman Joseph Lupton   This podcast was recorded on April 10, 2026. This communication is provided for information purposes only. Institutional clients 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.