JPM's Chang on Markets, Inflation

The transcript discusses the current economic landscape, focusing on central bank rate hikes, inflation projections, and market liquidity. It highlights the aggressive monetary policies of central banks like the Fed, ECB, and Bank of England in response to inflation. The discussion also covers the impact of China's economic measures and regulatory changes, the weakness of the Japanese yen, and the potential need for central banks to adopt more restrictive policies to control inflation. The overall economic outlook suggests slower growth, higher inflation, and increased market volatility.

What is the expected terminal funds rate by early next year according to the transcript?

• 2.5%

• 3.5%

• 4.0%

• 3.0%

Which market is running well ahead of the Bank of England's guidance?

• The European market

• The US market

• The Australian market

• The UK market

What is the current state of liquidity compared to pre-pandemic levels?

• 50% below

• 30% below

• Same as pre-pandemic

• 20% above

What is the projected growth rate for China in the third quarter of the year?

• 5.5%

• 6.0%

• 4.5%

• 3.7%

What long-term strategy is mentioned in relation to China's regulatory measures?

• Trade expansion

• Economic liberalization

• Common prosperity

• Currency devaluation

What is the current nominal low of the yen against the dollar?

• 10-year low

• 20-year low

• 30-year low

• 50-year low

What is the potential policy direction for central banks to control inflation?

• Neutral

• Moderately restrictive

• Expansionary

• Highly accommodative