Global Markets Strategy December 15th, 2025 Global Macro Outlook and Strategy Global Rates, Commodities, Currencies and Emerging Markets Luis Oganes AC (44-20) 7742-1420 luis.oganes@jpmorgan.com J.P. Morgan Securities plc See the end pages of this presentation for analyst certification and important disclosures. {[{oW73U7lx7NxxSQt2Lq7YJ5RtKCP_A-B5IJyEVsEYO20btSQwg-epq6yo4g4tdwvSgTdmAchc_FhZyL10}]} Overall summary US Rates Hawkish developments across DM central banks and the end of the Fed's "insurance cut" ...