Global Data Watch Weekender: The shadow knows

Further year-end confirmation of a robust global consumer (outside China) supports the call that the expansion is weathering the various US policy risks. The key missing ingredient remains labor markets. The Fed will have to find its way amid strong growth and elevated inflation this year. With personnel changes coming up, leadership questions abound.    Speakers: Bruce Kasman Joseph Lupton   This podcast was recorded on 23 January 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.