Highlights from CEO Perspectives: Insights on the U.S. consumer and economy
Whether there's a recession, a hard landing, a soft landing, it does seem like it's all in the hands of the US consumer in their ability to withstand higher prices for longer, maybe a softer job market. The question I keep getting from clients is, where do we go from here?
Spending across both credit and debit still looks quite strong. And when you look at things like dining and retail, even adjusted for inflation, we are still seeing spending that is up year-over-year. So we're up about 30%-- more than 35% since pre-pandemic and up 13% since last year. So generally speaking-- still seeing strong spending. And that's across all income bands.
There's no doubt that inflation makes the picture murkier, particularly on things like travel, where you have seen airline prices and hotel prices increase quite significantly. But like I said, when you look at something like dining or retail, you still see spending that's outpacing inflation.
We're seeing very, very strong demand. We've talked a lot about that. And that has not receded in any way. It's actually been quite encouraging. When we look across the aerial portfolios that we have amongst small and medium-sized companies, as well as global companies, we're seeing the exact same thing. So this consumer has had the wherewithal to keep up with the inflation. And that's coming through loud and clear, as Jen has already mentioned.
I want to talk a little bit about rates and, Conor, loop you into this a little bit here. One impact, obviously, of-- on higher rates means housing affordability is lower. And so that could mean maybe that I'm going to spend in a different way. So I want to understand what you're seeing and then maybe loop it into Mellody's comment about balance sheets being strong and try to understand how much longer this can go with wage growth trailing inflation.
I think what we see on the consumer side is very similar to what you've been saying-- is the Kimco consumer, again, is the middle to upper income demographic that's continuing to shop, that's continuing to visit the grocery stores. I think my biggest concern is, clearly, you're seeing the inflationary impact on the lower demographic category, especially with the gas prices where they are. My concern is if the inflationary environment continues at this pace, it will start to ratchet up the ladder. And that's where I think you're going to start to see consumer habits change and discretionary spending change.
We see it on the lower end demographic side of it-- is where it really got hurt on the gas prices side of it. And they were trading down at the grocery store. So they weren't buying steak. They were buying chicken, more private label buys. But actually, that-- it's interesting. In the grocery business, your private label is your highest margin product. So even though it's the least expensive for the consumer side of it, it's actually a net benefit for the retailers.
Are you guys seeing other global retailers hunker down, start to be a little bit more cautious in any way, or at least express that tone to you?
It's the biggest question we keep asking our retailers. They're just now adopting the omnichannel strategy of reinvesting in their store base, optimizing it for last-mile fulfillment and distribution. It's one of those situations where I think retailers are still in offensive mode. But to your point, they're watching their consumers closely as well. So it'll be interesting to see as the winds change because we're in a very fluid environment right now.
One quick one I get from clients all the time-- if there was one data point or something that they could watch for someone who's a casual observer of your business and consumer, what would it be?
I think jobs, jobs, jobs. I think that's providing a tremendous amount of support right now.
I have to say right now the Fed is really driving the bus. And so watching them very closely-- there are a lot of implications of what is done or not done.
This market's not easy. We think volatility likely continues. The question of rates and inflation and jobs will be at the forefront. But with that volatility, with those questions, comes opportunity.
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Logo, J. P. Morgan. Text, The views and strategies described herein may not be suitable for all clients and are subject to investment risks. Certain opinions. estimates. investment strategies and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice. This material should not be regarded as research or as a J. P. Morgan research report. The information contained herein should not be relied upon in isolation for the purpose of making an investment decision. More complete information is available. including product profiles. which discuss risks. benefits. liquidity and other matters of interest. For more information on any of the investment ideas and products illustrated herein. please contact your J. P. Morgan representative. Investors may get back less than they invested. and past performance is not a reliable indicator of future results.
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(SPEECH)
Whether there's a recession, a hard landing, a soft landing, it does seem like it's all in the hands of the US consumer in their ability to withstand higher prices for longer, maybe a softer job market. The question I keep getting from clients is, where do we go from here?
(DESCRIPTION)
Jennifer Piepszak, Co-C E O of Consumer & Community banking, J P Morgan Chase & Co.
(SPEECH)
Spending across both credit and debit still looks quite strong. And when you look at things like dining and retail, even adjusted for inflation, we are still seeing spending that is up year-over-year. So we're up about 30%-- more than 35% since pre-pandemic and up 13% since last year. So generally speaking-- still seeing strong spending. And that's across all income bands.
There's no doubt that inflation makes the picture murkier, particularly on things like travel, where you have seen airline prices and hotel prices increase quite significantly. But like I said, when you look at something like dining or retail, you still see spending that's outpacing inflation.
(DESCRIPTION)
Mellody Hobson, Co-C E O & President Ariel Investments; Chair of the Board, Starbucks Corporation.
(SPEECH)
We're seeing very, very strong demand. We've talked a lot about that. And that has not receded in any way. It's actually been quite encouraging. When we look across the aerial portfolios that we have amongst small and medium-sized companies, as well as global companies, we're seeing the exact same thing. So this consumer has had the wherewithal to keep up with the inflation. And that's coming through loud and clear, as Jen has already mentioned.
I want to talk a little bit about rates and, Conor, loop you into this a little bit here. One impact, obviously, of-- on higher rates means housing affordability is lower. And so that could mean maybe that I'm going to spend in a different way. So I want to understand what you're seeing and then maybe loop it into Mellody's comment about balance sheets being strong and try to understand how much longer this can go with wage growth trailing inflation.
(DESCRIPTION)
Conor Flynn, Chief Executive Officer, Kimco Realty Corporation.
(SPEECH)
I think what we see on the consumer side is very similar to what you've been saying-- is the Kimco consumer, again, is the middle to upper income demographic that's continuing to shop, that's continuing to visit the grocery stores. I think my biggest concern is, clearly, you're seeing the inflationary impact on the lower demographic category, especially with the gas prices where they are. My concern is if the inflationary environment continues at this pace, it will start to ratchet up the ladder. And that's where I think you're going to start to see consumer habits change and discretionary spending change.
We see it on the lower end demographic side of it-- is where it really got hurt on the gas prices side of it. And they were trading down at the grocery store. So they weren't buying steak. They were buying chicken, more private label buys. But actually, that-- it's interesting. In the grocery business, your private label is your highest margin product. So even though it's the least expensive for the consumer side of it, it's actually a net benefit for the retailers.
Are you guys seeing other global retailers hunker down, start to be a little bit more cautious in any way, or at least express that tone to you?
It's the biggest question we keep asking our retailers. They're just now adopting the omnichannel strategy of reinvesting in their store base, optimizing it for last-mile fulfillment and distribution. It's one of those situations where I think retailers are still in offensive mode. But to your point, they're watching their consumers closely as well. So it'll be interesting to see as the winds change because we're in a very fluid environment right now.
One quick one I get from clients all the time-- if there was one data point or something that they could watch for someone who's a casual observer of your business and consumer, what would it be?
I think jobs, jobs, jobs. I think that's providing a tremendous amount of support right now.
I have to say right now the Fed is really driving the bus. And so watching them very closely-- there are a lot of implications of what is done or not done.
This market's not easy. We think volatility likely continues. The question of rates and inflation and jobs will be at the forefront. But with that volatility, with those questions, comes opportunity.
(DESCRIPTION)
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In Spain, this material is distributed by J.P. Morgan S E, Sucursal en Espana, with registered office at Paseo de la Castellana, 31, 28046 Madrid, Spain, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin the German Central Bank (Deutsche Bundesbank) and the European Central Bank (E C B). J. P. Morgan S E, Sucursal en Espana is also supervised by the Spanish Securities Market Commission (C N M V), registered with Bank of Spain as a branch of J. P. Morgan S E under code 1567.
This communication is an advertisement for the purposes of the Markets in Financial Instruments Directive (M I F I D II) and the Swiss Financial Services Act (F I N S A). Investors should not subscribe for or purchase any financial instruments referred to in this advertisement except on the basis of information contained at any applicable legal documentation, which is or shall be made available in the relevant jurisdictions (as required).
In Hong Kong, this material is distributed by J P M C B, Hong Kong branch. J P M C B, Hong Kong branch is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge if you so request. In Singapore, this material is distributed by J P M C B, Singapore branch J P M C B, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by J P M C B, Hong Kong/Singapore branch (as notified to you). Banking and custody services are provided to you by J P M C B Singapore Branch.
The contents at this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. For materials which constitute product advertisement under the Securities and Futures Act and the Financial Advisers Act, this advertisement has not been reviewed by the Monetary Authority of Singapore J P Morgan Chase Bank N.A., a national banking association chartered under the laws of the United States, and as a body corporate, its shareholder's liability is limited.
J P Morgan Chase Bank, N. A. (J P M C B N A) (A B N 43 074 112 011/A F S Licence No. 238367) is regulated by the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority. Material provided by J P M C B N A in Australia is to 'wholesale clients" only. For the purposes of this paragraph the term "wholesale client" has the meaning given in section 761G of the Corporations Act 2001 (Cth). Please inform us if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.
J P M S is a registered foreign company (overseas) (A R B N 109293610) incorporated in Delaware, U.S.A. under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider, such as J.P. Morgan Securities L L C (J P M S), to hold an Australian Financial Services Licence (A F S L), unless an exemption applies. J P M S is exempt from the requirement to hold an A F S L under the Corporations Act 2001 (Cth) (Act) in respect at financial services it provides to you, and is regulated by the S E C, F I N R A and C F T C under U S laws, which differ from Australian laws. Material provided by J P M S in Australia is to "wholesale clients" only. The information provided in this material is not intended to be, and must not be, distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph the term "wholesale client" has the meaning given in section 761G of the Act. Please inform us immediately if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.
This material has not been prepared specifically for Australian investors. It may contain references to dollar amounts which are not Australian dollars; may contain financial information which is not prepared in accordance with Australian law or practices, may not address risks associated with investment in foreign currency denominated investments, and does not address Australian tax issues.
With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to you securities or other financial instruments which may not be registered under, and are not the subject of a public offering under, the securities or other financial regulatory laws of your home country. Such securities or instruments are offered and/or sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful.
Furthermore, such securities or instruments may be subject to certain regulatory and/or contractual restrictions on subsequent transfer by you, and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund's securities in compliance with the laws of the corresponding jurisdiction. Public offering of any security, including the shares of the Fund, without previous registration at Brazilian Securities and Exchange Commission-C V M is completely prohibited. Some products or services contained in the materials might not be currently provided by the Brazilian and Mexican platforms.
References to "J. P. Morgan" are to J P M, its subsidiaries and affiliates worldwide "J. P. Morgan Private Bank" is the brand name for the private banking business conducted by J P M. This material is intended for your personal use and should not be circulated to or used by any other person, or duplicated for non-personal use, without our permission. If you have any questions or no longer wish to receive these communications, please contact your J.P. Morgan team. Copyright 2022 J P Morgan Chase & Co. All rights reserved.
Key Risks
This material is for informational purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.
General Risks & Considerations
Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g., equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.
Non-Reliance
Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.
Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.
IMPORTANT INFORMATION ABOUT YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST
Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, “J.P. Morgan”) have an actual or perceived economic or other incentive in its management of our clients’ portfolios to act in a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client’s account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client’s portfolio. Other conflicts will result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.
Investment strategies are selected from both J.P. Morgan and third-party asset managers and are subject to a review process by our manager research teams. From this pool of strategies, our portfolio construction teams select those strategies we believe fit our asset allocation goals and forward-looking views in order to meet the portfolio’s investment objective.
As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.
While our internally managed strategies generally align well with our forward-looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios.
The Six Circles Funds are U.S.-registered mutual funds managed by J.P. Morgan and sub-advised by third parties. Although considered internally managed strategies, JPMC does not retain a fee for fund management or other fund services.
Legal Entity, Brand & Regulatory Information
In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.
JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank-managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB and JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states.
In Germany, this material is issued by J.P. Morgan SE, with its registered office at Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany, authorized by the Bundesanstalt fürFinanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). In Luxembourg, this material is issued by J.P. Morgan SE—Luxembourg Branch, with registered office at European Bank and Business Centre, 6 route de Treves, L-2633, Senningerberg, Luxembourg, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Luxembourg Branch is also supervised by the Commission de Surveillance du Secteur Financier (CSSF); registered under R.C.S Luxembourg B255938. In the United Kingdom, this material is issued by J.P. Morgan SE—London Branch, registered office at 25 Bank Street, Canary Wharf, London E14 5JP, authorized by the Bundesanstalt fürFinanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—London Branch is also supervised by the Financial Conduct Authority and Prudential Regulation Authority. In Spain, this material is distributed by J.P. Morgan SE, Sucursal en España, with registered office at Paseo de la Castellana, 31, 28046 Madrid, Spain, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE, Sucursal en España is also supervised by the Spanish Securities Market Commission (CNMV); registered with Bank of Spain as a branch of J.P. Morgan SE under code 1567. In Italy, this material is distributed by J.P. Morgan SE—Milan Branch, with its registered office at Via Cordusio, n.3, Milan 20123, Italy, authorized by the Bundesanstalt fürFinanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Milan Branch is also supervised by Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB); registered with Bank of Italy as a branch of J.P. Morgan SE under code 8076; Milan Chamber of Commerce Registered Number: REA MI 2536325. In the Netherlands, this material is distributed by J.P. Morgan SE—Amsterdam Branch, with registered office at World Trade Centre, Tower B, Strawinskylaan 1135, 1077 XX, Amsterdam, The Netherlands, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Amsterdam Branch is also supervised by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM) in the Netherlands. Registered with the Kamer van Koophandel as a branch of J.P. Morgan SE under registration number 72610220. In Denmark, this material is distributed by J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland, with registered office at Kalvebod Brygge 39-41, 1560 København V, Denmark, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland is also supervised by Finanstilsynet (Danish FSA) and is registered with Finanstilsynet as a branch of J.P. Morgan SE under code 29010. In Sweden, this material is distributed by J.P. Morgan SE—Stockholm Bankfilial, with registered office at Hamngatan 15, Stockholm, 11147, Sweden, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Stockholm Bankfilial is also supervised by Finansinspektionen(Swedish FSA); registered with Finansinspektionen as a branch of J.P. Morgan SE. In France, this material is distributed by JPMorgan Chase Bank, N.A.—Paris Branch, registered office at 14, Place Vendome, Paris 75001, France, registered at the Registry of the Commercial Court of Paris under number 712 041 334 and licensed by the Autorité de contrôle prudentiel et de resolution (ACPR) and supervised by the ACPR and the Autorité des Marchés Financiers. In Switzerland, this material is distributed by J.P. Morgan (Suisse) SA, with registered address at rue du Rhône, 35, 1204, Geneva, Switzerland, which is authorized and supervised by the Swiss Financial Market Supervisory Authority (FINMA) as a bank and a securities dealer in Switzerland.
This communication is an advertisement for the purposes of the Markets in Financial Instruments Directive (MIFID II) and the Swiss Financial Services Act (FINSA). Investors should not subscribe for or purchase any financial instruments referred to in this advertisement except on the basis of information contained in any applicable legal documentation, which is or shall be made available in the relevant jurisdictions (as required).
In Hong Kong, this material is distributed by JPMCB, Hong Kong branch. JPMCB, Hong Kong branch is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge if you so request. In Singapore, this material is distributed by JPMCB, Singapore branch. JPMCB, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore branch (as notified to you). Banking and custody services are provided to you by JPMCB Singapore Branch. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. For materials which constitute product advertisement under the Securities and Futures Act and the Financial Advisers Act, this advertisement has not been reviewed by the Monetary Authority of Singapore. JPMorgan Chase Bank, N.A. is a national banking association chartered under the laws of the United States, and as a body corporate, its shareholder’s liability is limited.
With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to you securities or other financial instruments which may not be registered under, and are not the subject of a public offering under, the securities or other financial regulatory laws of your home country. Such securities or instruments are offered and/or sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful. Furthermore, such securities or instruments may be subject to certain regulatory and/or contractual restrictions on subsequent transfer by you, and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund’s securities in compliance with the laws of the corresponding jurisdiction. Public offering of any security, including the shares of the Fund, without previous registration at Brazilian Securities and Exchange Commission—CVM is completely prohibited. Some products or services contained in the materials might not be currently provided by the Brazilian and Mexican platforms.
JPMorgan Chase Bank, N.A. (JPMCBNA) (ABN 43 074 112 011/AFS Licence No: 238367) is regulated by the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority. Material provided by JPMCBNA in Australia is to “wholesale clients” only. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Corporations Act 2001 (Cth). Please inform us if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.
JPMS is a registered foreign company (overseas) (ARBN 109293610) incorporated in Delaware, U.S.A. Under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider, such as J.P. Morgan Securities LLC (JPMS), to hold an Australian Financial Services Licence (AFSL), unless an exemption applies. JPMS is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) (Act) in respect of financial services it provides to you, and is regulated by the SEC, FINRA and CFTC under U.S. laws, which differ from Australian laws. Material provided by JPMS in Australia is to “wholesale clients” only. The information provided in this material is not intended to be, and must not be, distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Act. Please inform us immediately if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.
This material has not been prepared specifically for Australian investors. It:
• May contain references to dollar amounts which are not Australian dollars;
• May contain financial information which is not prepared in accordance with Australian law or practices;
• May not address risks associated with investment in foreign currency denominated investments; and
• Does not address Australian tax issues.
References to “J.P. Morgan” are to JPM, its subsidiaries and affiliates worldwide. “J.P. Morgan Private Bank” is the brand name for the private banking business conducted by JPM. This material is intended for your personal use and should not be circulated to or used by any other person, or duplicated for non-personal use, without our permission. If you have any questions or no longer wish to receive these communications, please contact your J.P. Morgan team.
© 2022 JPMorgan Chase & Co. All rights reserved