Global Markets Strategy October 27th, 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. {[{Dlcc47pZuSLPMZP7okmjIoRQwNSQVPv9uKmB-GC3GPavbWqrRrX6fmcKWHKU8gd6lYuUa5UjGR2TKc3F}]} Overall summary US Rates All else equal, an earlier end to QT should result in modestly lower yields and flatter ...