J P M O R G A N Global Markets Strategy 03 September 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Flows & Liquidity Where is the "Fed independence trade" mostly seen? Cross Asset Fund Flow Monitor Current level shows the latest percentile of weekly f ...