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          Key Takeaways
          • After a strong 3Q, we expect economic growth to slow

          • The labor market is tight, but not strong

          • AI-related earnings growth remains exceptional

          • The inflation outlook hinges on the Middle East conflict

          • The Fed could hike one more time in 2026

          • Bonds deserve a neutral allocation, without duration or credit bets

          • Large cap U.S. equities look expensive and overconcentrated

          • International equities look attractive relative to the U.S. market

          • Alternatives can add total return, income and diversification to portfolios

          • Investors can reduce portfolio drift through disciplined rebalancing

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          Explore a comprehensive library of expert commentary on market events, the economy and investment themes — designed to simplify the complex and help you stay ahead of fast-moving markets.

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          Frequently asked questions

          The Guide to the Markets is a slide-based publication from J.P. Morgan Asset Management that translates the current economic and market environment into a curated set of charts and data visualizations. The Guide spans equities, the economy, fixed income, international markets, alternatives and investment principles. It is designed as a single, objective reference for financial professionals of all kinds who need to ground market conversations, portfolio decisions and education in clearly sourced data.

          The Guide to the Markets is refreshed each quarter, when the Market Insights team revises the pages and charts in response to significant economic or market themes and developments. The underlying data is also refreshed daily, and the Guide is available in daily, monthly and quarterly versions for download so users can choose the cadence that best fits their needs.

          The Guide to the Markets helps financial professionals make sense of a complex, fast-moving market environment by distilling it into clear, objective, data-driven charts. It provides a common factual foundation for framing market-outlook conversations, grounding portfolio and investment decisions, reinforcing long-term investing principles, and educating clients, committees and boards.

          The Guide to the Markets is produced by the Market Insights Strategy team at J.P. Morgan Asset Management, led by Dr. David Kelly, Chief Global Strategist. The regional teams lead by Tai Hui, Chief Market Strategist for APAC, Gabriela Santos, Chief Market Strategist for the Americas, and Karen Ward, Chief Market Strategist EMEA, produce 7 regional Guides in 12 languages across 42 countries. The charts draw on the firm's own research alongside reputable third-party data providers spanning market indices, economic statistics and industry research, and each slide includes its source in the footnotes.

          Yes. The Guide is built to be a shared reference across advisory, institutional and liquidity settings, and users can pull individual slides into meeting presentations, investment committee materials or written commentary. In addition to the slides used, also include the specific disclosure pages at the back of the book. Slides taken from any of these books may not be changed or altered in any way, the J.P. Morgan Asset Management branding must not be removed, and the firm must receive credit for the information presented. Always work from the most current quarterly edition before sharing.

          Yes. The Guide to the Markets is made available to financial professionals at no cost J.P. Morgan Asset Management's website and Insights app. Users can view it online and download the full Guide for free. Certain interactive features and more detailed materials may require a login so content can be tailored appropriately.

          The Guide to the Markets is available online through J.P. Morgan Asset Management's Market Insights hub, where users can view the full interactive slide book or download the complete Guide. It is also accessible through the J.P. Morgan Asset Management’s Insights app for on-the-go access. Companion publications — including regional editions and topic-focused guides such as the Guide to Alternatives, Guide to Retirement and Guide to ETFs — are available through the broader J.P. Morgan Asset Management Insights program.

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