{
  "docId": "019dd923-5e88-73ef-bd5b-35318e29dc88",
  "docSlug": "39791f0d14c5e9fb",
  "documentTitle": "JPM Corp Fin Advisory Corporate Compass Jan 2024",
  "authorId": "JPMorgan",
  "authorName": "J.P. Morgan",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.294,
  "pageNumber": 5,
  "pageCount": 15,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "market_landscape",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 40,
  "notes": "Includes a callout box highlighting the crossover point where net interest expense exceeds defense spending.",
  "elementsJson": [
    "headline_text",
    "line_chart",
    "callout_box",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5b-35318e29dc88/5",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5b-35318e29dc88",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5b-35318e29dc88.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5b-35318e29dc88#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.05,
        "y": 0.69
      },
      "kind": "callout",
      "text": "Interest expense on U.S. debt is expected to overtake defense spending within the next four years",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "419729ac-382d-4512-b340-2a79ec0d1a9a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.52,
        "y": 0.18
      },
      "kind": "chart",
      "text": "PROJECTED U.S FEDERAL SPENDING",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8cf9bd30-d774-494e-a88a-0e2abfad58e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "chart",
      "text": "MARKET IMPLIED EFFECTIVE FED FUNDS FORWARD CURVE",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c363aa64-7318-407e-bdd2-5593dc596578",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.82,
        "x": 0.15,
        "y": 0.76
      },
      "kind": "list",
      "text": "Markets are now pricing in six 25 bps cuts to the Fed Funds rate in 2024... Even if market expectations come to fruition, U.S. government leverage continues to increase... Proactive risk management remains key given rate uncertainty",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24751d1f-fc5b-4d74-92d5-6be494863a99",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Fed Funds Rate: 6 cuts",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-28a8-72e5-a819-ac52803a37cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Eikon, FactSet, CBO, FRED economic data; 1 Based on Fed Funds futures implied effective rate at 2024 year-end; 2 As of 12/31/23; 3 Budget of the U.S. Government for Fiscal Year 2024, forecasts from CBO",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d2a29f9-0d08-4aae-b33d-ddbe12a47d16",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Markets are “all in” on lower rates, but significant risks persist",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d918bed-62d1-4806-a923-08c4dd2fbb3a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "4ce81f36-26a8-4b6a-94d3-78dd258b3165",
      "evidence": "The slide mentions 'PROJECTED U.S FEDERAL SPENDING' but no clear waterfall chart.",
      "confidence": 0.5
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 3,
      "beatId": "70b903c1-cf65-4c3a-8573-4e17124285ba",
      "arcName": "Monroe's Motivated Sequence",
      "arcSlug": "monroes-sequence",
      "beatName": "Need",
      "beatSlug": "monroes-sequence-need",
      "evidence": "The industry trends and market landscape slides highlight the need for understanding the current market.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}