July 17, 2025

LOCKED Ask Me Anything with Julian & Harry – July 2025

In this Ask Me Anything session, Julian and Harry of the MI2 research team responded directly to questions from the MacroCapture audience, offering insights on recent shifts in asset positioning, the outlook for the U.S. dollar, interest rate expectations, and global equity rotation. They also discussed how to interpret conflicting macro signals and manage risk in an uncertain policy and geopolitical environment.

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LOCKED MI2 Chart Point: Danger Will Robinson

At the start of the year, we highlighted that after only the fifth time of 20% back-to-back gains in the S&P, analysts’ expectations for another 12% gain in 2025 were overly optimistic. That’s because in three of the prior occasions, when we had a similar setup, the index declined the next two years.

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