August 26, 2025

LOCKED MacroCapture: Research Dossier – August 2025

Jay Powell’s recent Jackson Hole speech was taken as signalling a September rate cut, as the focus of the monetary authorities shifts from inflation risks towards employment risks. Naturally, markets ran with that without considering the medium-term macroeconomic implications, but is the situation as bullish for risk assets as the initial knee-jerk? Is inflation truly dead, and was Powell’s shift tactical or strategic?

August 26, 2025

LOCKED Japan News Weekly Digest | 8/18 – 8/24

More content for you in an easily digestible format! The Japan News Weekly Digest is our weekly summary of the Japan Update. This piece encapsulates and references the Japan Updates published in the last week so you can easily understand what you may need to dig into.

As a quick reminder, the Japan Update, our market commentary piece, is uniquely sourced from Japanese language publications. Published 10-15 times a month and written by Jeff Uscher, a Western educated and US located, fluent Japanese financial writer. You can always sign up to receive the Japan Update when it is initially published in your account notification settings. As always, please reach out with any questions or comments!

August 26, 2025

LOCKED US Inc. All in on AI

For decades hyper-financialisation was limited to stock prices and CEO behaviour
However as US household wealth, has growth it now increasingly drives GDP
The result is the broad economy has far higher beta to the equity market
Hence there is a lot at stake in big tech’s build in and they will come AI strategy

August 26, 2025