LOCKED MI2 Chart Point: SFRH7 and Blue Owl
As you know, we believe the odds of achieving the perfect soft-landing are low, with the most likely outcome a recession, or if we can make it to early summer without an exogenous shock, a reacceleration of inflation, and with the deciding factor the labour market (“Will SMEs Determine the Direction of the US Economy” 12th Nov).
November 17, 2025
