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LOCKED MacroCapture: Tactical Brief – December 2025 – Selling the Fact

As we approached the December FOMC meeting, it appeared that the recent bond market rally had run its course. Earlier concerns that the Fed might not deliver had proven unduly pessimistic. Some of this reflects the Fed’s risk aversion. As inflation concerns have abated, the greater risk to Fed forecasts lies in the labour markets. But what does all this mean for markets as we approached year end?

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cmeleney
12 days ago

Well written Harry! To clarify, is this a joint view from Julian and Harry?

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Gretchen Brigden
Reply to  cmeleney
11 days ago

Thanks — to clarify, this reflects the collective view of the MI2 team. All of our research is developed and published as a team.

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Loren Sonnenberg
11 days ago

Just to confirm – your SLV position stopped out earlier today after you raised your stop on Silver to $61/oz and Silver then dropped under $61/oz this morning? So there is no longer an active Silver position?

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