LOCKED Macro Insiders: Meeting of the Minds with Julian – US Shale: Another One Bites the Dust

Last December, I wrote about whether the shale sector would be able to pay its debts and maintain production growth. Recent high-profile defaults have shown my concerns were well-founded. Going forward, production growth will be slower, which has important implications for the wider economy, US credit markets and even global oil prices.

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LOCKED MacroCapture: On Our Radar | 12/15 – 12/20

December 20, 2025

This episode of On Our Radar breaks down the key developments shaping the market landscape, highlights where the data supports—or challenges—our core views, and spotlights the charts commanding our attention right now. We also wrap up with some Hotwire insights on price action.

LOCKED Japan Update: BoJ Raises Policy Rate to 0.75%, Highest Since 1995

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Thoughts From The Divide: Living in Interesting Times

December 19, 2025

We have seen busier news weeks, but we’re not sure when we last saw a more interesting news week. Let’s start at the intersection of