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Beyond the Headlines: Unpacking Illusionary Growth, State Capitalism, and the Stagflation Threat
PSW Daily Recap: The Great Illusion
Theme of the Day: The Great Illusion: Navigating a Market Propped Up by a Weaker Dollar and Fed Hopes
Another week, another rally to digest. But as the market celebrated Fed Chair Powell's dovish signals from Jackson Hole, Phil's morning post served as a crucial reality check. The theme of the day was clear: what you see is not what you get. The gains are an illusion, a funhouse mirror reflection created by a weakening dollar and policies that are pushing the U.S. economy onto a stagflation tightrope.
As Phil warned in his morning post, "all of 2025 has…
The skinny
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