“Delulu: a play on the word delusional, means ‘believing things that are not real or true, usually because you choose to.’ ”

– Oxford Dictionary August 2025 update.ⁱ

The Through Line: In what would normally be a quiet march toward a late summer holiday weekend, the (headline) hits just keep coming. Questions abound re Fed independence and data reliability; deployment of troops to U.S. cities and the South Caribbean; unconventional government stakes in private businesses and profit streams; a fresh round of tariffs on furniture and secondary levies on India. Oddest of all: despite the anxiety-laced news feed, U.S. and Canadian equity markets remain near all-time highs. The cognitive dissonance is downright jarring. Post-Labor Day, we expect the news flow to remain fraught and so offer a few tips to help keep everything in perspective.

To read the full report, click here.

ⁱ Cambridge Dictionary adds skibidi, delulu and tradwife | Cambridge University Press & Assessment