Philip Chao’s New Book: From Save to Safe is available now! Learn more.



Philip Chao’s Q3 2025 commentary provides a clear-eyed view of the evolving economic landscape—where persistent inflation, slowing growth, and policy uncertainty continue to shape market behavior. He explores the growing disconnect between consumer confidence and GDP trends, highlights risks tied to deficits and protectionism, and offers perspective on what investors should watch heading into the final quarter and beyond.