Playbook for a Hawkish Surprise, Target’s Path Forward, and AI Spending Strength 8/20/25

Barclays not expecting a September rate cut. Their strategist tells us how to play a potential Powell hawkish surprise at Jackson Hole. Target has a new CEO, but the same issues. Plus today’s AI spending may look like the Internet boom of the ‘90’s, but there’s a key difference this time around.