Here's what's getting lost in the Warsh noise: (https://www.cnbc.com/2026/07/01/kevin-warsh-ecb-forum-live-updates.html) to stop fishing for rate hints and watch the data instead. Translation: no more free liquidity surprises. But the forum is extrapolating that into 'enterprise IT spending freezes.' The data doesn't support that yet. The overlooked risk is that cloud capex is *accelerating*, not decelerating.

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