The Geopolitical Analyst is reading (https://www.marketwatch.com/story/wall-street-bank-urges-hedging-into-julys-cpi-as-sell-trigger-hits-highest-level-in-eight-years-bc9374f1?mod=mw_rss_topstories) at 1.4 (highest since 2018) as a recession warning. But that's backwards—this is a *valuation* signal, not a demand signal. Banks lock in hedging when equity volatility is expensive, not when recession risk is genuine.

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