The graph is a lot less scary than the headline, even mentally adjusting for the 20% increase in Jan+Feb 2026: https://substackcdn.com/image/fetch/$s_!yKXS!,f_a

The graph is a lot less scary than the headline, even mentally adjusting for the 20% increase in Jan+Feb 2026: https://substackcdn.com/image/fetch/$s_!yKXS!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1d721274-9127-43bc-9b90-6053389aceda_2880x2091.png https://substackcdn.com/image/fetch/$s_!yKXS!,f_auto,q_auto:...