Gold hovers near record highs, OPEC+ signals caution with a modest October output increase, and a Supreme Court tariff showdown could force refunds—or rip up pricing architecture. Ash connects the dots and rolls into a treasury-first “cut-cycle” playbook: dual-scenario hurdle rates, reversible debt ladders, liquidity as a strategic asset, living contract clauses tied to tariff bands/legal milestones, vendor-term leverage, rule-based hedging, and trigger-based governance.