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  "limitations": [
    "Descriptive covariance sensitivity using revised CPI, not point-in-time forecasts or out-of-sample performance.",
    "Monthly realized CPI is not an estimate of contemporaneous unexpected inflation innovations. NSA CPI has seasonality; TIPS indexation has an approximately three-month lag.",
    "GLD and BTC-USD proxy GLDM and FBTC. Annualization ignores serial dependence.",
    "Forward asset covariance fixed; sample inflation correlations rescaled to forward asset volatility. Joint feasibility scale disclosed.",
    "Neither the monthly sample nor the constant-coefficient diffusion captures spending liabilities, tail regimes or a full dynamic real-rate hedge."
  ]
}