Editorial companion

What stands out

CBS Evening News footage shows fast-moving wildfires in Spokane, Washington, destroying more than 600 structures and forcing thousands to evacuate. With record heat threatening 50 million Americans, the clip is a sharp reminder that wildfire risk has migrated from remote forests into city limits, producing sudden economic and human loss. For investors, it compresses decades of climate trends into a day: insurance hits, sudden rebuilding demand, and municipal strain that will influence asset values and policy decisions for years.