How to hedge against the looming recession?

Diverse income streams. Those relying on a single income and then complaining they're not being paid enough will suffer the most. If inflation means it forces people to diversify their income(s), then this is a positive thing.

Bet on a fall in value of the dollar, the stock markets, or corporate debt? Short the homebuilders index?

If you are more advanced, you can places spread bets directly on upcoming inflation or GDP prints.