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TS7022 circularity

🕗 Version & Regression Information

• This changed between versions 5.3.3 and 5.4.2

⏯ Playground Link

• 5.4.2
• 5.3.3

💻 Code

declare function is<T>(v: T): v is T;
const o: Record<string, string> | undefined = {};
if (o) {
  for (const key in o) {
    const value = o[key];
    if (is<string>(value)) {
    }
  }
}

🙁 Actual behavior

TS7022: value implicitly has type any because it does not have a type annotation and is referenced directly or indirectly in its own initializer.

🙂 Expected behavior

No error, like in 5.3.3.

Additional information about the issue

No response