BIS just told central banks what markets won’t admit. Do not overreact to the energy spike. Because this is a supply shock. Potentially temporary. And tightening into that can be a policy mistake. But here is the real tradeoff. Markets have already pushed out Fed cut expectations anyway. So this week is about one question. Do central banks “look through” the shock. Or do they validate it with a more hawkish path. That is the regime line in 2026. Not financial advice