The era of central bank consensus appears to be over. In this episode of FX Talk, we dive into a hectic week of monetary policy decisions that saw the "Big Three" hold rates steady while revealing deep internal fractures. 

We start with the Federal Reserve, where an 8-4 split marks the most divided FOMC in decades. As Kevin Warsh prepares to take center stage, we analyse whether his tenure will prioritise balance sheet action over traditional rate hikes. 

Across the pond, the ECB finds itself in a stagflationary trap; caught between a June hike and the economic fallout of the conflict in Iran. Finally, we look at the Bank of England, where a high-profile dissent from Chief Economist Huw Pill suggests the UK may soon hike rates to combat stubborn inflationary pressures. As the transatlantic policy gap widens, the roadmap for FX volatility in 2026 is being rewritten. 

Join us as we decode the dissent and what it means for your global exposure!

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