Off the heels of the June 2023 FOMC's "hawkish pause," PBOC's "catch-up cuts," ECB's "hawkish hike," and BOJ's "dovish autopilot unchanged" policies, Weston Nakamura takes a look back at a historic week of globally synchronized fragmentation among major central banks. In particular, Weston looks into the peculiar relationship forming between the European Central Bank, and the Bank of Japan, in which the ECB calls the BOJ policy normalization a major risk to global bond markets in its official financial stability report - a rare commentary made against a fellow major central bank peer. Weston discusses how the Bank of Japan leaving their Yield Curve Control policy unchanged shows that Governor Ueda may indeed be trapped in the legacy framework, and that it's fellow major central banks who are implementing hawkish policies are are depending on the BOJ to remain in place as the world's final QE anchor. -- Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm Follow Weston: https://twitter.com/acrossthespread Follow Blockworks: https://twitter.com/Blockworks_  Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.