Central banks are still playing catch-up. Inflation isn't cooperating, and the Fed, ECB, BOJ, and BOE are all behind the curve. More rate hikes are coming before year-end — not because they want to, but because they have to.

This isn't over. Markets keep pricing in pivots and cuts, but the data keeps saying otherwise. Until inflation actually breaks, central banks have no choice but to keep tightening.

Don't fight the Fed. Don't fight any of them. They've told you what they're doing. Believe them.