Markets are not panicking. They are re-learning what uncertainty costs.

This week delivered a clean reminder that regime transitions rarely arrive as a single macro data-point. They arrive as overlapping shocks: policy authority contested in real time, and geopolitics forcing risk premia back into assets that had been priced as if institutional smoothness were a given.

The key signal is not that “something happened. ”It is that diversification is becoming more conditional.

In an environment where the first transmission channel can be energy, FX, or term p...