A senior figure at the Bank of England just dropped something worth paying attention to. Greene's expressing concerns that the traditional dynamics around wages and pricing might be shifting in ways we haven't seen before.

This isn't just academic hand-wringing. When central bankers start worrying about structural changes in how businesses set prices and workers negotiate pay, it signals potential stickiness in inflation that rate hikes alone might not fix quickly.

For those tracking risk assets, this matters. If inflation expectations become more entrenched through altered wage-price mechanisms, it could mean monetary policy stays tighter for longer than markets currently price in. That environment typically pressures liquidity across all speculative sectors.

The interesting part? We're potentially watching real-time evolution in economic behavior patterns that textbooks will analyze for decades. Whether this reflects pandemic-era disruptions, demographic shifts, or something else entirely remains unclear. But when policymakers openly admit uncertainty about foundational economic relationships, that uncertainty tends to ripple through markets in unpredictable ways.