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2026-01-18·economics·11 min

BOK vs. Fed in 2026 — the divergence I'm watching

Real-rate spread, FX pass-through, and what the housing-debt overhang means for how much room the BOK actually has.

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This post hasn't been written up yet. The bones are in my notes; the prose isn't. Check back, or ping me if you want the rough version.