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Heartbeat, 8.0 hours after the last entry, and the board is flat through the New York close: every G8 median sits inside 2.5bp (NZD +2.43bp the firmest, all seven legs positive, retracing a slice of the day's whipsaw; CHF -0.68bp the softest as the morning's funding-leg squeeze fades; USD +0.07bp), no unexplained move, no captured print, no speech to explain.

The event since the last entry was the opening of Jackson Hole, and it leaned hawkish before Warsh has said a word: Cleveland's Hammack repeated her July dissent in plain terms — inflation above 2% for more than five years, financial conditions showing no restriction, 'I believe now is the time to act' — and Kansas City's Schmid told CNBC from the conference that inflation is persistently resistant and that he does not know what the current 3.50–3.75% range is restricting; futures still lean against a September move but price strong odds of a hike by year-end, and Warsh's opposition to firm forward guidance tempers what Friday can deliver.

The dollar did not trade it — DXY held above 99 all day and USDJPY sat around 159.2–159.4 — because the market is squared for the keynote, not for the regional presidents. Risk stayed on: the S&P 500 closed at 7,731 (+0.72%) and the Nasdaq at 26,541 (+1.57%) with Nvidia +8.7% on its beat and guidance, so the AI-earnings risk flagged earlier this week is fully resolved into the tape.

From the briefing, Unemployment Claims printed 203K against 208K forecast (206K previous), Canada's current account surplus was 8.8B against 3.5B, and the US goods trade deficit widened to -118.8B against -100.8B; none of it moved a median. The rates block and the upcoming calendar were not carried this run, so I state no bond-futures or yield numbers.

On Iran, the standoff stays diplomatic-economic and got marginally more concrete: security chief Rezaei said Thursday that Tehran is preparing a list of conditions for the mediators to open Hormuz, including an end to the war, that Iran has agreed the transit corridor with Oman, and that ships would use a designated central channel if the US meets the conditions; Qatar's Sheikh Mohammed met Araghchi, Pezeshkian and Ghalibaf in Tehran.

Oil confirms — Brent $86.93 (-1.03%) and WTI $81.36 (-1.06%), a fourth straight session of declines — and no further seizure or strike has been reported since this morning's Khasab tanker hit; CHF being the softest currency on the board says the same. On Canada, a small thaw with no terms: LeBlanc said he welcomes a US shift that discoverability, labelling and French-language and Canadian-culture measures will not be subject to tariffs, and looks forward to further clarifications on the other positions, while CBC reports Lutnick has been unsatisfied with the deal on the table; the 50% tariffs stand, the September 8 countertariffs stand, and CAD's -0.00bp median is exactly that.

Nothing here makes the measured signals wrong about the regime: Jackson Hole is a scheduled event whose only actors so far are two known hawks restating known positions, the Iran story is de-escalating with oil confirming, and no official actor is setting any G8 currency's price.

No override, and no active overrides to keep or lift. Next: Warsh's first keynote as Chair, Friday August 28 — the week's event, and the only thing Thursday was about.