The Super Central Bank Week hasn’t even started, and the market is already on edge. Oil prices are surging again, the 10-year U.S. Treasury yield is nearing 5%, and the probability of the Fed hiking rates by 25 basis points this week is close to 90%. High-valuation tech stocks are once again facing pressure from rising rates. To top it off, the AI trade added another layer of uncertainty over the weekend: Anthropic called for slowing down the development of frontier models, with OpenAI and Elon Musk stepping in to support. The market is now reassessing whether AI capital expenditures can maintain their previous pace. This week, it’s a collision of two major themes: interest rates and AI, from the Fed to the Bank of Japan.