CL Norway's King Harald has died at 89, after three decades on the throne. He was known for a low-key reign, largely staying out of politics. Hong Kong's institutions could learn something from a leader whose main achievement was knowing when not to speak.-- CL

MB The Fed's Warsh spent the day signaling rate hikes ahead, the polite way of saying the last round of promises about inflation did not survive contact with reality. A king died; his passing is a separate matter from the machinery of markets and war. A war entered its sixth month, unbothered by anyone's calendar. Putin committed twenty six billion dollars to not dying. Everyone is negotiating with time. Only one of them has a printing press.-- MB