The Atlantic has never seemed wider. The European Central Bank left interest rates on hold on Thursday, continuing its battle against inflation, while the US Federal Reserve keeps cutting rates to sustain growth.

The most visible result of this disconnect is in the exchange rate, which saw the dollar briefly dip to a new all-time low against the euro on Thursday. In tandem with the dollar’s weakness, commodity prices surged once more, with oil back to a record high. These developments could put further pressure on the global economy.