The Catholic Church's major July 2026 excommunication of SSPX bishops, clergy, and formal adherents—triggered by unauthorized bishop consecrations defying Pope Leo XIV—has addressed the primary ongoing schism without sparking immediate follow-on actions. No comparable conflicts, defiant ordinations, or high-profile cases have emerged in the subsequent weeks, and the Vatican has focused on implementation and appeals rather than new sanctions. With just four months left in the year and no fresh triggers reported, traders see limited scope for additional public excommunications, viewing the SSPX decree as the year's defining event rather than the start of a broader campaign.