Negative HR decoupling. Thoughts?

Yup.

Here is my on forum discussion of the same, without the SMo2 data:

At constant power you can clearly see HR rising up until 30 minute mark. Then during last 60 minutes “work interval” my HR and Power track within 1%.

I always throw out the first 15-30 minutes for any tracking of EF and aerobic decoupling, including these quick weekly “Mesa Aerobic check ins.” For outside rides I’m doing more anaerobic work leaving the city, seem to warm up quicker, and for convenience I simply hit lap button after the 15-20 minutes needed to get out of town.