Something dumb and obvious

As in. it’s got to be.

Yesterday Cubase 7 was working fine in the project I am working. Today I opened it and there is a huge delay in midi triggered from my external keyboard and also the UI keyboards in VSTs. This is nothing subtle, greater than 100 ms so that when I try to play with a track the sample goes thunk (keyboard hit) ding (sample triggered. The tracks already recorded sound fine, but obviously I can’t play new stuff with them.

I didn’t do anything to settings and the only change I made was to update some VST instruments.

Can anybody put me out of my misery?

Aha. It seems to be happening in just my current project.

Help me Obi Wan.