One of the arguments against the Fed hiking is that to do so now would only increase instability … ’cause of tighter money.
K.
But, if other central banks might loosen policy a little more (I’m not saying they will necessarily, but the market perception of the ECB announcements/Draghi’s comments is that they may very well do so, for example) then does that mean that, at the margin, if the Fed tighten a little bit & maybe the BOJ or ECB ease a little bit more, then globally that’s not a tightening?