I have been posting over at Afoe about two issues which seem to suggest that the era of effective US policy autonomy might begin to come to an end. The first of these is the possibility of a rate cut later in the year over at the ECB. This is of course by no means clear, but if it were to happen then it is not clear that it would be *so* easy to keep raising US rates.
In another unrelated move, it is possible that the Asian Development Bank move in the direction of an Asian version of the IMF, were this to occur then the flow of money to Washington to buy US Treasury debt would certainly be a lot less secure than it is now.
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