What is likely, however, is that the interest rate increase will have an impact on emerging market economies. That may lead to a further dampening of growth in these countries, which is already weakening. That would make it harder for us.
In contrast, it would be easier if, for example, the “lift off” ultimately leads in the medium term to an increase in the foreign currency price of US exports. That would help to normalise inflation worldwide. Some observers fear turbulence in the financial markets as a result of the almost unprecedented divergence between the monetary policy of the Federal Reserve and the ECB.