The numbers in blue indicate that in those countries the U.S. monetary policy has a significant effect in the domestic policy rate. Summing up, the results show that in many cases, U.S. monetary conditions have a statistically significant effect on EMEs policy rates.
In other words, in response to a more accommodative monetary policy stance in the U.S., central banks in the set of countries considered in the analysis end to reduce their policy rates. 18  BIS central bankers’ speeches