In turn, monetary authorities in EMEs care about the impact of such cycle on their domestic economies and, accordingly, take into account the evolution of monetary conditions in the US when assessing their appropriate monetary policy stance. This situation seems to have intensified after the GFC.
Figure 14 Taylor Rule for Mexico (augmented)1/:  6.0 5.5  No Fed  5.0 4.5  Observed  MQE: 1.38  Fed  4.0 3.5  MQE: 0.13  3.0 2.5  Feb-15  Oct-14  Jun-14  Feb-14  Oct-13  Jun-13  Feb-13  Oct-12  Jun-12  Feb-12  Oct-11  Jun-11  Feb-11  Oct-10  Jun-10  Feb-10  2.0  1/ Estimations include data from 2000m1 to 2015m2.