The biggest move in US rates over the second half of the decade was the easing in late 1998 as a result of the “credit crunch” which followed the Russian default and the demise of the hedge fund LTCM.
At present, US monetary policy is, of necessity, partly operating through the medium of the stock market as that market moves in anticipation of Fed tightenings. Fortunately in Australia we do not have as highly valued a stock market to contend with, but we cannot ignore these considerations entirely.