Via FTAlphaville:
For most of 2018, US assets were exceptional. Thanks to a hefty dose of fiscal stimulus from the Trump administration, the economy surged at a time when growth elsewhere was slowing down. And when the Fed moved to further tighten monetary policy — as the likes of the ECB and BOJ held firm — the dollar advanced, rattling many emerging market countries whose currencies depreciated as a result.
But despite the Fed joining other global central bankers in turning dovish this week and China’s stimulus measures finally kicking in, the US could hold on to that exceptionalism for just a bit longer.