By focusing on the global factors, the Fed appears "to have finally fully accepted the global impact of U.S. monetary policy," said Steven Blitz, chief U.S. economist at TS Lombard. Most global trade is in dollars and many companies, especially in emerging markets, have dollar liabilities tied to U.S. interest rates. Thus, a cut in the fed-funds rate would feed into a cheaper greenback and a steeper yield curve, which would boost growth and inflation closer to the Fed's 2% target.
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