United States: The Federal Reserve is under pressure because of the other central banks

All central banks (euro zone, Japan, China, etc.) are conducting highly expansionary monetary policies, with very low interest rates. This is attracting capital flows to the United States and threatening it with a sharp appreciation of the dollar. In response, the Federal Reserve is inevitably going to switch to a highly expansionary monetary policy also. This could lead to much lower interest rates in the United States than warranted by the US economy, as well as to a weakening of the dollar, which is starting to happen .