In much of the world, monetary policy underwent a rapid pivot between the 2021 and 2022 benchmarks, from aggressive pandemic stimulus to a swift tightening to contain inflation. The US Federal Reserve was not the first to act, but by setting conditions in dollar funding markets worldwide, it has had by far the largest impact. The US policy rate has moved up from the range of 0.00–0.25% to 1.50–1.75% in the space of a few months this year, tightening global financial conditions and tempting