Is the US engaged in a monetary cold war with Russia? It looks that way if we consider the Index of Global Easing and Tightening from the Council of Foreign Relations.
Russia and Brazil are tightening along with Mexico, Colombia, Peru, Argentina and Chile. Add Pakistan, The Czech Republic and Poland to the list of tighteners.
The looseners? The US, of course, with Canada, Australia, China, India, Western Europe, Turkey and Nigeria. New Zealand is the quickest loosener.
This looks very cold war-like. But a monetary cold war.
Let’s see if The Fed becomes a tightener rather than a loosener.