The Fed's monetary policy is like a wonderful circus show, constantly coming up with new tricks to try to appeal to the discerning audience of the global economy.
As the performance progressed, the Fed found itself with more and more limited tricks, and the audience's reaction became more and more cold.
I remember that in the early days of the post-pandemic global economic recovery, the Fed was confident that it would raise interest rates, as if it was a weightlifter with infinite strength, lifting the heavy discus of inflation above his head.
As other countries have adopted loose monetary policies, the Fed's rate hike strategy is like a joke that has attracted skepticism from the audience.
The Fed's policy changes are like a magic show, waving a magic wand of monetary policy in an attempt to get capital flowing freely between countries.
This magic trick has had unintended consequences, exacerbating economic volatility in these countries, like a runaway roller coaster that makes people dizzy.
The Fed's policy is like a stone, thrown into the calm lake of the global economy, stirring up ripples after circles.
These ripples have spread across the globe, turning otherwise calm financial markets into turbulent ones, and the Federal Reserve's monetary policy is facing unprecedented challenges.
Fed policymakers are like a bunch of exhausted chefs, confronted with ingredients and spices, not knowing what to do. They have to consider all kinds of factors, for fear that they will accidentally mess up this economic feast.
In the turmoil of the trade war between China and the United States, the Fed's policy is like a small boat, teetering in the stormy seas.
Many are beginning to wonder if the boat will be able to lead the U.S. economy to victory.
In order to strengthen the economic power of the United States, the United States has launched a massive currency war in Asia.
They regulate their exchange rates in an attempt to extract more benefits from these countries.
The currency war, however, was a joke that did not work as expected, but weakened the dollar's global influence.
The Japanese government has spent an unprecedented amount of money in response to this currency war, as if it were a tireless boxer to compete with the heavyweight of the dollar.
The Fed's policymakers are like a bunch of lost travelers, unable to find a way forward in the vast expanse of the economy. The map in their hands became more and more blurry, and the compass lost its direction and fell into an unprecedented predicament.
At the same time, the renminbi, an emerging currency, is making its mark on the international stage.
China's promotion of the development of offshore markets and the expansion of the use of the renminbi in international trade is like a young and promising dancer dancing a moving waltz.
The inclusion of the renminbi in the Special Drawing Rights by the International Monetary Fund is like giving this dancer a supreme honor and recognizing its place in the international monetary community.
The hegemony of the dollar is gradually weakening, like an aging monarch facing the challenge of multipolarity.
The map of the global economy is quietly changing, and a new era is dawning.
The Fed's monetary policy journey, from high-spirited to faltering, reflects the complex and volatile nature of the global economic situation.
In the face of changing markets and the game of various countries, the Fed's policy tools seem increasingly inadequate. Time remains to be seen as to where this adventurous journey of monetary policy will ultimately go.