There are differences in the state of each country's vaccination progress and economic recovery, meaning that discrepancies are starting to appear in the direction of monetary policies.
Tax reform may have a combined effect far beyond the U.S., because the financial burden from the huge tax cut is, in fact, equivalent to the financial implementation of the quantitative easing policy.
For a few years now, finance has dwelled on an illusion. The illusion that growth is infinite, that central banks have supernatural powers, that penal sanctions can never be eschewed, and that Janet Yellen is smarter than the rest of the world.