In a Twitter thread on Dec. 20, Jim Bianco, head of institutional research firm Bianco Research, said that the Federal Reserve would not “pivot” on rate hikes next year.

For Bianco, the fact that the BoJ was now seeking to follow the Fed in tightening policy to ward off inflation meant that the latter was unlikely to loosen its own policy.

“Powell is hawkish,” he concluded, referring to last week’s speech by Fed Chair, Jerome Powell, in which he sought to steer markets away from anticipating any policy loosening.

“ECB head Legarde (Madam Laggard) is now talking hawkish. Kuroda and the BoJ are (now) making moves that show concern about inflation. Markets may need to rethink their view about central banks pivoting.”