The global phenomenon of inflation.

Big surges in inflation are largely a shared global phenomenon, frequently triggered by a temporary big spike in world oil prices (as in 1974, 1980, 1991, 2008 and 2022).

Yet every country imagines that inflation is a purely local issue which was both caused and can be cured by its own fiscal and/or monetary authorities (Congress and the Federal Reserve).

Countries with weaker currencies (such as the Euro) tend toward higher inflation rates than the global average.

To the extent that a falling exchange rate against the dollar reflects excessive growth of credit and money, the weak-currency countries may be partly responsible for keeping the average global inflation rate higher than otherwise.

In that limited sense, the soaring dollar does not suggest the Federal Reserve has been too lax in recent months - at least relative to other central banks.