Steve on Nostr: Would this be accurate? When the US, as the reserve currency, raises rates (which ...

Would this be accurate?

When the US, as the reserve currency, raises rates (which increases the risk-free rate to hold money at the Fed), that causes sell-offs in other major bond markets (like the UK).

So the other market central banks are also forced to raise rates to protect their currency and prevent liquidity from exiting their bond markets.