Very likely, the Fed has fallen into the “Competency Trap”. This is when a person continues with current practice because previous successes

There is less need to keep the renminbi weak to help Chinese exports, and the flow of US dollars from Chinese exports will slow down.

An interview transcript with Money FM 89.3 on 14 Jun 18: Ryan: ECB is on course to begin QE Exit, it's making a lot of headlines - will...