Long Shadow of the Fed Shows Limits of ECB Talk of Independence
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The European Central Bank (ECB) insists it won't take cues from the US Federal Reserve on when to start cutting interest rates, but its subsequent policy path may be shaped by what happens in the US. Economic trends in the US have a quick impact on other regions, affecting financing conditions and inflation, trade, and other metrics. Policymakers in the euro-area can't escape the Fed's gravitational pull when assessing the fate of their own economies.

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https://www.bloomberg.com/news/articles/2024-04-04/long-shadow-of-the-fed-shows-limits-of-ecb-talk-of-independence