Mar 10 2021, 8:59 AM March 10 2021, 8:00 AM March 10 2021, 8:59 AM Global market pressures are an upshot of capital forcing a synchronicity of monetary normalisation across economies despite a sharp asynchronicity in their recoveries from Covid-19, against a backdrop of U.S. exceptionalism. Global market pressures are an upshot of capital forcing a synchronicity of monetary normalisation across economies despite a sharp asynchronicity in their recoveries from Covid-19, against a backdrop of U.S. exceptionalism. A Resurgence of U.S. Exceptionalism First, the good news, but primarily from a U.S. perspective. With every passing tranche of stimulus, the cumulative fiscal response in the United States has grown from an axe to a sledge hammer to an 800-pound gorilla. Likely chastened from the experience of the global financial crisis, where both the quantum of the fiscal response and the speed of the rollback was retrospectively believed to be too conservative â leaving a disproportionate burden on the Federal Reserve, policy makers in the U.S. have doubled down on their fiscal bets this time around.