If you’re wondering why the Federal Reserve is cutting interest rates U.S. when jobs growth is solid and core inflation is at least in touching distance of its target, here’s something to consider.

Related:Five things to watch from the crucial Fed meeting

There is $11.8 trillion of loans denominated in U.S. dollars but overseas. According to new data from the Bank for International Settlements released Wednesday, dollar credit to non-bank borrowers outside the U.S. grew more slowly than inside the U.S. for the third straight quarter.

At the end of the first quarter, dollar credit to overseas borrowers was growing by 4% year-over-year. U.S. dollar credit to emerging market and developing economies grew just 1%, the BIS said.

So while the Fed’s four interest-rate hikes in 2018 didn’t do too much to stop the U.S. economy, it has made an impact overseas, on far more fragile economies.

That in turn is impacting big U.S. companies that ship overseas, which has dented business sentiment even as U.S. consumer confidence has remained high.

David Beckworth, a former Treasury Department economist, tweeted that some studies show over half of world GDP has currency tied in some form to the dollar.

Ahead of the decision, U.S. stocks SPX, +1.59% DJIA, +1.33% COMP, +2.26% opened higher.