As well as an upside there is a downside to reserve currency status. A reserve status invokes external as well as domestic consideration. Considering external events is simply attempting to look after the domestic scene



'...compelling further reliance on unconventional monetary policy – even beyond the negative nominal interest rates now being pursued in Europe and Japan.'



There is no evidence that neg rates are anything other than a de facto tax putting costs up for borrowers



There is undoubtedly a backlog of potential credit access building with time - currently unwanted, in the same way there is stockpile of cash held by investors and corporations currently unspent. It suggests that when credit is taken the investment is made - that there is a binge potential and it will be very difficult to manage other than by interest increases. That will strengthen the dollar and make exports more difficult. Policy then becomes the legendary donkey that starves to death between to equidistant piles of hay, unable to decide which pile to eat



Current 'management' has been simply throwing loads of money at the system, bottoming rates and letting national debt grow in a denuded landscape. This has assisted, above all, corporations



I havent seen US stats but I would expect US SMEs to be buckling which will put more power in the hands of large corporations who are demonstrably flighty and indulge in offshoring. Policy has to be directed to SMEs as they tend to stay put and offer growth potential. To much corporate activity is simply M&A and platform engineering which is intrinsically degenerative longterm