The U.S. fiscal cycle may be difficult to close, Japan's low interest rate mentality remains, and the Federal Reserve's "balance" may once again tilt towards curbing inflation---1211 Macro Dehydration

The U.S. fiscal cycle faces challenges, as Trump's tax cuts may lead to rising deficits, affecting national savings and interest rates. The deflationary mindset in the Japanese economy is weakening, and policy rates are expected to be raised to neutral levels. The Federal Reserve's monetary policy focus has shifted from inflation to employment, but inflation may again become a focal point next year