“You don’t want it falling out of bed, but dollar depreciation would lead to higher inflation in the U.S.,” Bryson said. “Frankly, I think the Fed wouldn’t be that unhappy to see higher inflation.”

The change is also good news for the nations turning toward the exit, inasmuch as it signals that business confidence is picking up, more people are working, and the specter of another economic dip is fading from view.

In Japan, the economy has expanded for five straight quarters, the best run of growth in a decade, and unemployment has dropped to levels last seen more than 20 years ago.

While inflation remains stubbornly low, chaining the Bank of Japan to its stimulus program for the foreseeable future, some lawmakers have demanded the BOJ begin talking about how it may handle an eventual exit.

It’s taking notice. Officials realize it’s not constructive to remain silent on the issue and are making it known that the BOJ is conducting simulations internally on how an exit could play out, according to people with knowledge of discussions at the central bank.

Governor Haruhiko Kuroda and his board are expected to stand pat the conclusion of the next policy meeting June 15-16.

Draghi’s View

In the euro area, ECB President Mario Draghi took a tiny step toward an eventual exit from extraordinary stimulus by saying on Thursday that the risks to economic growth are now “broadly balanced” and another cut in interest rates is no longer on the table. Bond purchases are still intended to run until at least the end of the year, but economists predict them to be tapered in 2018.

In the U.K., the BOE  said on May 11 that if growth keeps up as expected, “then monetary policy will need to be tightened by a somewhat greater extent over the forecast period than the very gently rising path implied by the market yield curve.”

That position assumed a “smooth” exit by Britain from the European Union, an outcome that may not be achieved if the Brexit negotiations become bogged down. The picture is even muddier now after Prime Minister Theresa May’s snap election held on Thursday led to a so-called hung parliament, where no single party has a majority.