One of the arguments against the Fed hiking is that to do so now would only increase instability ... 'cause of tighter money.

K.

But, if other central banks might loosen policy a little more (I'm not saying they will necessarily, but the market perception of the ECB announcements/Draghi's comments is that they may very well do so, for example) then does that mean that, at the margin, if the Fed tighten a little bit & maybe the BOJ or ECB ease a little bit more, then globally that's not a tightening?

What say the good people of ForexLive?