Central bank credit that supports markets — is not just creation of the Fed, but by central banks and institutions around the world colluding together. Global markets are too deeply connected these days to consider the Fed in isolation.

Since last month’s correction, the world has been watching the Fed because its policies have global implications. And worldwide sell-offs sent a clear sign to Fed Chair Powell to relax with the rate hikes.

When fears arise that central bank QE will recede on one side of the world, we see more volatility and rumors of hawkishness. To counter those fears, there will be a move toward dovish policy on the other side of the world.

Central banks operate in collusion. When the Fed signals it is raising rates, or markets over-react negatively to the threat, another central bank steps in. By colluding, other central banks offer even more dark money-QE to keep the party going.

The net result is a propensity toward the status quo in global monetary policy: a bullish, asset bubble-inflating bias in the stock markets and caution in the bond markets.

Here’s what’s going on with some of the most powerful central bankers right now, starting with Japan…

While U.S. markets were correcting earlier this month, Japan’s financial benchmark, the Nikkei 225 index fell more than 1,200 points. At the same time, the rumors of Japan’s central bank curbing its dark money-QE programs are just that.

Meanwhile, over in Europe, on Feb. 5, European Central Bank (ECB) President Mario Draghi told a European parliamentary hearing in Strasbourg, France, that the ECB can’t yet “declare victory” in its fight to resurrect inflation.

To calm financial markets, he noted, “Monetary policy will evolve in a fully data-dependent and time-consistent manner.” That means more central bank intervention to bolster markets when they buckle.

Draghi espoused some concerns for the strong euro. Draghi’s euro concerns translate into keeping interest rates lower for longer as a way to cool off euro strength. That means more dark money.