First, the BOE showed hesitancy. Then, they certainly look to be bottling the tightening cycle as they paint a rather bleak picture of the UK economy. But this playbook may not be something on its own at the end of the day.As inflation continues to run rampant or is at least looking to be more persistent, it could very well be the case for the US economy when we get to Q3 or Q4 this year. The question then becomes, what will the Fed do next?With surging inflation pressures and a slowing economy, the BOE is struggling to strike a balance on combating the former without making the latter situation worse with tighter policy.Even BOE chief economist, Huw Pill, earlier confessed to that sentiment:“It is a tricky balance to control inflation without slowing growth more than necessary. And the arguments around where rates should be set in order to achieve that balance are quite finely balanced in themselves.“If that doesn’t sound like a policymaker who is losing belief in the tightening cycle, then I don’t know what is.As such, the major worry for the Fed is that it might be going down the same path as the BOE but just a few steps behind. In judging that, economic data is going to be key. Any higher inflation readings and weaker economic activity will start to ignite stagflation risks and that could very well bring about fears at the Fed that it would turn into the next BOE.Only time will tell how all of this plays out but it certainly is a case scenario that shouldn’t be ruled out.