But since then the other countries learned that the US government could weaponize their USD holdings if they don't align. Central banks started accumulating gold to counter this.

Also, debt market is not the same as it was 5 years ago, Japan now has inflation (and they hold the biggest bag of US debt).

To add to this, USD lost 10% of its value this 2025 according to the DXY index. To be fair, it pretty much went to what it was worth before 2022, but the Fed has to be careful anyway.

Many things happened since 2020. It's almost 2026.