Heard on the Street: Monetary tightening and shrinking external demand is an ugly combination for export-dependent East Asia. The result might not be widespread debt crises, but painful slowdowns are likely
Asian countries such as Korea and Thailand levered up impressively during low-interest-rate era. Now the bill is coming due.
Federal Reserve Chairman Jerome Powell said the central bank’s goal is to reduce inflation to 2%. The Fed approved a 0.75-percentage-point rate rise Wednesday, the largest interest rate increase since 1994. Photo: Elizabeth Frantz/Reuters
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