Hawkish shifts in the US Federal Reserve’s monetary policy have often led to heightened financial and economic stress in emerging economies. In the early 1990s, the Fed raised interest rates preemptively to curb inflation, precipitating the 1994 Mexican crisis. In 2013, the Fed signalled its intention to tighten monetary policy, resulting in the major emerging-markets sell-off known as the “taper tantrum.” Given the region’s history, one might expect that policymakers in the Asean+3 countries – the ten members of the Association of Southeast Asian Nations, together with China (including Hong Kong), Japan, and South Korea – would be particularly anxious about the Fed’s increasing hawkishness
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