Don’t expect Asia to take many leads from Federal Reserve Chairman Jerome Powell’s signal that further US interest rate cuts are coming.
That’s not because the Fed chief’s comments last Friday at Jackson Hole weren’t clear, but because Asia is already well on its way toward significant relaxing of monetary policy. India, Malaysia, the Philippines, Australia, Indonesia and South Korea cut rates before the Fed’s move lower in July. China pumped money into its economy throughout 2018, even as American policymakers were increasing rates.