TOKYO – Last month, former US Treasury Secretary Lawrence Summers drew chuckles when he said the Federal Reserve’s next action might be to tighten, not ease, interest rates. Few bond traders are laughing now. The odds are still low that Fed Chairman Jerome Powell’s team will raise borrowing costs anytime soon. But near-universal earlier expectations […]
Asia starting to feel like 1997-98 all over again
‘Higher for longer’ US rates keep capital zooming out of the region, depriving markets of funds and putting pressure on currencies