THE interest rate cuts so confidently forecast for large parts of Asia – and elsewhere – just months ago appear to be a diminishing prospect.
That may be the least of the problems that policymakers confront.
Going a step further and hiking borrowing costs is now the tough part, something that should have been off the table.
That course of action is again part of the narrative as energy prices surged after the United States and Israeli assault on Iran and Tehran’s retaliation.
For nations without reserve currencies and a strong desire to preserve their anti-inflation credentials, the case for talking tough is clear.
Doing is another thing.
(Oil prices surged to the highest level since 2022 Monday, before retreating on Tuesday as the White House foreshadowed a quick en
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