Asia Economics Comment

　　Fed, Fed, Fed

　　Brace for turbulence. The Fed is back in play. And when it moves, markets in Asiafeel the ripple. What’s odd, however, is that many investors at first seem to dismissimpending Fed hikes as inconsequential, only to worry once they have arrived.Think of the eerie tranquility late last year, before the US central bank’s hike inDecember, and the subsequent fury that erupted in January. And if you think onehad nothing to do with the other, think again. The Fed still matters, and any tweaksto its policy stance will quickly reverberate across the region. This need not beterminal, and it likely won’t cause outright financial stress. But it’ll get bumpy.