Looks like only two typies of countries are not hiking up interest rate right now with the backdrop of US Fed keeps increasing rate at 75 points:
1) Autocratic countries. For example Turkey, where Erdogan has a iron grip on power
2) Export oriented countries with strong dollar reserve. For example Japan and China. They all have very strong dollar reserve and their economies depend heavily on export.
[Update] Japan central bank intervened in Yen exchange rate and seems to do little to lift falling Yen. China central bank, wake up and follow the suite.
Question is: If Fed keeps closing the tap on greenbacks, how long will these countries stay the course and what will happen?
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