Asia's Fed problem

The Fed is in a hurry. After gently raising rates since 2015, the U.S. central bank is picking up the pace. After hikes in March and this month, two more are expected by the end of the year -- the most aggressive move in twelve years.

At the same time, the Federal Reserve is shrinking its balance sheet at an accelerated pace, withdrawing billions of dollars in liquidity every month. The ripples have already spread far and wide: The greenback has rallied and emerging markets have come under pressure.