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George Magnus: Asia braces for fallout from the Fed

Rate hike could signal lean times for region's economies

Asian markets may be serene for now, but they should be prepared for stormy financial weather ahead.

The U.S. Federal Reserve raised interest rates for only the third time this decade at its March 15 meeting. The policy rate now stands at 0.75-1%. The hike itself was heavily discounted, but markets were tuned in to the Federal Open Market Committee's hints as to what might happen next. The Fed now expects interest rates to increase twice more this year, with the median projection rising to 1.4% at the end of the year, and then to just over 2% at the end of 2018.

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