Asia’s most externally vulnerable economies – India, Indonesia and the Philippines – have just taken a one-two punch. U.S. 10-year Treasury bond yields US10YT=RR hit 3 percent this week, a level long touted as one to watch for potential portfolio outflows from the region, where interest rates have barely shifted since the U.S. Federal Reserve began slowing hiking policy rates in late 2015. An even bigger worry is that oil prices hit 3-1/2 year highs: not only do these countries run the biggest current account deficits of Asia’s major economies, but they are also among region’s most voracious oil importers. If oil prices stay at their current levels of around $75 a barrel LCOc1, projections for inflation, growth, budget and […]