That's signaling that they may be moving toward a pause.

The Fed is in a process of returning rates to neutral and we still have a view of 4.25 percent by year-end.

The focus is moving away from interest-rate levels to interest-rate directions.

At this point I like the Southeast Asians more than the NIE currencies.

This time around it's at the high end, so in this sense, it is sufficient for addressing inflation.

We are seeing short covering.

The amount of U.S. assets bought by Asian investors is now short of the total U.S. trade deficit with Asia.

The most visible manner to achieve this is by allowing USD/CNY to fall marginally below the psychological 8.00 level by late April.

Most of us are focused on the China story, which is broadening into an Asia story.