The much-anticipated U.S. recession, if and when it does arrive, will undoubtedly extract a price from economies in the Asia-Pacific. That doesn’t mean the U.S. Federal Reserve’s efforts at mitigating the slowdown are going to be any less expensive for the region.

The source of that economic cost is inflation-both the part that’s already realized because of sky-high commodity prices and the part that’s expected from the current round of U.S. monetary expansion.

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