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Please look beyond the White House for just a few minutes, Asia. The place that matters most for you right now is the Marriner S. Eccles Federal Reserve Building, a few blocks away on Constitution Ave.

Don’t let the obscurity of the address fool you. From inside these walls a massive exercise in financial stabilization provided the most important foundations for Asia’s economic rebound from the coronavirus-induced slump. By flooding world markets with liquidity and easing a shortage of dollars to key nations, the Fed bought policy makers vital time to plot their response to the pandemic. Without these benign conditions, it’s hard to imagine that places like Indonesia, the Philippines and South Korea would have been able to expand their budgets so greatly. Countries could have been forced into bailouts from the International Monetary Fund.

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