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FINANCIAL markets have an unfortunate habit of rewarding drama. A surprise interest rate cut sends traders into a frenzy. A collapsing currency dominates headlines. Yet, some of the most consequential developments are the ones that barely register beyond the business pages. The United States Federal Reserve’s (Fed) decision to once again leave interest rates unchanged, coupled with the US Treasury’s rare move to join Japan in supporting the yen, falls squarely into that category. One was widely expected, the other rather extraordinary. Taken together, however, they tell us much about how Washington now sees the global economy — and why Southeast Asia should pay close attention.