As we progress through the current hiking cycle, it is apparent the Fed still sees a bigger risk in hiking too little than in overtightening. As the path to a soft landing in the U.S. gets narrower, investors are naturally also concerned about collateral damage. Historically, a hawkish Fed has generated a number of headwinds for Asian economies, which has translated to weak asset performance. As pressures continue to mount, investors want to know if (1) Asian economies can withstand further pressure from a hawkish Fed and a stronger USD and (2) which economies are most vulnerable.