FICC Research Credit Research 21 August 2025 Asia Credit Alpha Fed cut implications for Asia credit We suggest turning neutral in the near term and adding risk through new issues. In our Focus articles, we examine Fed cut implications for Asia credit, and discuss scenarios around India's purchases of Russian oil. Asia Credit Alpha Market participants expect the Fed to cut soon. This has boosted risk sentiment and spreads have tightened to all-time tights. Historically, after the Fed's first cut, an inverse ...