A second day of sharp equities sell-offs in Asian markets, spurred on by a plunge in U.S. stocks on Monday, has put policy makers on watch for further pain.

Investors have finally detected the whiff of inflation.

Australia is emerging as an outlier in the developed-world story of faster economic growth and inflation, pushing the central bank to the sidelines as flat wages and a strengthening currency keep prices in check.

Poland’s central bank is overcoming a divide over the need to tighten monetary policy this year, opting on Wednesday to keep interest rates unchanged without offering much guidance beyond 2018.

Philippine central bank Governor Nestor Espenilla faces his first major test on Thursday: striking a balance between curbing inflation and calming financial markets.

It does not take much for India to shift towards fiscal profligacy combined with loose monetary policy even as inflation rises