Low oil price has less impact on Asia consumers

Of the big macro themes, which is the most relevant now for Asian fixed income?
Markets remain policy-driven but we are experiencing policy divergence. The [European Central Bank] has made its move [by announcing a €1.1 trillion ($1.2 trillion) bond-buying stimulus programme], which further contrasts [with] the economic liftoff in the US. The US’s return to growth is to some extent a drag on Asian bond markets.