He also said new stimulus measures from Washington would be good for Asia.

“Fiscal stimulus in the U.S. would have positive spillover effects in terms of growth to Asia,” he said.

“In an event where you got more fiscal stimulus – that would probably be better for the more export oriented economies,” Tilton said. ”(It is) probably less good for those economies that have traditionally run current account deficits and more reliant on foreign borrowing because in that scenario, you probably see U.S. and global interest rates go somewhat higher.”

However, that’s not likely to happen before the presidential elections in November, as U.S. lawmakers have been unable to reach an agreement on how much aid to provide.

“In the event that we have a so-called blue wave — that is to say Biden winning and unified Democratic control — we think the prospects in that scenario for a very large fiscal stimulus are probably bigger,” Tilton said.

The Democratic-held House approved a $2.2 trillion stimulus proposal last week, but the bill is unlikely to be passed by the Republican-controlled Senate. Treasury Secretary Steven Mnuchin offered a $1.6 trillion plan in response.

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