Fledging Emerging Market Reprieve Ends as Fed Hawks Take Wing

The brief reprieve in emerging markets is over, cancelled out by a sharp reminder from the US that nobody should be betting on low rates to last for ever.  As markets absorbed the US Federal Reserve’s April meeting minutes published last week and realised that a summer rate rise was back on the table, a “risk-off” trade took hold that pushed the dollar up and sent commodity and equity prices down.

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