Chart of the day: EM yields hit 7%

  • Nominal EM yields rise above 7% for the first time since depths of Covid, and only the fourth time in the post-GFC era

  • The main driver has, of course, been higher US bond yields which breached 3% last week

  • On the other hand, the EMBI spread (a measure of country risk) has been relatively well contained. Can this last?
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