EM central banks still ahead of the curve but vulnerable as Fed liftoff nears
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The real interest rate differential between EM and DM continues to rise and EM assets hold up well to more hawkish Fed
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However, it's unclear when inflation will peak and persistently high inflation could de-anchor expectations in some EM
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EM central banks must remain vigilant as DM monetary tightening gathers pace in 2022, possibly requiring more hikes
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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