Low new US jobs (235k vs 733k expected) delays Taper but EM is still better served by being ahead of the inflation curve
Turkey's high inflation (19.25% vs 18.75% expected) shows how food and fuel can hurt (even more than Erdogan heterodoxy)
We screen real interest rates in EM to see who is better prepared in case inflation persists or the US starts tapering
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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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