Real interest rates in EM after the US Fed hike

  • With US tightening underway, albeit 'only' 50bps in May, the spotlight is thrown back on EM policy rates

  • For EM equities, the bullish view is that many EM central banks have hiked already

  • Bearish view is inflationary pressure has worsened, EM real rates already negative, US rate cycle could turn disorderly
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