The most attractive real yields in EM as SVB collapse raises chance of Fed pivot

  • Markets are now pricing in a markedly more dovish Fed rate path post-SVB crisis, but we think repricing is excessive

  • Still, the prospects of marginally lower terminal Fed funds rate and weaker dollar could support EM local currency debt

  • We survey real 10-year yields across 32 EM, with Brazil, Uganda and South Africa standing out as particularly attractive
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