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  •  Daily Emerging Markets Debt Insights
    Emerging Markets Debt Daily

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    China’s activity gauges signal that the near-term growth outlook remains problematic. The government has plenty of fiscal space to address the issue – will it use it or ideology will dictate otherwise?

    Emerging Markets Debt Daily

    December 03, 2021

    Non-Transitory Inflation Threats Loom

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    Turkey’s inflation continues to climb higher on the back of the rapidly depreciating currency, but price pressures in wider EM are not yet subsiding.

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    Emerging Markets Debt Daily

    December 02, 2021

    Policy Pivots and Market Consequences

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    Poland’s central bank governor followed the U.S. Federal Reserve’s lead, announcing that inflation is no longer transitory. Turkey’s new minister of finance promptly declared rate hikes “personae non gratae”.

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    Emerging Markets Debt Daily

    December 01, 2021

    U.S. Fed and EM – Whither Thou Goest?

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    Hungary wants to end its QE program shortly – but does it mean that all emerging markets will have to follow the Fed’s more hawkish policy cues?

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    Emerging Markets Debt Daily

    November 29, 2021

    EM Central Banks – Omicron Effect?

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    The market priced out some but not all rate hikes in EM as inflation expectations continue to grind higher.

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    Emerging Markets Debt Daily

    November 24, 2021

    Policy Twists and Turns

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    The central bank governor appointment is front and center in Mexico against the backdrop of rising inflation and a prospect of earlier rate hikes in the U.S. China introduced additional targeted measures to support small businesses.

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    Emerging Markets Debt Daily

    November 23, 2021

    Turkey – Meltdown and Beyond

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    Turkish assets are under tremendous pressure this morning, as President Tayyip Erdogan continues to defend rate cuts, and both policy and political uncertainties are higher.

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    Emerging Markets Debt Daily

    November 22, 2021

    Policy, Politics, People

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    Political developments were behind several big asset price movements in EM this morning – in part because they can affect the policy trajectory.

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    Emerging Markets Debt Daily

    November 19, 2021

    Big Market Moves – Past, Present, Future

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    Turkey might be taking a breather after yesterday’s rate cut and huge market moves, but global risk-off sentiment is back, with Central Europe hit particularly hard by new lockdowns headlines. Meanwhile, China is trying to reinforce the notion of two-way currency trading

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    Emerging Markets Debt Daily

    November 18, 2021

    Turkey Is Smoked – Perfect Bearish Excuse for EM?

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    Turkey’s decision to proceed with rate cuts despite high inflation and the weakening currency was not well received by the market. Does this make other EMs “easy targets” for market bears?

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    Emerging Markets Debt Daily

    November 17, 2021

    Turkey – What’s the End Game?

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    Turkey’s President continues to push for more rate cuts, despite very high inflation and the currency’s accelerating slide against the U.S. Dollar. Are we getting close to yet another policy U-turn to undo the current damage?

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