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Emerging Markets Debt: Beyond the Benchmarks
The macroeconomic backdrop in emerging markets has been uncertain for some time now—indeed, if anything, uncertainty seems to be increasing. War continues in Ukraine, inflation globally remains sticky (particularly core inflation) and, consequently, global monetary policy is, overall tilted toward tightening (relatedly, the Reserve Bank of Australia announced a surprise hike in early May). And at least partially thanks to tighter monetary policy (which is ongoing, with both the Fed and ECB raising rates again at their recent May meetings), some things have broken—e.g., we’ve seen a cryptocurrency winter, trouble with UK pension funds, concern about global real estate and, most recently, bank failures in the US and Europe.
Easter-Egg Hunting: IMF Edition
EMsights team members returned to Washington, D.C., in April for the IMF and World Bank Spring Meetings, conducting some 200 interactions with a swath of government officials and representatives. Frequent readers will recall we similarly attended the IMF and World Bank Annual Meetings last fall—and were unsurprised by the somber mood, given ongoing macro and geopolitical uncertainty.