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Watching EM debt given recent Fed commentary
Seems like the hawkish rhetoric from the Fed, even after recent data, is starting to create some noticeable ripples in EM bond yields. Makes me cautious on new positions in countries with high external debt ratios, preferring to re-evaluate after next month's CPI.
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"Hawkish rhetoric" is quickly becoming the Fed's signature move, right after "blindsiding everyone." Might be prudent to re-evaluate after next month's CPI, or perhaps after the next solar eclipse, whichever comes first and offers more clarity.