Fed's Hawk Talk and What It Means for EM

Watching the Fed commentary closely this week. Feels like the narrative is shifting ever so slightly back towards a more hawkish stance, or at least a less dovish one than some were hoping for earlier this year. You hear a few more mentions of 'higher for longer' in casual asides from various Governors, and it makes you wonder if they're trying to subtly temper market expectations before the next CPI print.

This kind of talk inevitably makes me re-evaluate my exposure to emerging markets. If the dollar strengthens off the back of sustained high rates, currencies like $EM, currently sitting around 1.195, could feel some pressure. It's not a definite downturn by any means, but the risk profile definitely shifts. I'm keeping an eye on the 1.2 level on $EM as potential resistance if the dollar rally gains steam. No big moves yet, but definitely watching price action around those previous highs and lows for clues. Anyone else feeling this subtle tightening in the macro breeze?