Watching EEM amid the current rate hike speculation

The $EEM drop to 63.33 (-1.97%) today, hitting as low as 63.245, feels like a pretty direct reaction to the hotter-than-expected CPI. If the Fed's going to keep signaling higher for longer, EM equities are going to continue struggling with capital flight, so I'm watching the next set of manufacturing PMIs for any further confirmation before taking a position.