We have moved OW EM FX as US yields fell, data stabilized and EM central banks have struck a more cautious tone. At the same time, we remain MW in EM Local Rates and EM Credit. While EM bond yields have also sold off, any retracement is likely to be incomplete and contingent on a renewed dovish pivot by central banks that are clearly cautious for the time being. Instead, we find EM rates attractive selectively rather than generally.
Thomas Salopek, Head of Global Cross Asset Strategy
Saad Siddiqui, EM Strategist
This podcast was recorded on Nov.13, 2023.
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