(Harvest) Afraid you’ve missed the rally in emerging-market (EM) assets? Don’t be. Responsible policies and pragmatic politics have taken hold in many developing countries. That bodes well for growth and suggests the rally has room to run. EM bonds—both US-dollar and local-currency denominated—have produced strong returns over the last year. But some investors worry that rising interest rates in the US could lure money out of EM assets and put pressure on EM government and corporate balance sheets.
The Emerging-Market Rally Is Far from Over
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