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Karibu Kenya!

Weekly investor research

23 June 2014

We welcome Kenya as the 62nd member of the Emerging Markets (EM) external debt asset class. We put the recent upside economic surprises in Colombia and Mexico into the context of future tighter global financial conditions. We report the latest poll numbers in Brazil ahead of the October election. We also discuss Argentina, where a resolution to the decade long standoff between holdout investors and the Argentinean government appears to be drawing nearer. All sides have skin in the game so expect the complex, fluid situation to persist for some time. Finally, we think Fed Chairwoman Janet Yellen’s dismissal of inflation as “noise” should be taken at face value – they want inflation.

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