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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.