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Weekly investor research

05 August 2019

Emerging Markets (EM) central banks increasingly set policy in accordance with local economic conditions rather than the Fed. This is good. It reflects a growing realisation that EM countries are largely self-reliant on financing and that the central banks themselves are highly credible as inflation fighters. EM’s growing monetary policy independence is important: it means that EM is now a safer place to invest. Institutional investors can therefore diversify with greater confidence away from heavily overbought and increasingly populistic markets in developed economies. The Global Backdrop section discusses the latest Fed rate cut and Trump latest bout of ‘Tariff-itis’.

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