The Fed’s adoption of an average inflation target is important for EM investors; we explain why. The Weekly also provides updates on US-China relations, Chinese tech policy, Ecuadorian and Argentinian debt exchange, the potential for reforms in Oman, Peru’s pension fund debacle, Malaysian trade, , QE in Hungary, a change in the inflation target in Uruguay, fiscal worries in Brazil, and tensions between EU and Turkey over energy deposits in the eastern Mediterranean.