The Main Catalyst for Emerging Markets

I'm interested here to know your general macro perspective at this point. It seems as if the consensus position of a soft landing in the US and a generally robust growth outlook for most emerging markets with inflation continuing to fall is well entrenched. How does your view differ? And what are some of the regional dynamics at play? Very good question. In terms of the consensus, we do agree with the consensus. But we're also not too sure whether now is the time to be super aggressive. Because although we've seen inflation almost come down, like so with the basic effects, it's not guaranteed to keep coming down as significant as he has last few months. So one number doesn't make a