Financial Repression in Emerging Markets

When you get a sovereign debt above, let's call that, a hundred %. Ah, there's really not much policy space to have structurally positive real yuields. The mass just stops working. And so i'm scared about in this last week is that we're seen the real yield, especially at the long end, starting to rise. But onthe other hand, i see them tactically rising. I thinktat yet, that's part of why i have a somewhat risk off view for this year,. because to the extent that the fed continues to tighten policy, that is challenging for many types of risk assets.