Emerging Market Central Banks Are on the Tail End of Their Tightening Cycle

During the peak of the recession, you had e m central banks do essentially what their d m brethren did, which was just cut rates as low as you can. This time around, it looks like emerging market central banks are more on the tail end of their tightening cycle. And because of that, we think that buying either e m currencies or e m local bonds is actually a pretty safe place to hang out right. We have a few big upcoming centa big meetings that we will be monitoring quite closely.