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The Role of the Dollar in Emerging Markets
Joseph: I think it's important to lay out a theoretical framework for emerging markets non US developed markets and how they interact with the dollar. When the Fed raises rates that can kind of act like a sucking in all global liquidity so in order to respond foreign countries especially emerging market currencies have where there are inflation fears have to raise rates. Joseph: In the real world does raising rates actually work to attract capital because I've heard some people say that you know some like the dollars that it's strongest as rates are actually falling not rising? The reality is the dollar is a lot more important than other currencies so other central banks have to react to it.