Sergey Goncharov, a portfolio manager and head of fixed income Americas at Vontobel, shares his insights on the shifting landscape of emerging market economics. He discusses how diverging monetary policies will emerge in 2025 and the impact of US protectionism and Chinese stimulus. Goncharov also highlights the influence of a strong dollar on inflation in emerging markets and the investment dynamics surrounding China's sovereign bonds. The conversation delves into global growth forecasts, the implications of 'Japanification,' and the evolving macro trends shaping the future.