At some point in the next two quarters, the global backdrop for emerging market bonds will turn increasingly gloomy.
The global economy is in a stuttering recovery. For one thing, corporate America has to restore profit margins. So it has to cut wages, which it didn’t do during last year’s phoney recession. Second, the US housing market – a mainstay of household wealth creation during the US equity market meltdown – won’t keep on working the same magic.
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