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The cookie will expire after six months, or sooner should there be a material change to this important information. Accept Decline About Us Newsroom Insights Investor Relations Corporate sustainability Careers GLOBAL WEEKLY COMMENTARY Liftoff ? EM has already taken off Key points EMs lift off Emerging markets have raised rates as they struggle with inflation, whereas the Fed has yet to lift off. We see their approach creating opportunities in EM debt. Market backdrop A meeting between the leaders of the U.S and China put guardrails on the relationship to prevent outright conflict but produced few tangible results. Week ahead U.S. core inflation data will provide a read on the intensity and nature of price pressures. We expect inflation to moderate next year but see it as persistent. As U.S. inflation is hitting three-decade highs, market talk has been all about “liftoff:” When will the Federal Reserve and others start raising their policy rates? This is old news in emerging markets (EMs), where many countries have already raised rates to try to tamp down inflation. Their approach has pressured growth already hurting from a delayed vaccine rollout. This makes us cautious on EM equities, but has made selected EM debt more attractive in a world starved for yield.