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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 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.