For most of last year an angry US bond market took the sword to emerging market assets. But now, enamoured of the Federal Reserve’s newly confessed flexibility, the hope of trade rapprochement and easing from China, many investors are wondering if, similar to 2016, policymakers have underwritten them again. We doubt it. These perceptions can aid a relief rally in the near term, but there really is not enough policy fuel in the tank this time to drive structurally stronger emerging market returns.
在去年的大部分时间里，狂暴的美国债市对新兴市场资产造成了冲击。但现在，美联储(Fed)刚刚坦承将保持政策灵活性，贸易战有望和解，manbetx3.0 也有望推出宽松政策，这些动态让许多投资者着迷，他们想知道，政策制定者是否真的像2016年那样再次背书了这些政策。我们对此表示怀疑。投资者的上述期望可以在短期内帮助市场出现压抑后的反弹，但这次确实没有足够的政策燃料来推动新兴市场产生更强的结构性回报。
您已阅读10%（691字），剩余90%（6488字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。