“That Sh*t Cray”: Emerging Markets, Fed Minutes Edition

Earlier this morning, we asked an important question: what did yesterday's Fed Minutes portend for buoyant emerging markets? To be sure, EM has demonstrated remarkable resiliency in the face of what is supposed to be the beginning of a Fed tightening cycle. Attribute this resiliency as you see fit. That is, maybe it was the fact that the dollar had a terrible Q1. Or maybe it was partially due to the fact that the March Fed "hike" was actually a "cut" if you care to consult financial condition