Don’t Look Now, But Something Cracked On Tuesday

One of the questions we've been asking for some time now is this: "when will emerging markets finally start to crack?" Indeed it was just two days ago when we penned "It’s 'Make-Or-Break Time' And We Could See 'A Painful Cleanout,'" a post which (probably thanks in large part to the ambiguous title) became one of the most popular pieces we published all week. You'll recall that EM has been remarkably resilient in the face of what's supposed to be a Fed tightening cycle. (Deutsche Bank) T