“Carry” On, Or Not So Much? Emerging Markets After The Fed

So one of the interesting things to note about the price action we've seen over the past 24 hours or so, is the reversal of EM FX gains. As you're no doubt aware, there's considerable debate about whether inflows to EM are sustainable and, relatedly, whether the YTD rally in EM assets can continue in the face of DM central banks that look like they really - really - want to try and normalize even if they have to reverse course later on. In short: can the carry party continue or will a combinat