The Risks For This Asset Class Are Asymmetrically Skewed To The Downside

Just a quick note on emerging markets. We've talked a lot lately about the extent to which EM credit weathered the storm a bit better than HY this month as Trump turmoil and heightened risk on the Korean peninsula catalyzed a bout of risk-off sentiment - or, perhaps more appropriately, "what counts as risk-off sentiment these days." This is a pretty important dynamic to keep track of. Generally speaking, a lot of the jitters we've seen in August are tied to Donald Trump and it's no secret that