This Hasn’t Happened Since Brexit

Ok, so as noted on Tuesday afternoon, emerging markets are certainly not priced for any kind of adverse impact that may (or may not) accompany the Fed's first baby steps towards normalizing its balance sheet. EM equities are sitting near six-year highs and thanks to expectations that subdued inflation and D.C. gridlock will continue to leave the Fed largely hamstrung, emerging everything has remained in what Goldman correctly calls "the sweet spot." "For EM it has really been the sweet spot wi