This Is Not A Drill: Jerome Powell Needs To Be Careful In Jackson Hole

If you're still long emerging markets or inexplicably still hanging around in some of the various carry trades that are under siege, next week could be a bit of a nail-biter. While idiosyncratic flareups grab all the headlines, the underlying issue for emerging markets is obviously Fed tightening and while everyone knew the tide would go out sooner or later, what nobody could have foreseen was a scenario where low tide would coincide with the U.S. running a series of policies that have effecti