Emerging market investors can finally see light at the end of the tunnel. But they are checking carefully to make sure it is not a train coming towards them.
The asset class is having something of a moment as the macroeconomic environment turns hugely in its favour. Interest rates in the US are finally falling. At least in theory, this should pull down US government bond yields and bolster the allure of debt offering higher interest rates from outside the usual rich-country club.
Crucially, this long-awaited decline in US rates has kicked off even while the American economy itself remains in decent shape — a good combination for the animal spirits that tend to support riskier asset classes like emerging-market debt and stocks.
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