For policymakers in emerging markets, the prospect of the US Federal Reserve raising interest rates for the first time since 2006 has been building like a storm cloud on the horizon for much of the past two years.
Officials at the Fed, however, seem determined to play down any suggestion that their actions might contribute to slower growth in EMs and the rest of the world.
Yet the consequences of a US rate rise — which Janet Yellen, Fed chair, says would be “appropriate” by year end — would be felt across the world, from China to the likes of Brazil and Turkey, countries that grew used to ultra-loose monetary policy in the US and the cheap financing that it spawned.
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