Local Market's Moment

Local Market's Moment

Bonds

Latin American markets seem to be treading water, unsure what to do next after last year's great performance. Bond issuance was its best since 1997, stock markets surged and several currencies even rallied. Emerging market trading reached its highest level in five years. After such a great run, it is only natural for investors to catch their breath. The main source of the unease is easy to pinpoint. It lies in Washington, home to the US Federal Reserve and the US Treasury. Forecasters expect the Fed to raise interest rates at some stage this year. However well the Fed signals the tightening, its effects on the global financial system and on fragile emerging markets are impossible

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