FILE PHOTO: The George Washington Statue at the Federal Hall National Memorial is seen on Wall Street across from the New York Stock Exchange on Jan 27, 2021. (AFP)
Alarm bells are starting to ring across emerging markets as countries brace for a new era of rising interest rates.
After an unprecedented period of rate cuts to prop up economies shattered by Covid-19, Brazil is expected to raise rates this week and Nigeria and South Africa could follow soon, according to Bloomberg Economics. Russia already stopped easing earlier than expected and Indonesia may do the same.
Behind the shift: Renewed optimism in the outlook for the world economy amid greater US stimulus. That’s pushing up commodity-price inflation and global bond yields, while weighing on the currencies of developing nations as capital heads…
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