Perhaps EM is reacting to a new "taper tantrum". With the Fed raising rates and starting to sell balance sheet, credit markets are starting to adapt and adjust to a new monetary environment. Regardless of forward guidance or the level of gradualism, the impact of Fed policy is to taper the liquidity of the past. Is the reaction a tantrum or just the likely response to this change in direction?
Given a potential decline in liquidity, specific country scares like Argentina, and a reversal of trends to the downside, there is a flight to quality with EM. Those countries will poorer growth, credit, and current account deficits, will see stronger deterioration.