Fed fatigue is upon us. Of course, we should care but after so many false starts, the market seems to have moved on to new themes. The chief new theme is slower global growth. EM out flows is not just a currency issue but a response to increased equity and bond risks in EM. This time is not different. It is following the patterns of the past. There will be more focus on economic numbers this quarter than what we have seen in quarter three. Volatility has come down from highs but risks have been going up.
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