Inflation, Fed policy and emerging markets: the good, the bad and the ugly

Clint Eastwood
Clint Eastwood, star of 'The good, the bad and the ugly'

Financial markets are fixated on prospects for US inflation and Federal Reserve policy, and appropriately so. Rising interest rates may exacerbate already-elevated debt burdens and put pressure on business and government finances around the world. If higher rates are driven mainly by prospects for a brisk economic recovery, rising debt-service payments should be offset by higher profits and tax revenues. But if rising interest rates reflect prospects for sustained higher inflation, the damage

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