Rising US rates can be ‘good news’ for EMEs – Fed paper

US Federal Reserve building

In some circumstances, rising US policy rates can actually ease financial conditions in emerging market economies (EMEs), a paper published by the Federal Reserve finds.

An increase in US rates stemming from strong growth features substantially less adverse spillovers – and, in some cases, positive spillovers – than rate increases driven from inflationary concerns, researchers find.

Jasper Hoek, Steve Kamin and Emre Yoldas identify the different drivers of US rate changes based on moves in

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