The emerging markets crisis is real, more on rising xenophobia, the CRE bubble and California as regulatory standard setter

The emerging markets crisis is real now
More and more people are talking about the spillover of Fed policy into emerging markets as the crisis there gathers pace. I know the Fed Chairman Powell has said that EM is not his concern. Nevertheless, we are reaching a point where he may start to backtrack on those statements.

Here's the Wall Street Journal just yesterday:
The tumult highlights a heavy international dependence on the dollar. Some 48% of the world’s $30 trillion in cross-border loans are priced in the U.S. currency, up from 40% a decade ago. Exchange-rate fluctuations affect the ease of servicing that debt. And with U.S. interest rates still low by historical standards and the dollar only halfway back to its 2016 highs, the stress could increase as the Fed keeps tightening.

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