The big story today is the weakness in emerging markets, particularly Indonesia, Thailand, and India, which has been in a special category of pain this year.
One pain point for emerging markets has been the big whoosh of foreign money away from these markets. As the economy has improved in the US (and Europe) and interest rates have gone up, that’s lessened demand for emerging market assets, including government debt.
To see this in incredibly stark form, one needs only look at the yield on Indian 10-year bonds.
Check out the surge in yields since the spring.
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