We still think there is a good chance that US interest rates will be raised tomorrow. But whether “liftoff” is this week or later, emerging market assets and currencies are unlikely to go into...

By comparing the current level of Robert Shiller’s well-known cyclically-adjusted price/earnings ratio (CAPE) with its long-run average, the equity bears assert that the US stock market is vastly...

Provided the panic over China subsides, we expect the yen to slide further and the Nikkei to surge as the Bank of Japan steps up the pace of its asset purchases, perhaps as soon as next month.

We do not think that the downgrade of the Brazilian government’s foreign currency debt to “junk” status marks the beginning of a systemic emerging market (EM) sovereign debt crisis. But we do expect...