Several EM central banks have raised interest rates in the past couple of months on the back of growing inflation concerns (including many in Latin America) and/or strong economic recoveries (parts of Central Europe, Korea). Hiking cycles look set to continue for a while longer, with Latin America likely to tighten most aggressively. Bucking the trend is much of Asia, where – with the exception of Korea – policy tightening still looks some way off.
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