Fed won’t spark EM sell-off today, but data may add to volatility

We do not expect any fireworks in EM financial markets after today’s FOMC statement, but with policymakers likely to reiterate that the timing of “lift-off” will be data dependent our upbeat view on key releases in the coming days suggests that there could be more volatility in markets. Currencies and equities are likely to bear the brunt of any subsequent market stress.

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