Rising US Treasury yields would not slow EM growth

Concerns that the policy tightening implied by the latest Fed forecasts would eventually lead to higher US Treasury yields and hinder EM growth are probably misplaced. A handful of EMs arevulnerable to tightening global monetary conditions. But, historically, the impact of rising US yields has been more than offset by economic strength which has, in turn, given a boost to growth in the rest of the world.

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