How big a threat to EM assets is the scaling back of QE?

Although policymakers are unlikely to give very much away, Friday’s Jackson Hole speeches will still be scrutinised for any hints about the timing of ECB “tapering” and Fed balance sheet “normalisation”. Worries about the scaling back of quantitative easing (QE) have previously rattled EM assets – but we do not expect it to cause them significant problems this year or next.

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