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Cross Asset Monthly

Credit: Better than Deflation

By David Nowakowski
Feb 8, 2011 | Last Updated

  • As inflation moves higher in emerging markets (EMs), commodities cause headline inflation to jump around the world, and QE and fiscal easing in the U.S. bumps inflation expectations higher, should credit investors be worried about higher rates, central bank hikes, and input costs?
  • RGE’s view is that EM central banks need to keep tightening but apart from temporary supply shocks, inflation is a manageable risk and a consequence of strong growth and a partially incoherent China-led currency policy that resists appreciation. We are still bullish/overweight on EM Corporate Debt, but[...]

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