As US-focused investors start to lick their wounds,
let’s make it clear:
the current sell-off in the US is not only driven by the fear of Fed Tightening.
It also reflects the inevitable global reopening as epidemiologists see the end of Covid.
One of the manifestations of that is that long-forgotten Emerging Markets are benefitting from the return of money back to their neglected shores.
To that effect: Turkey(who would have thought?!), Brazil, and India are the best markets YTD – even in the USD terms, leaving the US equities in the dust.

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