We have sketched the MXEF index back to April of 2010 to encompass a period of peaking EM valuations in the fall of 2010, and the ensuing periods of stress from peaking PMIs, dramatically slowing China, Fed stress, local policy failures, and capital flows out.
Simply, EM peaked, slumped, plunged and has spent 18 months in a convalensence period….
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