Global Macro Strategy

Callum Henderson

Macroeconomics

<p>Over the past few weeks I have read and heard many arguments on why we should ignore the flattening US yield curve and how much better are emerging market (EM) fundamentals compared to previous US monetary-tightening cycles. As someone who has spent much of his career focusing on EM, I suppose I might be seen as falling into the camp of a perennial EM bull - were it not for the simple fact that I have lived through so many EM crises. In my very first week in banking, while the Asian crisis was…</p>

Over the past few weeks I have read and heard many arguments on why we should ignore the flattening US yield curve and how much better are emerging market (EM) fundamentals compared to previous US monetary-tightening cycles. As someone who has spent much of his career focusing on EM, I suppose I might be seen as falling into the camp of a perennial EM bull - were it not for the simple fact that I have lived through so many EM crises. In my very first week in banking, while the Asian crisis was…

This Time Is Not Different: The Seeds of the Next Crisis Are Being Sown