Opinion: Emerging Markets Tremble as Monetary Policy Returns to Normal

By Andrew Sheng

The U.S. 10-year Treasury bond rate has now sharply adjusted to over 3% per annum, ending a period in which the rate was below 2% because of unconventional monetary policy.

Is this the beginning of the end of the post-2007 global financial crisis abnormal pricing of market interest rates and risks?

Furthermore, has the financial markets priced in the risks of deflation of the asset bubbles across almost all markets, especially emerging markets?

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