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Across Wall Street, analysts and investors had cheered 2023 as the year of emerging markets, only to be burned by a relentless climb in US Treasury yields. Now, as the Federal Reserve looks set to end its most-aggressive monetary tightening campaign in a generation, they’re at it again.
Euphoria is already spreading through developing-nation assets, spurring a 7.9% rally in stocks and a 6.7% run-up in sovereign bonds for November. Investors are also pouring cash into the world’s largest exchange-traded fund tracking emerging debt — a signal that mom-and-pop retail traders and sophisticated risk-takers alike are once again taking on the risky asset class.
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