FICC Focus

Author: Bloomberg Intelligence

FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities, and currencies by Bloomberg Intelligence analysts.
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Genres: Business, Investing

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EM Lens: Between a Rally and a Hard Place in EM Local Rates
Wednesday, 7 January, 2026

EM local government bond valuations look less appealing as we enter 2026, with cross-asset volatility poised to rise from historically low levels. Phoenix Kalen, global head of emerging market research at Société Générale, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, to discuss her year-ahead outlook for EM local rates and foreign exchange. Kalen and Sassower discuss investor positioning as we near the end of the EM monetary-easing cycle, with sentiment starting to fade amid potential for wider growth differentials between the US and Europe.