Emerging Assets Drop as Fed Official Signals Possible June Move
- Lira plunges as Turkey's AK party said to plan convention
- Stocks decline for fourth day in worst streak since December
Citigroup's Lee: Emerging Market Growth Model Is Busted
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Emerging-market currencies fell for a third day amid a resurgent dollar and stocks dropped to a four-week low after Federal Reserve officials indicated a June interest-rate increase is still possible.
A U.S. rate move next month is “a real option,” Fed Bank of Atlanta President Dennis Lockhart said, against a backdrop of tepid global growth that has sparked a renewed selloff in equities. The futures market shows only 10 percent chance for a move higher in U.S. rates next month, with Friday’s jobs report a key indicator to determine the odds.