Greenspan Era Evoked as Treasuries Guide Emerging Stocks: Chart

U.S. Treasuries and developing-nation stocks are moving in opposite directions by the most since 2004, when the Federal Reserve under former Chairman Alan Greenspan began its last cycle of interest-rate increases. As a selloff in Treasuries portends another bout of tightening, the biggest rise in 10-year yields in seven years has coincided with declines in the MSCI Emerging Markets Index. Higher U.S. rates narrow risk premiums, making assets in the developing world less attractive.

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