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Ignore the Emerging-Market Selloff; This Time (Really) Is Different

  • AllianceBernstein says governments have stronger buffers now
  • Many EM nations have reduced their current-account deficits
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Federal Reserve Chairman Jerome Powell speaks about the U.S. interest-rate path and its impact on emerging markets.Source: Bloomberg
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This emerging-market rout may not have much further to go.

Investors from AllianceBernstein LP to Morgan Stanley and UBS Wealth Management say that while the pain developing-nation assets are experiencing isn’t entirely over, the selloff won’t be anywhere near the magnitude seen during the taper tantrum of May 2013.