, Columnist
Emerging Markets Will Be in Flux, No Matter What the Fed Does
The shift in world economies goes far beyond interest rates or tariffs.
Jerome Powell can’t save emerging markets.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
The merest hint from Jerome Powell that he’s ready for a breather would have emerging-market investors turning cartwheels. Unfortunately, it wouldn’t solve every problem.
An indication from the Federal Reserve chairman that the steady quarter-point climb in U.S. interest rates is nearing a pause would be an opportunity for those investors to pick up some assets. The whiff of crisis in the developing world would dissipate.