, Columnist
A Vigilante and a Gambler Walk Into a Bond Market
Getting out or piling on risk are both logical emerging-market strategies as India’s exit from Covid-19 takes shape.
What happens when the Fed comes through the door?
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A vigilante and a gambler walk into a bond market. No, that’s not the start of a new joke, just the comical look of India’s fixed-income saloon nowadays. There’s no dearth of liquidity, but the bartender — the central bank — is having a tough time getting orders for the good stuff even by cajoling and threatening customers.
At the same time, potent but risky hooch is selling briskly, although the lawman — the Federal Reserve — is almost at the door.