Emerging Market Debt
In late March, expectations about the future course of U.S. monetary policy began to change. As suggested by implied yields of federal funds futures, markets have come to anticipate a substantial hike in the federal funds target rate by the end of the year. Fed watchers now wonder whether rate hikes will come in a series of incremental moves or through a few large jumps. The pattern may matter.
Suggested citation: "Emerging Market Debt." Federal Reserve Bank of Cleveland, Economic Trends, no. 04-06, p. 9, 06.01.2004.