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Emerging Market Debt

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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.

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