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Hoping for a central-bank pivot? Forget the Fed and look south

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Bonds denominated in currencies like the Brazilian real could have upside, because central banks in emerging markets started raising interest rates before the Federal Reserve, and could also be first in slashing them. (Photo: Reuters)Premium
Bonds denominated in currencies like the Brazilian real could have upside, because central banks in emerging markets started raising interest rates before the Federal Reserve, and could also be first in slashing them. (Photo: Reuters)

Interest rates in places that started tightening policy early, like Brazil, could start coming down before they peak in the US

Wall Street is currently obsessed with guessing when the Federal Reserve will stop raising interest rates. Rather than waiting for this much-discussed “pivot" in the U.S., however, investors may be better served by scouting out emerging markets first, especially Latin America.

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