The past 12 months have borne witness to a role reversal between developed and emerging markets (EMs). While the US Federal Reserve has held steady on rates, Asia’s EMs are benefiting from easing inflation and a weaker dollar – conditions that have supported more accommodative monetary policies.“In a way, it is as if the US has become the EM market, with high yields, high inflation and high volatility whereas the EM space has low rates, low inflation and low volatility,” says Mathieu Lépinay, global head o ...