Emerging-Markets Debt Prepares for a Fed Rate Rise
Central banks in emerging markets are on the alert for Federal Reserve action. Here’s why you shouldn’t expect a taper tantrum.
Zsolt Papp
December 17, 2025
A vendor climbs as he arranges carpets at a stall at the Narantuul market in Ulaanbaatar, Mongolia, on Saturday, June 21, 2014. Mongolia growth ìhas been held up increasingly by fiscal and monetary stimulus. This has led to growing balance of payments pressures, the depreciation of the togrog and higher inflationî, International Monetary Fund Deputy Managing Director Naoyuki Shinohara said in a statement issued at the end of his visit to Mongolia on June 27. Photographer: Brent Lewin/Bloomberg
Brent Lewin/Bloomberg
