Is the recent performance of local emerging markets cyclical or structural?

This quarterly deep dive from the Franklin Templeton Fixed Income team analyses emerging market performance to try to understand whether strong, positive cycles offer clues to more efficient allocations across hard-currency and local-currency debt.

The exceptional performance of EM local markets in 2025 reopened the debate over whether changes in the US-dollar (USD) and a reassessment of "US exceptionalism" have strengthened the long-term cas...

 

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