Never mind the Brics or the Fragile Five — the Picts is the new emerging market group investors should worry about as they look ahead to US interest rate rises.
Analysts are divided on whether the Greek crisis will have much lasting impact on EM assets, though few doubt it has racked up the tension. What they do agree on is that the overriding focus for markets in the second half of the year will be the US Federal Reserve.
Predicting what the Fed will do and how investors will react has thrown up its own sub-genre in the business of EM research.
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