INCO - Taper Tantrum Redux? History Often Rhymes But It Rarely Repeats

• In recent months, we've received many questions about how we expect emerging markets will perform once the Federal Reserve does begin removing monetary stimulus.
• We believe once the market becomes comfortable with global vaccine rollouts and herd immunity, we will see a sustained resumption of the trends that began last year, including outperformance of emerging markets.
• The biggest risk to this view would be if the Fed suddenly changed course and reinstated the policies of the past decade, a scenario we view as unlikely.

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