Marcello Estevão · Jonathan Fortun / Institute of International Finance
英語の概要です。日本語版は順次追加しています。
National employment indicators increasingly conceal differences across US states. Diverging participation, unemployment and immigration patterns change how labor market slack should be interpreted. Reduced arrivals of foreign workers place uneven pressure on labor supply and distort wage and unemployment signals. These regional differences make comparisons with earlier cycles less reliable and complicate Federal Reserve policy calibration.
Fortun compares fuel-subsidy reforms abroad with Bolivia's constraints, warning that price shocks and weak political capacity make the impending adjustment socially difficult.
Marcello Estevão · Jonathan Fortun / Institute of International Finance
英語の概要です。日本語版は順次追加しています。
Borrowing against securities can accelerate a market correction without predicting when one will begin. This analysis emphasizes changes in margin debt rather than its record level, tracing how collateral losses and forced deleveraging interact with tightening liquidity. A US unwind can transmit stress abroad through emerging market currencies, credit spreads and capital flows.
Jonathan Fortun / Institute of International Finance
英語の概要です。日本語版は順次追加しています。
Bonds dominated emerging market portfolio inflows in August, attracting $41.5 billion of the $44.8 billion total reported in September. Equities received just $3.3 billion. The positive headline therefore masks weaker equity momentum and tighter valuation constraints, highlighting the importance of distinguishing the composition of inflows from their aggregate size.
Zonebourse (Reuters, French translation) · 専門家コメント 原題: Les portefeuilles des marchés émergents attirent près de 45 milliards de dollars en août, mais des signes de fragilité apparaissent, selon l'IIF