Carlos de Sousa: “Tapering without a fit of anger”

Vontobel’s emerging markets expert explains to how US monetary policy is affecting bond markets in emerging countries and which bonds will perform well in 2022.

“The most important thing in tapering is communication” Carlos de Sousa says, adding that the Federal Reserve (Fed) has rarely done this lately, which means there should be few surprises in 2022.

De Sousa says he is not worried about contagion from the Chinese housing crisis as he highlights the differences between China’s current situation and its 2015/2016 slowdown.

He believes interest rate hikes will support emerging market high-yield bonds, and also tells us which two countries are at risk of defaulting their debt payments in 2022.

Carlos de Sousa is an emerging markets strategist and portfolio manager at Vontobel Asset Management. In addition to supporting the Emerging Markets Debt Hard Currency Fund’s asset allocation process by providing top-down and country-specific views, he also contacts clients personally and through regular publications.

De Sousa holds a Masters degree in Macroeconomic Policy and Financial Markets from the Barcelona Graduate School of Economics and a Masters degree in Economic Philosophy from Erasmus University Rotterdam.

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