The strong US recovery and associated reflation pressures may present challenges for parts of the emerging markets universe. This is most obviously visible in US Treasury and, to a lesser extent, German Bund markets. Here, fears that an overshoot in inflation could trigger a change of course by the US Federal Reserve (Fed) - and, to a lesser extent, the European Central Bank (ECB) - have led to some interest rate volatility and a general rise in real and nominal yields this year.
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