EM inflation LEIs near multi-decade lows
- More pieces are in place for EM equity outperformance, but we are not fully there. The faster decline in EM inflation has pushed EM real M1 growth above DM real M1 growth.
- The other necessary condition is for global excess liquidity to turn positive, which will flip our EM/DM regime model to preferring EM equities.
Leading Indicator WatchCyclical
