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Frontier countries to suffer most if Fed rate gets to 6% -analysts
Emerging markets are facing their demons as traders mull whether U.S. Federal Reserve interest rates will rise as high as 6%, a level that could kick weaker countries when they’re down, while diverging global growth paths and China’s reopening might cushion some of the blow for the bigger ones. Expectations for where the Fed’s terminal rate would peak have been rising at breakneck speed: Markets are pricing in a 5.5%-5.75% range for September, while the CME FedWatch tool shows a near 50% chance for the band to hit 6% that month. The scale and pace of the move makes for uncomfortable reading for investors in developing stocks, bonds and currencies that have often buckled under rising global rates.