SINGAPORE (July 23): Emerging markets (EMs) have been particularly hard hit by the tightening cycle in the US. On July 17, US Federal Reserve chairman Jerome Powell’s testimony to the US Senate indicated continued rate hikes, given faster US GDP growth expected for 2H2018. Tax cuts are expected to provide demand- and supply-side support to US growth over the next two to three years, Powell said. Also, like other central banks, the Fed sees the US-led trade war setting off alarm bells, but not enough to slow global growth dramatically.

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