If you bothered to read our recent post about Mexico, you'll recall we stated not a single economist predicted the recent rate cut.
Now there is no issue here with timeliness or one upping anyone just further collaboration. We've been talking about EMs and how at the beginning of the year they were cited by the cognoscenti as the place not to be.
That this has been a difficult and surprising year, one few saw coming, should not surprise. And that's the point. After the incredible debacle at the Bay of Pigs, President Kennedy was quoted as saying in a regretful, self-castigating tone that he knew all along not to trust the experts.
After the great stock market run of last year too many expected smooth sailing ahead. That could still occur. But truth be spread, there are just as many things that could go wrong as could go correct. And most of us humanoids, though we rarely care to admit it, look only for those things that buttress our own beliefs.
Here's decent quick summary on recent EM actions.
http://www.marctomarket.com/2014/06/emerging-markets-what-has-changed_12.html
No comments:
Post a Comment