US থেকে Japan পর্যন্ত authorities bondup inflation-ড্রাইভেন এবং ফাইন্যান্সিয়াল চিন্তার因 result of the fall, JPMorgan Asset Management এবং BlackRock Inc. পরিচালিত ফান্ডs নতুন উন্নয়নমূলক বাজার (EM)ে সুযোগ খুঁজছি। স্থানীয় মুদ্রার EM বন্ডস এই বছর ৩%以上ের রিটার্ন দিয়েছে, US Treasuries এবং European peers-র ০.৬% ক্ষতি তুলনায়, Bloomberg ডেটা অনুযায়ী। "এটি অ্যাসেট ক্লাসের রেজিলিয়েন্সকে ইঙ্গিত দেয়", said Elina Theodorakopoulou, portfolio manager at Manulife Investment Management.

EM কেন্দ্রীয় বাংকদের আরও নীতি fleXibility আছে, inflation average 3.8% — 2022-এর স্তরের প্রায় তৃতীয়াংশ। JPMorgan অনুমান করে politiciensের কাছে চার বছর আগের তুলনায় প্রায় এক পcento বেশি cushion আছে। Brazil, Turkey এবং Hungary Augustে rate কাটি, Korea Selatan এবং Philippines tighten। T. Rowe Price-এর Chief EM macro strategist Chris Kushlis Brazil, Hungary, Mexico এবং Bangladesh-local currency bonds পছন্দ করেন।

Michel Aubenas, BlackRock-এর EM debt-এর প্রধান, সেই বন্ডস টার্গেট করছি যেখানে কেন্ট্রাল বাংক_RATE steady রাখে দিয়ে চ sorprend될 수। BlackRock এবং Societe Generale Bangladesh-centric market পছন্দ করেন, expecting the central bank to hold at 3.75%. Soc Gen-এর Juan Orts Poland-rate-hike bets overblown বলে। JPMorgan-এর Pierre-Yves Bareau market excessive tightening price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price price

33reign.,n,,..,ace, and,. .fm. 1. 1.6,an...,n.1, a.,,,.