Brazil's central bank cuts its Selic rate to 13.75% the same day the Fed is expected to hike, while India's central bank quietly tightens through bond sales even as its trade deficit narrows to $26.86bn. Emerging markets are no longer moving together.
Ishan Das notes August's $5.1bn goods-gap squeeze was almost entirely an import story, with gold alone accounting for $1.9bn as prices topped $4,400. Source
