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🌏 EM central banks are pulling apart, not just from the Fed

🌏 EM central banks are pulling apart, not just from the Fed

India's CPI cooled to 4.45% but stayed above target, Brazil's services growth accelerated as its central bank kept cutting rates, and South Korea's jobless rate held near full employment. Three separate inflation stories, not one EM narrative.

Line chart of India inflation rate (%) from mid-2023 through July 2026, falling near zero in late 2025 then rising to about 4.5%.
India's July CPI came in at 4.45%, a touch softer than the 4.50% consensus, rising from the prior 4.38% print. Source

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