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🌏 EM's synchronized easing cycle is coming apart faster than markets priced
The day in view

🌏 EM's synchronized easing cycle is coming apart faster than markets priced

Macro Soup Newsroom Macro Soup Newsroom 3 min read

India's April CPI came in at 3.48% year-on-year, a 13-month high; South Africa's Q1 2026 unemployment hit 32.7%, wiping out all of 2025's labor market gains; and Brazil cut the Selic into a ninth straight weekly rise in private-sector inflation expectations.

Line chart of India's retail inflation (blue line) and food inflation (yellow line) from Jan 2024 to Apr 2026, with retail at 3.5% and food at 4.2% at end, new base year from Jan 2026.
India's April CPI at 3.48% leaves the starting point for inflation low, giving the RBI flexibility to keep rates accommodative amid moderating price pressures. Source

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