🌏 Bank Indonesia fires an off-cycle hike as the rupiah hits a record low
🌏 Seven weeks after Hormuz, Thursday's CPI prints put EM easing cycles to the test
🌏 EM easing cycles are hitting their inflation ceilings, and Brazil's Copom is up first
🌏 The EM easing cycle's fate in 2026 comes down to two CPI prints on June 12
🌏 Taiwan and South Korea own half of MSCI EM and nearly all of its Hormuz risk
🌏 Indonesia doubled the expected rate hike, and the rupiah broke to a record 18,000 anyway
🌏 India grew 7.7% in FY26, but the RBI's own forecasts tell a harder FY27 story
🌏 India's 59.8 services PMI gives the RBI political cover for a hawkish tilt tomorrow
🌏 Brazil's April industrial beat suits a BCB that wants to cut slowly, but the PMI just went negative
🌏 India's PMI resilience masks a 45-month input cost spike the RBI is cutting into
