- “International monetary cooperation has broken down,” says India central bank boss Raghuram Rajan, a day after the Fed boosted the size of its taper and made no mention of melting-down emerging markets. Rajan joined counterparts from Turkey and South Africa this week in boosting rates to try and stem the slide in their domestic currencies.
- "The challenge is brought on by their own domestic policies," says former Fed Governor Randy Krosner. "It's unfair to say it's all the Fed's fault."
- Back in his IMF days in 2011, Rajan authored a report calling for the formation of a committee composed of representatives from the major central banks who would report on the spillover consequences of their individual policies. Good luck with that one.
- Emerging markets are getting a respite today amid a big rally in the West (of the West is rallying because of a respite in emerging markets).
- EEM +0.8%, VWO +1%.
- TUR +1.9%, EPI +1.7%, ARGT +0.5%, RSX +0.7%.
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Indian central bank chief laments lack of global focus
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