At Any Rate EM Fixed Income: A technical signal amid all the noise
Jan 22, 2026
Anezka Christovova, Head of EMEA EM and LATAM Local Market Strategy at J.P. Morgan, and Ben Ramsey, Head of EM Sovereign Credit Strategy, join Jonny Goulden for an insightful discussion on emerging market fixed income. They explore how EM markets have shown resilience despite geopolitical noise, underscoring the importance of looking beyond the headlines. Anezka delves into technical signals that indicate risk appetite, while Ben highlights the return of market access for lower-rated sovereigns. Their analysis sheds light on current trends in EM credit and spreads.
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EM Resilience To Headline Volatility
- EM markets showed resilience to headline-driven volatility this week despite spikes in VIX and US equities.
- Jonny Goulden suggests markets are looking through noise as long as global macro drivers remain positive.
Markets Learned To Ignore Reversible Headlines
- Markets learned not to overreact to on-off tariff and headline threats because statements can reverse quickly.
- Jonny Goulden argues this learning helps explain muted EM responses to recent geopolitical noise.
Technical Signal Points To Tactical Wobble
- The EMF exercise index flagged extreme overbought risk appetite, which historically signals tactical reversals.
- Anezka Christovova warns that a normalization usually wobbles markets but rarely reverses long-term trends.