Rare Emerging Market Yield Anomaly Returns Amid Global Bond Selloff
- Rare yield anomaly in emerging markets seen during extreme stress has returned
- Slump in US Treasuries exacerbated selloff in developing nation debt
- Yield on EM bonds exceeded earnings yield on EM stocks, upending typical relationship
- Anomaly typically only lasts a few days, seen briefly earlier this year in corporate bonds
- Signs of strong US job market refueled concern that US rates would stay high
