Global Research Unlocked

Research evidence excerpt

Global Research Unlocked

Accessible version

Positive structural case for EM won’t

collapse under a few Fed hikes

10 July 2026Key takeaways

• BofA Global Research analysts join the podcast to discuss emerging risks, Fixed Income

opportunities, and growth themes in global markets. Emerging Markets

• David Hauner remains bullish on EM and any prospective Fed-driven weakness would Research Marketing

likely provide a good entry point. Thomas (T.J.) Thornton

Head of Research Marketing

• Turning to Brazil, David Beker suggests many recent positives have reversed and the BofAS

+1 646 855 2449

election has sidelined many investors. thomas.thornton2@bofa.com

Emerging Markets Strategy

David Hauner, CFA >>

Global EM FI/FX Strategist

MLI (UK)

LatAm Equity Strategy

David Beker >>

Bz Econ/FI & LatAm EQ Strategy

Merrill Lynch (Brazil)

EM resilience tested by Fed, fueled by long-term flows

Emerging market equities have more than doubled the S&P 500’s return year-to-date,

and have held up well despite rising Fed hike expectations and a stronger US dollar. In

this episode, David Hauner explains why he remains structurally bullish on EM despite

our Economic team’s expectations for three Fed hikes later this year. David discusses

how flows over the last decade, interest rate differentials and dollar diversification play

into his calculus. He also addresses the impact and risks that come with U.S. Midterm

Elections and AI. David Beker joins for commentary on Brazil, where weaker growth

expectations, lower oil and a less favorable rate outlook have flipped the script. But he

suggests that political clarity could help investors to re-engage. Global Research Unlocked

can be found on public podcast platforms, including Spotify, Apple Podcasts, YouTube Music

and Amazon Music.