Managers predict improving credit quality as macro outlook brightens

fixed income high yield

Emerging market bond volatility during 2004 has been independent of emerging markets' fortunes, although the asset class has been hostage to movements in US interest rates and a more positive economic story in America.

However, emerging-market debt managers have urged caution at drawing conclusions on Fed tightening, and have counselled investors to await at least two more months' worth of data before assuming US interest rates will be raised.

Raphael Kassin, manager of ABN Amro's recently lau

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