It's a very positive backdrop for EM. Solid US economy and a weak dollar are a real tailwind. Currencies like BRL and ZAR are up 4-5% YTD.

Very positive on Brazil to South Africa, also Colombia. These markets will use dollar strength to have policy room to maneuver at home. EM central banks will have space to cut rates more. Good for local bonds and FX because with a weaker dollar, there's less concern about financial stability. The EM local complex is what we look at most favorably this year.

A bit of both. Tariff threats are something to watch, but most markets weathered that storm and are ready to negotiate, and Trump has shown willingness to negotiate. These markets have improved fundamentals, policy-making is more credible, and they have space to use policy tools.