• REUTERS

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Developing world investors, buffeted by various “taper tantrums” over the last decade, are now nervously watching as the rainmaker of global markets — the U.S. Federal Reserve — readies its most aggressive rate hike cycle in 17 years.

More hot jobs data on Friday drove the benchmark for world borrowing costs, the 10-year U.S. Treasury yield, to its highest level in two years, prompting yet more gnashing of teeth among emerging market (EM) money managers already having a tough year.

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