Says US fiscal policy will be less expansionary than previously assumed.

Union doesn’t offer a recommendation, but calls proposals “best achievable” package.

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Only $4 billion raised in Q2, with record $19 billion raised in Q1 likely eating into demand.

Firms’ short-term cash holdings have moved away from money-market prime funds towards government funds.

EMs currently account for more than half of the world’s GDP and around two-thirds of GDP growth—that economic share is only expected to rise as EMs are projected to grow faster than developed markets (DMs) in upcoming years.

Many see US equity valuations as stretched, and emerging markets offering the most opportunities in the next few years.