Rising interest rates in developed countries harms emerging markets: economist

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Rising interest rates in developed countries harms emerging markets: economist

STORY: Rising interest rates in developed countries harms emerging markets: economist DATELINE: June 22, 2022 LENGTH: 00:01:54 LOCATION: Mexico City CATEGORY: POLITICS/ECONOMY SHOTLIST: 1. various of U.S. Federal Reserve 2. various of New York Stock Exchange 3. SOUNDBITE (Spanish): MARIO CORREA, Mexican economist STORYLINE: The U.S. Federal Reserve has announced the biggest rate hike in 28 years. Last week, the Fed raised the target for the fed funds rate by three-quarters of a percentage point, in an effort to tamp down the worst inflation in 40 years. The rate increase was the biggest since 1994, and was implemented after data showed the central bank has failed in its efforts to fight inflation. In a recent interview with Xinhua, Mexican economist Mario Correa said that rising interest rates in developed countries "is usually a bad news for emerging markets that depend on capital flows." SOUNDBITE (Spanish): MARIO CORREA, Mexican economist "When the central banks of developed countries start to raise

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