UST rally ‘for wrong reasons’ no good for battered EM
![Exchange office in LETICIA. Department of Amazonas .COLOMBIA](https://assets.euromoneydigital.com/dims4/default/cb1e7d6/2147483647/strip/true/crop/4287x2847+0+0/resize/840x558!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fdf%2Fb0%2Fab34af354233b16dcbe0d9c0cca2%2Fdw6hhw.jpg)
Risk-off environment and inflation battle are a nasty combination for EM
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