End of Easing Cycle Makes for a Picky Time in Emerging Markets

September is shaping up to be the month when the dial on the interest-rate compass no longer pointed so markedly south for the world’s developing economies.

Of the six major emerging-market central banks due to decide policy in the coming week, only one — South Africa’s Reserve Bank — is forecast to lower borrowing costs, extending a pattern that saw Malaysia, Peru, Ukraine and Chile keep rates unchanged this month.

The diminishing willingness of policy makers to reduce interest rates — not to mention their scope to do so — underscores the…

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