Emerging market central banks have adopted a hawkish bias following the war-induced oil shock, yet fiscal concerns could weigh on domestic currencies as local governments attempt to mitigate the negative impact of rising energy prices. Cem Karacadag, head of global sovereign debt at Barings, joins Damian Sassower, Bloomberg Intelligence’s chief EM fixed income strategist, on this episode of the EM Lens podcast to assess portfolio risk, country exposure and institutional interest in the wake of the war in Iran. Karacadag and Sassower discuss issues ranging from curve shape and currency volatility to spread resilience and safe-haven positioning.