Loose financial conditions are helping to alleviate short-term stability concerns, yet medium-term vulnerabilities are rising as the result of less-optimistic monetary policy expectations. In this month’s EM Lens & Look-Through podcast, Fabio Natalucci, deputy director of monetary and capital markets at the IMF, and Jason Wu, head of the IMF’s Global Markets division, join Bloomberg Intelligence Chief EM Fixed Income Strategist Damian Sassower to share their views on underlying asset valuations amid the recent surge in financial market volatility. Natalucci, Wu and Sassower discuss global monetary policy, central bank divergence, foreign exchange carry, Chinese shadow banks and US private credit.