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Emerging market debt (in USD terms) experienced a sharp sell-off in the third quarter, particularly so in September. Market sentiment towards EM turned negative as China's slowdown was exacerbated by challenges within its real estate segment and as the potential repercussions of the Evergrande debt situation increased. Furthermore, US Federal Reserve Chair Jerome Powell indicated the Federal Open Market Committee’s intention to conclude asset purchases around the middle of next year, which seemed sooner than consensus market expectations. The easing of delta variant concerns also contributed to 10-year US Treasury yields rising 18 basis points (bps) in September to touch a quarterly high of 1.49%.