Emerging-Market Bonds: The Stars Align

Low inflation has gone global. But while it is proving a test for central banks like the U.S. Federal Reserve and European Central Bank, it is a different story in emerging markets. Investors in local-currency government bonds are the winners—and could have more to come.

The gains so far in 2017 are pretty remarkable. The J.P. Morgan GBI-EM index of emerging-market local-currency bonds has returned 14.6% in dollar terms so far this…

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