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Rubem Novaes, the new president of the Bank of Brazil. Photo: Evaristo Sa/AFP/Getty Images

The reversal of quantitative tightening has now gone global.

The big picture: Emerging market central banks are now the most dovish they have been since 2009, Bank of America Merrill Lynch strategists said. Their findings were based on language in various central bank statements.

  • Since the Federal Reserve's dovish turn in January, other central banks have followed suit, including the European Central Bank, Bank of England and Bank of Japan, with emerging markets now joining the action.
  • "EM central banks have turned the most dovish since 2009 because of the mounting fears of a sharp slowdown evident across Asia and Europe in particular," David Hauner, head of emerging EMEA economics at BAML, tells Axios. "The source of the slowdown is weakness in China."

The latest:

The move away from tightening policy comes as global debt levels have reached more than 300% of the world's GDP and emerging markets have taken on an increasingly unsustainable debt load.

  • The world is now "pushing at the boundaries of comfortably sustainable debt," IIF's managing director of policy initiatives Sonja Gibbs told Axios last month.

Why it matters: Loosening monetary policy tends to boost economic growth but also weaken local currencies and create asset bubbles. That puts added stress on countries' debts, which for many emerging markets are issued in dollars, euros or renminbi rather than their own currencies.

  • That means that if things don't go well, they increase the likelihood of defaulting on their sovereign debts, endangering bondholders around the globe.

Go deeper: Emerging markets go mainstream

Go deeper

Trump bump: NYT and WaPo digital subscriptions tripled since 2016

Data: Axios reporting and public filings; Chart: Axios Visuals

The New York Times and The Washington Post have very different strategies for building the subscription news company of the future.

The big picture: Sources tell Axios that the Post is nearing 3 million digital subscribers, a 50% year-over-year growth in subscriptions and more than 3x the number of digital-only subscribers it had in 2016. The New York Times now has more than 6 million digital-only subscribers, nearly 3x its number from 2016.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Biden's emerging climate orbit

Photo illustration: Aïda Amer/Axios. Photo: Win McNamee/Getty Images

As of Tuesday morning, we know a lot more about President-elect Joe Biden climate personnel orbit, even as picks for agencies like EPA and DOE are outstanding, so here are a few early conclusions.

Why it matters: They're the highest-level names yet announced who will have a role in what Biden is promising will be a far-reaching climate and energy agenda.

Janet Yellen is back

Photo illustration: Sarah Grillo/Axios. Photo: Hannelore Foerster/Getty Images

A face familiar to Wall Street is back as a central player that this time will need to steer the country out of a deep economic crisis.

Driving the news: President-elect Joe Biden is preparing to nominate former Fed chair Janet Yellen to be Treasury secretary.