In this FVI update, we consider how and where the risk of higher inflation might affect vulnerability to financial crises across countries, through the lens of Fathom’s proprietary Financial Vulnerability Indicator. Fiscal stimulus in the US could lead to increased inflation and higher rates at the long-end of the curve The ‘Taper Tantrum’ offers a template for how EMs could be impacted if this caused a large sell off in EM assets Imbalances and reversals alongside foreign ownership of debt…