(chart). Local markets (and equities, in particular) have yet to refill as EM grows. jai flows: Only a partial iefill post-tantrum or TONI NAPA • MANN Ram, Cumulative Iron, Itin'09 H1 IAN '13 RH, TN* (OM • equity) FICrem Cumulative Ppm Jun1304 Sep '17 taper tantrum 1200 1000 800 40D 400 200 PAI