•  The marked divergence in the expected path for the federal funds rate between that implied by market instruments (such as federal funds futures or overnight indexed swaps) and that obtained from FOMC projections and forecasters surveys, increases the possibility of surprises and sharp adjustments in financial markets.
•  The share of the nonbanking sector in the intermediation of international credit has risen substantially after the crisis, with the growing role of the asset management industry being particularly noteworthy. It has been noted that this kind of investors may be more prone to herd behavior, and therefore EMEs may be facing an increased risk of contagion during episodes of financial turbulence.