Against this backdrop and the concerns it raises, the reaction in financial markets to the FOMC’s 1/3  BIS central bankers' speeches  decisions to increase the target range for the federal funds rate following its December 2016 and March 2017 meetings—by a cumulative total of 50 basis points—seems benign.
The yields on risky foreign bonds, especially in EMEs, have continued to decline to below historical norms, and global stock prices have risen. The dollar has depreciated since mid-December, especially against EMEs, and the EMEs have experienced capital inflows.