Money manager Lazard is out with their latest quarterly commentary regarding Emerging Market equity and fixed income. "Over the next 12 to 18 months, we believe that the outlook in emerging markets remains relatively strong and that growth rates will slow to a healthy level. Furthermore, we continue to expect headline inflationary pressures to subside as growth declines marginally and liquidity tightening measures work their way through emerging markets economies. Perhaps most importantly, we believe that valuations are reasonable in emerging markets, given this backdrop."