The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
Amazon and Blue Origin founder Jeff Bezos gave more insight into his space company's lunar plans on Wednesday.Technologyread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Delta warned travelers that a technical problem could delay flights on Wednesday.Airlinesread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
If the Trump administration and Congress fail to reach a spending agreement, the White House will offer to keep the government funded at its current levels for a year, Mnuchin...Politicsread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Investors need to be cautious because the economy will get hurt the longer the trade war drags on, Jim Cramer says.Mad Money with Jim Cramerread more
Slack Technologies' reference price was set at $26 per share, the New York Stock Exchange announced Wednesday evening.Technologyread more
With the risk of rising U.S. interest rates receding, now is the time for investors to end their underweight positions on emerging markets, Mark Mobius, executive chairman of Templeton Emerging Markets Group, told CNBC.
Mobius said emerging market bonds particularly looked attractive as companies were still paying healthy coupon rates at a time major central bank rates have slashed interest rates below zero or are at troughs.
One of the risks that drove funds out of emerging markets -- expectations of a more hawkish U.S. Federal Reserve -- appears to be fading. On Wednesday, the Fed cut its projection for the number of interest rate hikes it expects to make this year to just two from four and projected just two hikes in 2017. That was a more dovish move than was expected.
"Over the last three years, emerging markets have been hit by the threat of Fed increases. Now you have a situation where the Fed is hesitating and maybe even will cancel the idea of rate increases," Mobius told CNBC's Capital Connection. "So you have a situation where American investors and investors globally are beginning to think, wait a minute, U.S. markets are peaking, the U.S. dollar looks like it's peaked, maybe I should start diversifying out into other areas. "
Emerging markets represent around 30 percent of global equity market capitalization and gross domestic product (GDP), according to Mobius, and by that metric, if investors own less than that, they're underweight, he said, adding most investors now "are severely underweight in emerging markets."
That's borne out by the Bank of America-Merrill Lynch fund manager survey for March. It found that a net 11 percent of global fund managers are underweight emerging market equities, although that's an improvement from last month's net 23 percent underweight. Fund managers have been net underweight emerging market equities for 15 straight months, the survey found.
But there are signs the aversion is shifting. Around 26 percent of fund managers in the survey identified being short emerging markets as the most crowded trade this month.
He noted that in light of several central banks turning to negative interest rate policies, including the Bank of Japan and the European Central Bank, emerging market bonds are looking more attractive.
"Companies are doing pretty well and they're offering very high rates," he said. "If you're issuing a bond at 6, 7 or 8 percent in U.S. dollar terms, that's extremely attractive for somebody sitting in the U.S. with a negative rate."
Franklin Templeton Investments has around $714 billion under management.
Mobius isn't alone in seeing value in emerging markets.
"As long as you have a Fed that's anchored to being more dovish, that's going to tend to be more supportive to emerging markets," Greg David, head of fixed income at Vanguard, told CNBC. "We think there's value there and as long as the Fed is somewhat dovish, we think it can outperform the broader market."
Follow CNBC International on and Facebook.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter