Emerging markets are attracting renewed investor interest after U.S. Treasury Secretary Scott Bessent doubled planned buybacks of longer-dated government debt last month, weakening the dollar and easing the risk of a sharp rise in funding costs. Brookings Institution senior fellow Robin Brooks said the policy could create a "wall of money" for emerging markets by supporting carry trades, in which investors borrow in cheaper currencies and buy higher-yielding assets. Global emerging-market bond funds received $967 million in the week to Wednesday, about 15% more than the previous week. Brazil, Turkey and Colombia are among the favored destinations, while Australia and Norway are preferred within the G10. Gold has also gained as investors seek safe-haven assets, with Deutsche Bank and Bridgewater Associates founder Ray Dalio backing the metal. Analysts said Asian currencies may continue to lag emerging-market peers because of their lower implied yields, while dollar-funded carry trades are only beginning to recover from massive outflows linked to the Iran war.