* Fed’s Powell says central bank likely to raise rates further but more slowly
* US govt reviewing security concerns linked to China’s cloud computing firms
* TikTok offers an opportunities — and headaches — for companies
* Senate leader urges Congress to accelerate AI regulatory efforts
* Turkey set for steep interest-rate hike to battle inflation
* Short bets on US stocks rises to $1 Trillion, most in over a year
* Economic bellwether FedEx reports disappointing earnings
* Large value funds suffer record outflows in May:

This year’s rally in emerging markets bonds continued on Wednesday, lifting VanEck Vectors JP Morgan EM Local Currency Bond ETF (EMLC) to 16-month high. “Much has changed since a year ago, when we favored shifting fixed income credit risk toward the US due to its relative economic strength and the dollar’s dominance,” writes Steven Oh, global head of credit and fixed income at PineBridge, in a recent report. “Now in the second half of 2023, it’s essentially the reverse, with a continued shift toward a more global portfolio approach, including a renewed focus on emerging markets.”