Fed believes that emerging economies can cope with the rate rise ...

From: Panel remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Sixth High Level Conference on the International Monetary System: Monetary Policy Challenges in a Changing World, Zurich, Switzerland, 12 May 2015.

Federal  Reserve believes that that many Emerging Market Economies (EMEs) generally seem better equipped to respond to the Fed's prospective exit from its exceptional policy accommodation than they were during past tightening cycles.  

" Among the positives are:

• The absence of pegged exchange rate regimes that often came undone violently during periods of acute stress;
• Improved debt service ratios and generally moderate external debt levels;
• Larger foreign exchange reserve cushions;
• Clearer and more coherent monetary policy frameworks, supporting what are now generally low to moderate inflation rates;
• Generally improved fiscal discipline; and
• Better capitalized banking systems, supported by strengthened regulatory and supervisory frameworks."

The Fed is obviously building grounds for a rate hike. as and when that happens. 

Views expressed without risk or responsibility