The latest FX turbulence and the extreme move in bonds

UK - leading EM nation?

It was a month ago we asked ourselves rhetorically When do we add GBP to the EM FX basket? when we pointed out the rise in GBP vols. Fast forward to today, and the GBP is showing moves in vols (over the past 2 sessions) that we have not seen in DM FX land in a very long time. 1 month vols started the year around 5.5% and are now trading at almost 23%. What are emerging markets these days?