Despite the long drum roll anticipating what could be the U.S. Federal Reserve’s first monetary tightening in years, the odds of the Fed lifting interest rates this week have lengthened so much that emerging markets could be hit hard if it happened. Emerging market currencies have tumbled, equities have fallen and bond yields have risen steadily since the middle of the year, when Fed officials flagged the possibility that they could lift their near-zero rates in the second half for the first time in nine years. Expectations on timing had centered on September, but as U.S.