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Has the Fed left emerging markets out in the cold?

Just because the U.S. Federal Reserve did not mention the recent emerging-market volatility following its latest meeting it doesn't mean it's not watching the turmoil closely, analysts say.

The Fed on Wednesday concluded a two-day policy meeting with a decision to unwind its massive monetary stimulus program by a further $10 billion.

(Read more: Fed eases up on QE by another $10 billion)

Contrary to some expectations, the central bank did not address the sharp sell-off in emerging markets from Turkey to Argentina and South Africa, triggered in part by the scaling back of Fed stimulus that has helped underpin flows into such markets in recent years.

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"From the viewpoint of domestic U.S. economic conditions the statement is completely anodyne. From the point of view of emerging markets, the Fed has just said 'hasta la vista, baby,'" Steven Englander, global head of G10 currency strategy at Citi, said in a note.

U.S. and Asian equity markets fell sharply following the Fed's move. Asian currencies headed back towards their recent lows against the dollar and the slipped 0.2 percent to 2.26 to the dollar, having strengthened to as much as 2.16 on Wednesday as a sharp hike in Turkish interest rates a day earlier offered the battered currency some respite.

(Read more: After Fed, the focus shifts to slump in emerging markets)

Against a backdrop of sharply weakening currencies and heightened concerns about an outflow of foreign cash, central banks in India, Turkey and South Africa have all raised interest rates this week.

"There was no mention of emerging markets in their [the Fed's] statement. From a U.S. perspective, what's going on in emerging markets so far is not going to have a significant impact on the U.S. economy," said Mark Zandi, chief economist at Moody's Analytics.

"My sense is that the Fed has emerging markets on their radar screen, but so far it's not signaling any major problems for them to rise to the level to be in their statement," he added.

In short, say analysts, the fact that the Fed omitted a mention of the emerging-market turmoil in their statement should be taken as a sign that they do not view the current bout of turmoil as a systemic risk that could hurt the U.S. economic outlook.

(Read more: Here's what changed in new Fed statement)

"I was not surprised that the Fed didn't comment on emerging markets because it was a recent development and doesn't represent a sustained development," Peter Bain, president and CEO at Old Mutual Asset Management in Boston told CNBC Asia's "Cash Flow."

Quincy Krosby, a market strategist for Newark, New Jersey-based Prudential Financial, added this: "Just because they were not mentioned in the statement doesn't mean the Fed has closed its eyes to what's happening in emerging markets."

"Central banks have regular contact with each other and if the turmoil in emerging markets was viewed as systemic then the Fed would act. Right now the perception is that the problems are confined to individual markets such as the Ukraine, Turkey or Argentina," she added.

Reporting by Dhara Ranasinghe; Follow her on Twitter at @DharaCNBC


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