The CBRT capitulates sooner than expected

TURKEY - Report 23 Sep 2021 by Murat Ucer

In a surprise move of sorts, the CBRT/MPC cut the policy rate (one-week repo) by 100 bps to 18% (simple) today (see chart). We are saying “of sorts”, because even though the “revealed” consensus was one of no rate-cut, everyone, including this author, was nervous that a premature rate cut could follow today – and so it did.

Now read on...

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