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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
TURKEY
A quick reminder that we have the latest CBRT monetary policy decision today. The BBG median looks for a 175bp hike in the 7-day repo rate, which would leave the benchmark rate at 12.00%. A reminder that the average cost of TRY funding (white line in the chart) is already some ~225bp above the 7-day repo-rate (yellow line in the chart) given the measures employed by the CBRT to (unsuccessfully) guard against TRY weakness in recent months, as it looks to fight against the feedback loop that is driving inflation higher. The CBRT's independence is of course under continued scruity, given President Erdogan's previous meddling.
Source: Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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