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CBRT Give Turkish Rates a Shot In The Arm

TURKEY
  • Local rates bear flattening from the front end at the open today following yesterday's CBRT decision (200bp hike): 3Y +19bp, 7Y +12bp, while USD rates hold flat at the open.
  • Both local & USD rates outperformed yesterday, diverging from the broad EM weakening trend on US Treasury upside.
  • Local curve pulled 23-35bp lower, spread across the curve but most notably in 3Y & 10Y tenors.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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