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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 Central Bank
Turkey Central Bank
Executive Summary
- CBRT left its 1-wk repo unchanged at 14.00% (as expected)
- The MPC said it expects the disinflation process to start on the back of measures taken for sustainable price and financial stability and base effects. This is a stark divergence from sell-side expectations for a surge in CPI to 50-55% by May.
- The CBRT has entered wait and see mode, but we continue to expect policy to become more complicated in 1H22 with the use of more non-standard policy tools over rate hikes – failing to address the underlying issues facing the economy.
- TRY gained 1.22% vs the USD following the decision, but pared most of the move into the end of the session. Both local & USD rates maintained bullish momentum post-decision to close firmer on the day.
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@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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