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Bullish Outlook

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Trend Needle Still Points South

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US-ASEAN Summit Concludes

CANADA

Risk-On Sentiment Dominates

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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.

Full Review Here:

CBRT Review 21.01.22.pdf

MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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