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TD Still Forecast a 400bps Hike in June

TURKEY
  • The CBRT is likely hold in May.
  • However, headwinds on the lira are intensifying despite increased intervention.
  • It may not take long before pressure is too much to bear.
  • TD has be expecting this dynamic to occur in H1 2022 and, thus, TD still forecasts a +400bps hike in June.
  • However, TD sees the risks rising for a hike already this week if all else fails to stabilize TRY.

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