October 03, 2024 11:51 GMT
TURKEY: CBRT Governor Retains Determined Approach to MonPol
TURKEY
CBRT governor starts presentation to parliamentary committee, stating that the CBRT are to continue their determined stance on monetary policy, and that macroeconomic indicators are inline with the disinflationary path.
Karahan's comments on inflation follow this morning's CPI release that saw core Y/Y dip below 50% - thereby prompting real Turkish rates to turn positive for the first time since 2021.
- On this morning's CPI, HSBC write that the release supports their view that an easing cycle is more likely to start next year unless there is a clear improvement in services inflation across Q4.
- They see today's data as continuing to show that momentum in services inflation remains significantly higher than the CBRT's condition, and continue to see no rate cuts in 2024.
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