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- Local & USD rates remain unchanged this morning, having remained under pressure into the weekend following a larger than expected 200bp rate cut from the CBRT.
- W/w the local TurkGB curve stands bull steeper with 3m-1y yields -45-63bp lower, while the 7-10Y section continued rise +30-37bp on week.
- While the CBRT intimated that it might take smaller steps going forward, given limited room to ease – markets will continue to err on the dovish side as the bank continues to pursue its revisionist approach to monetary policy.
- Weaker monetary policy credibility broad concern for Turkey's economic trajectory continues to be reflected in the 5Y CDS, which rose 14.71bp last week.