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TurkGBs Re-Open to Red Hot April CPI Data

TURKEY
  • TurkGBs & stocks reopen today after the extended Eid Al-Fitr break and are thus far treading water around the open, while USD bond yields stand -5-10.6bp lower – led by the 2 & 15Y.
  • USD bond yields closed mostly flat prior to the FOMC yesterday, which saw a reduction in hawkish market expectations after Powell downplayed the chances of +75bp hikes in the cycle.
  • This morning’s higher CPI print will likely weigh on TurkGBs as real policy rates move deeper into negative territory (-55.97%).

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

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