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Turkish Rates Gain as Powell Comments Bolster Risk Sentiment

TURKEY
  • Local & USD rates remain Unch this morning, having closed yesterday’s session mostly firmer as UST yields pulled back from their highs following somewhat less hawkish comments from Powell.
  • TurkGB yields dipped -6-15bp with a slight bull steepening bias, which was mirrored in USD bonds with 2Y yields falling -22bp.
  • Credit default swaps stalled at 580, falling -8.1bp on the day. Implied vols in USD/TRY have also fallen notably with the cross holding a tight 13.7261-13.9404 range since 7 Jan.
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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