Turkey: Central bank holds again, but easing bias still clear
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Repo rate held at 19% as expected, with promise to keep real rates positive until 5% inflation target achieved
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Inflation continues to rise, but CBRT forecasts year-end CPI at 12.2% and will maintain stance until it begins to drop
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Hawkish stance is encouraging but the cutting bias is clear. If it is premature, it will lead to TRY pressure
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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