Turkey: Markets yawn at rate cut due to broken transmission mechanism (2 charts)
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The CBRT cut by 150bps to 10.5%, bringing cumulative cuts to 350bps in last 3 meetings and the real policy rate to -73%
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TRY is flat at time of writing as macroprudential measures take over for repo rate as key monetary policy instrument
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"Liraization" can contain rates and currency for now, but will ultimately blow up in CBRT's face; retain Sell on TRY
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