‘This Is A Joke’: Lira Crashes To Record Low As Market Doubts Erdogan’s Credentials As Rates Strategist

This is completely out of control. That's what we said on Monday about a Turkish lira that's more "beleaguered" than Jeff Sessions after a Donald Trump Twitter tantrum. As regular readers know, the problem here is two-fold (well, actually it's about twenty-fold, but it can be boiled down to two issues): inflation is the highest since 2008 and core inflation is the highest since 2004 but Erdogan the rates strategist is sticking with his unorthodox approach to monetary policy where "unorthodox"