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Turkey Delivers Emergency Rate Hike But Credibility Is Already ‘Shot To Hell’
Well, Turkey is going to try and convince the market the central bank retains some shred of credibility in the face of the ongoing lira rout.
Predictably, this is another LLW hike, the second in a month. You'll recall that the last time they tried this, it fell flat.
But that was 75bps, and this one is 300:
TURKEY CENTRAL BANK RAISES LLW RATE TO 16.5%
That came on the heels of an "emergency" meeting, which many suggested was absolutely necessary at this point, especially after the over
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