Eight Months After Bear Market, Erdogan Drives Real Rates Negative As Local Stocks Boom

"Interest rates have fallen, are falling and there is another announcement due today", Recep Tayyip Erdogan said, an hour before CBT delivered yet another rate cut, the fifth in a row. At 75bps, the latest move isn't massive, but it brings the total amount of easing under Governor Murat Uysal to 1,275bp. Uysal delivered the largest cut in history shortly after being installed in July, when Murat Cetinkaya was unceremoniously ousted for refusing to ease fast enough to satisfy an impatient Er