Erdogan Lets Central Bank Raise Rates. It Won’t Likely Last

Turkey's central bank, under new leadership, nearly doubled interest rates on Thursday in a hotly-anticipated decision for EM watchers. I should note immediately that CBT isn't actually under new leadership. Turkey is an autocracy, which means every important decision has to be cleared with Recep Tayyip Erdogan. That's especially true when it comes to rate decisions. Erdogan is the self-described "enemy of interest rates," which means anyone who raises rates is conspiring with an enemy of Erdog