Turkey: Cautious TCMB cuts
Last night the Turkish central bank (TCMB) cut its key policy rate by 25bp to 15.50%. This was less than our and consensus expectations of a cut of 50bp. After having cut interest rates quite aggressively in recent months and more than on one occasion having surprised by cutting more than expected, the smaller than expected cut yesterday clearly signals that the TCMB is becoming more cautious. This should be seen in the light of the continued worsening of global credit conditions and the risk
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Fed Open Market Committee, January 17
Ben S. Bernanke testimony before the committee on the Budget, U.S. House of Representatives · Bernanke indicated that the baseline scenario for economic activity has worsened and the downside risks to growth have increased · The speech is consistent with our current expectations of a 25-50 bp cut in the next FOMC meeting · The Fed supports the rapid implementation of temporary measures to stabilize economic activity, which includes a fiscal stimulus package Mr. Bernanke indicated that the Fed
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