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Bond Market News
Turkey’s Inflation Eases Marginally as Rate Cuts
November 5, 2024
Turkey’s inflation eased slightly less than expected in October, to 48.6% from 49.4% in September, just above forecasts of 48.3%. Analysts believe that the latest print will reinforce the view that interest rate cuts are unlikely this year. Monthly inflation also moderated to 2.88%, down from 2.97% in September. The Turkish central bank has kept the the key interest rate unchanged at 50% since March, helping lower inflation from over 75% in May. Despite the easing of inflation, concerns remain about the pace of disinflation, leading many economists to push back expectations for interest rate cuts in 2024.
Turkey’s dollar bonds traded stable with its 6.5% 2033s at 96.38, yielding 7.06%.
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