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Is the Fed making a policy mistake?
With over 20 central banks having their rate meetings taking place this week it has been a rollercoaster. The Fed kicked off the major central banks with a more hawkish decision that projected three rate hikes for 2022. Then the SNB left rates unchanged, the BoE hiked rates, and the ECB kept rates unchanged but signposted the end of their QE program. In the middle of this hectic week, the Turkish central bank announced a rate cut of 100 bps. That was even though Inflation is currently above 20% in Turkey. Why did they do this? It was because of President’s Erdogan’s unorthodox belief that high-interest rates ... (full story)
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