Not a pitchfork, but a Manure Fork.
Turk Central Bank cut rates in a surprise move this AM. Turk Lira collapsed right after. Algos winning in that race….
The Turkish central bank in a surprise move cut interest rates by 100bp to 18% on Thursday against widely expected forecasts of maintaining rates at 19%. The Turkish lira fell 1.5% following the rate cut to 8.8 lira to the dollar. Its dollar bonds were not spared, falling ~1-2 points late on Thursday.
Turkish Central Bank Surprises with Rate Cut by 100bp …
bondevalue.com/news/turkish-central-bank-surprises-with-rate-cut-by-100bp-dollar-