Turkey’s currency and government bonds sold off after the central bank’s first interest-rate increase in more than two years.
Investors were hoping for a monster increase. And while the jump to 15% from 8.5% sounded big, it fell short of investors expectations.
Goldman Sachs had forecast the key lending rate would rise to 40%, while JPMorgan had seen an increase to 25%. The median expectation in a central-bank survey of predominately local analysts was for rates to rise to 17%.
Source: https://www.wsj.com/livecoverage/stock-market-today-dow-jones-06-22-2023/card/turkey-nearly-doubled-interest-rates-but-markets-say-it-s-not-enough-Yb49pm0HsbIijKTzQC0O?siteid=yhoof2&yptr=yahoo