Thursday, December 18, 2008

Casino Royale in Ankara

The Central Bank of Turkey managed to surpass the the Fed in engineering the perfect surprise rate cut: 125bp in the borrowing rate versus expectations of 50bp.

I will cover this in detail in my weekly Hurriyet Daily News column on Monday, but the CBT is increasingly reminding me of James Bond at the poker table in Casino Royale: Extremely self-confident and reckless. I keep reminding myself that 007 prevails in the movie, but real life is usually harsher than in movies...

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