Speaking to Chicago public radio station WBEZ, Chicago Federal Reserve Bank President Austan Goolsbee warned on Thursday that if the strike continues, supply-chain disruptions could exert upward pressure on prices and negatively impact the economy.Austan Goolsbee on Thursday said retailers and manufacturers had stockpiled about two weeks worth of items …
Read More »Turkey’s Economic Tightrope: A Balancing Act
A Tale of Two Quarters Turkey’s economic journey has been a rollercoaster in recent times, with a steep ascent in the first quarter followed by a more cautious descent in the second. The reasons for this shift are as complex as the Turkish economy itself. The First Quarter: A Consumer …
Read More »FOMC Minutes: US Consumer Prices Favour Declining Inflation
The minutes of the latest FOMC meeting issued on Wednesday indicated that members of the committee are convinced that the US consumer price index readings (CPI) last May provided evidence that there is progress in terms of lowering inflation while meeting the central bank’s goal.A number of policymakers also suggested …
Read More »Turkish Central Bank revises inflation forecasts upward, vows to maintain containment efforts
On Thursday, the Turkish Central Bank revised its inflation forecast for the end of the year, projecting it to reach 38 percent. Governor Fatih Kara Khan emphasized the bank’s commitment to taking decisive measures to prevent further deterioration in inflation, reaffirming its stance on tightening monetary policy. Presenting the quarterly …
Read More »Inflation in Türkiye rose near 70%, recording the highest level since 2022
Official data released on Friday revealed that annual consumer price inflation in Turkey surged to 69.8 percent in April, marking the highest level since late 2022. This figure, while slightly below expectations, was primarily driven by significant increases in education, restaurant, and hotel prices. According to the Turkish Statistical Institute, …
Read More »Turkey’s trade deficit narrowed to $7.52 billion in March
On Thursday, the Turkish Trade Ministry announced that the country’s trade deficit had narrowed by 10.3 percent year-on-year to $7.52 billion in March. The ministry further stated that the ongoing trend of increasing exports and decreasing imports is anticipated to persist throughout the year. According to the ministry’s statement, exports …
Read More »Turkish stocks rise and the lira declines after the election results
On Monday, Turkish stocks experienced a notable increase while the lira saw a slight decline after reaching its lowest levels ever against the dollar following the opposition’s significant victory over President Recep Tayyip Erdogan’s Justice and Development Party (AKP) in local elections. Analysts attributed the AKP’s electoral setback to factors …
Read More »PCE Preview: Forecasts by seven major banks, inflationary pressure still high
The US Bureau of Economic Analysis (BEA) will release the Core Personal Consumption Expenditure (PCE), the favoured inflation gauge of the Fed, on Friday, March 29 at 12:30 GMT. As the release date approaches, the following are the projections from academics and economists at seven major banks.It is expected that …
Read More »Turkish Central Bank Surprises Markets with Interest Rate Hike
In a surprising move, the Turkish Central Bank raised its benchmark interest rate by 500 basis points, reaching a staggering 50%. This decision comes in contrast to market expectations of holding rates steady and marks the second meeting under the leadership of the new bank governor, Fatih Karahan. The move …
Read More »Annual inflation in Turkey rose beyond expectations to about 67% in February
In February 2024, annual inflation rates in Turkey surged to 67.07%, slightly surpassing expectations of 65.74%. This uptick followed a modest increase in January of the same year, where inflation stood at 64.86%. Over the period spanning from 1965 to 2024, Turkey has experienced an average inflation rate of 35.06%. …
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