Spreadex Market Update
Euro Zone Economy Shows Steady Growth
Turkey's central bank has cut interest rates for the sixth straight month, despite high inflation and the threat of credit rating downgrades. They justify this by saying the adverse market impact of last month's failed coup had all but reversed. The bank cut its overnight lending rate by 25 basis points to 8.5 percent. It left its benchmark one-week repo rate unchanged at 7.5 percent. William Jackson of Capital Economics said this decision "provides further evidence that the (monetary policy) council is paying scant regard to its inflation target and more attention to moves in the currency."
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