降息150个基点！土耳其央行连续四次出手

Core Viewpoint - The Central Bank of Turkey has accelerated its interest rate cuts for the fourth consecutive time following softer inflation data, lowering the policy rate by 150 basis points to 38% [2][4]. Group 1: Interest Rate Cuts - On December 11, the Central Bank of Turkey announced a reduction in the policy rate from 39.5% to 38%, exceeding expectations with a cut of 150 basis points [2]. - This marks the fourth consecutive rate cut by the Central Bank, which began in July with a reduction of 300 basis points to 43%, followed by a 250 basis point cut in September to 40.5%, and a 100 basis point cut in October to 39.5% [4]. Group 2: Inflation and Economic Indicators - The committee noted that consumer inflation in November was unexpectedly lower due to a decline in food prices, and the basic trend of inflation showed a slight decrease in October and November [5]. - The GDP growth rate for the third quarter was higher than previously predicted, and leading indicators for the fourth quarter suggest that demand conditions continue to support the process of inflation decline [5]. Group 3: Future Policy Outlook - The Central Bank emphasized a cautious approach, stating that despite signs of improvement in inflation expectations and pricing behavior, risks to inflation decline remain [6]. - The tightening policy will continue until price stability is achieved, and if there are significant deviations from the medium-term inflation targets, the Central Bank will tighten its policy stance [7][8]. - Economists had mixed expectations regarding the rate cut, with some anticipating a more cautious approach due to rising medium-term inflation expectations [7].