100个基点！土耳其降息！

Core Viewpoint - Turkey's central bank has initiated a rate cut, reducing the benchmark interest rate from 38% to 37%, marking the first rate cut since 2026, despite ongoing inflationary pressures [1][2]. Group 1: Monetary Policy Changes - The central bank's decision to lower the benchmark interest rate is part of a broader trend of easing monetary policy, which began in late 2024 after a period of aggressive rate hikes [2]. - The central bank had previously raised the benchmark rate to a peak of 50% in March 2024 to combat high inflation, which reached 85.5% in October 2022 [2][3]. - The rate cuts have been gradual, with significant reductions occurring in 2025, including a 300 basis point cut in July, followed by further cuts in September, October, and December [3]. Group 2: Economic Outlook - The International Monetary Fund (IMF) has revised its economic growth forecasts for Turkey, projecting a growth rate of 4.2% for 2026 and 4.1% for 2027, up from previous estimates of 3.7% [3]. - The IMF report highlights a notable difference between service and goods inflation in Turkey, indicating that service prices are more resilient to exchange rate shocks, but their inflation patterns are more persistent [3].