Home Economy News JPMorgan adds new Turkey rate hike forecast after inflation jump

JPMorgan adds new Turkey rate hike forecast after inflation jump


JPMorgan adds new Turkey rate hike forecast after inflation jump By Reuters

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Published Mar 04, 2024 10:23AM ET

© Reuters. FILE PHOTO: A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar/File Photo

LONDON (Reuters) – Stronger-than-expected Turkish inflation data led JPMorgan on Monday to add another 500 basis point interest rate hike to their forecasts for the country in April, a move that, if correct, would hoist Turkey’s headline rates to 50%.

The U.S. investment bank previously expected Turkey’s recent hike, to 45%, to be the last of the current cycle, which has seen the bank jack up rates by a huge 3,650 basis points since June.

“Headline CPI inflation came in at 4.5% m/m in February, much higher than our expectation of 4.2% and the market consensus of 3.8%,” JPMorgan said in a research note.

The bank kept its year-end policy rate forecast of 45%, however, saying the Turkish central bank might cut its policy rate in November and December.

JPMorgan adds new Turkey rate hike forecast after inflation jump

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