Global Banks Rush to Recast Calls for Turkish Interest-Rate Cuts
Wall Street banks are having to rewrite their forecasts for the timing of Turkey’s first interest-rate cut after higher-than-expected inflation prints in September.
Over the past day, a wave of analysts who anticipated the first cut as early as next month pushed their forecasts out to next year. Among them was JPMorgan Chase & Co., whose economists now see 250 basis-point cuts in each month from January through August, ultimately bringing borrowing costs down to 30% from the current 50%.