Erdogan Pushed Through Bank of Turkey, Bank of England with No C

Yesterday everyone was absorbed in waiting for the outcome of the drama with Evegrande, as well as waiting for the decision of the Bank of England. But rather unexpectedly, the main surprise came from the Bank of Turkey. Everything in order.

The Bank of England, as expected, kept its key interest rate at 0.1% and its asset purchase target of £ 895 billion ($ 1.22 trillion). But the regiment of those wishing to end quantitative easing has arrived. We can say that the number of those in favor of curtailing QE has doubled. Well, that is, now two members of the MPC of the Bank of England voted for the earliest possible termination of the asset repurchase program. Considering that only 9 people vote - there is only nothing left - to persuade 3 more members to their side.

At least, judging by the reaction of the pound, this is how the results of the meeting of the Bank of England were perceived in the foreign exchange market. Which is rather strange, because on the US stock market, similar results of the FOMC were interpreted by the FRS solely as the parameters did not change, which means there is nothing to fear a tightening of monetary policy.

We mean that the growth of the pound is somewhat undeserved, which means that today it can be sold on the rise.

What else can be sold is the Turkish lira. Erdogan got his way. Recall that the President of Turkey has a rather original view of economic laws: in his opinion, the rate cut by the Central Bank will help reduce inflation. In this regard, the heads of the heads of the Central Banks flew until the depth of this thought reached them. Yesterday the Bank of Turkey decided that it was time to cut the rate, as consumer inflation was only 19.25%. And the rate was lowered from 19% to 18%. Lyra, however, did not appreciate this maneuver and collapsed. So now all imported goods will rise in price and inflation will rise.

Yesterday was X-day for the Chinese developer Evegrande. Will it pay off debts or not? China's central authorities decided no and warned local authorities about the potential fall of Evegrande. In general, they warned for a reason: given the scale of the giant, its fall, even in disciplined China, could lead to mass unrest, because there will be a lot of victims. In any case, Evegrande still has about a month to settle the situation, so the torment is not over yet.
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