Economics
Lira Plunges After Turkish Central Bank Unexpectedly Holds Rates
- Yield on nation’s 10-year bonds rises the most on record
- Central bank decision to hold key interest rate roils assets
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Turkish policy markers failed to give the market what it wanted, and investors are punishing them for it.
They dumped the nation’s bonds, pushing the yield on the 10-year government note up by the most on record after the central bank unexpectedly held a key interest rate, diminishing confidence in its resolve to quell inflation. The lira slumped toward a record low.