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Turkey's Markets Plunge Into the Unknown After U.S. Sanctions

  • Lira slides past 5 per dollar to all-time low; yields surge
  • Investors doubt central bank’s fight to contain inflation
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Adam Posen says Turkey’s been "waiting to blow up for some months."Source: Bloomberg
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Turkish markets are plunging deeper into the wild.

Unprecedented sanctions imposed by the U.S., its NATO ally, have added to cross-currents buffeting investors. They’ve already been despairing at policymakers’ failure to contain inflation and stem the slide in the lira under pressure from President Recep Tayyip Erdogan to bolster growth.