MPC: On Hold, Looking…

TURKEY - Report 23 Oct 2014 by Murat Ucer
In line with the consensus view, the MPC left all interest rates unchanged today, as it had done in the previous meeting (see graph). The statement was also virtually identical to the previous one, except one small change on the inflation outlook in a more dovish direction. The reference to benign effect of commodity prices (this time with oil prices explicitly mentioned) on next year’s inflation has been modified to “expected to contribute to disinflation foreseen for the next year”, from “expected to limit upside risks on inflation” previously (emphasis is ours). As for our conclusion on ...

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