Turkey
Turkey Easing Cycle Bolsters the Case For Local Bonds…
Turkey: Moderating Inflation Points To Further Easing Ahead…
Turkey Disinflation Supports Bullish Case For 2-Year Bonds…
Chart 1
Inflation And Bond Yields Are Headed Lower…
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Thanks to the tight monetary and fiscal policies so far, inflation and growth are heading lower in Turkey. Buy 2-year local currency bonds, currency unhedged. Also, upgrade Turkey's domestic bonds from neutral to overweight and stocks from underweight to neutral within their respective EM portfolios.
Tight Macro Policy Signals Pain for Turkish Equities…
Turkey: Erdogan's Decline…
Erdogan's rule continues to decline. Social unrest will persist, governance will erode, and the macro backdrop will deteriorate further. We recommend underweighting Turkish assets.
Turkey: Don’t Buy The Dip…