Goldman Sachs Describes TCMB’s Rate Cut as a ‘Dovish Surprise’

Goldman Sachs Describes TCMB’s Rate Cut as a ‘Dovish Surprise’

Goldman Sachs economists have described the 300 basis point interest rate cut by the Central Bank of the Republic of Turkey (TCMB) as a “dovish surprise”, noting that the move exceeded market expectations despite falling short of their own 350 basis point forecast. In a client note dated July 24, economists Clemens Grafe and Başak Edizgil commented that while the cut was slightly smaller than Goldman’s projection, it nonetheless surprised market…