Putin’s fiscal gift, lira fall, Polish inflation, Israel launch

President Putin’s state of the nation address this week outlined more social welfare measures ahead of elections in September, but the implications for growth and inflation will be limited. Meanwhile, this week’s sharp drop in the Turkish lira deals a blow to the central bank’s hopes of starting an easing cycle soon. Data out of Poland add to a growing list of indicators suggesting that price pressures are building and we expect inflation to stay above the central bank’s target. Finally, in case you missed it, we launched our coverage of Israel’s economy.