Russia’s budget surplus, CBRT more hawkish

The budget surplus recorded in Russia in 2018 has put the spotlight on austerity measures, but it actually looks like fiscal policy will provide more support to the economy this year than it did in 2018. Meanwhile, the Turkish central bank’s latest Inflation Report released this week was a bit more hawkish than we had anticipated, but the door still seems to be open for rate cuts in the first half of 2019.

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