Optimism about a shift towards orthodox economic policymaking was at the heart of developments in Turkey this week amid the appointments of a new cabinet and central bank governor and a sharp fall in the lira. This will now need to turn into policy action for investors to be confident that this is the real deal. Meanwhile, recent developments in Central and Eastern Europe (CEE) support our view that, with inflation set to return to single digits in the coming months, the prospect of interest rate cuts is drawing nearer.
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