Central banks have started to slow tightening cycles in recent weeks and, in Turkey’s case, begin cutting interest rates. As inflation pressures ease, this pattern is likely to continue. But the Czech National Bank will probably be an exception and up the pace of its tightening cycle with a 50bp increase next week. Meanwhile, the US is looking at broadening sanctions on purchases of Russian debt but we doubt that this would have a major detrimental impact on the outlook for Russia’s fiscal policy or its economy.
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