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Turkiye's central bank cut its key interest rate by 250 basis points to 47.5% Thursday, a bit more than expected, launching an easing cycle meant to leave behind protracted economic turmoil and a cost-of-living crisis. It trimmed the one-week repo rate after an 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by President Recep Tayyip Erdogan, who has since changed tack to back the programme. The rate, last cut in early 2023, had been held at 50% since March. Annual inflation dipped to 47% last month in what the central bank believes is a sustained fall toward a 5% target over a few more years. Having launched the easing cycle, the bank's policy committee said it will set policy "prudently on a meeting-by-meeting basis with a focus on the inflation outlook," and respond to any expected "significant and persistent deterioration". It said leading indicators point to a declining underlying inflation trend in December and that demand continued to slow in the fourth quarter, with disinflation in progress. In a Reuters poll last week, 14 of 17 respondents expected the bank to cut rates by between 100 and 250 basis points. Erdogan's announcement this week that the minimum wage would rise by a less-than-requested 30% in 2025 bolstered these predictions. A research note by QNB said the central bank's comments indicated an intent to proceed with rate cuts in a controlled manner. QNB expects annual inflation to dip slightly below 40% by March 2025. "Accordingly, we see a strong likelihood of 250 basis point cuts at each of the two meetings in the first quarter," the note said. The lira currency briefly touched an all-time low of 35.3005 after the rate cut, before firming to 35.2075 at 1135 GMT. Turkey's main stock index BIST-100 rose 0.8%. In a turnaround a year and a half ago, Erdogan appointed a new central bank leadership, and it aggressively tightened policy by 4,150 basis points in order to slay years of soaring prices and a crashing currency. Annual inflation had touched 85% in 2022 and 75% earlier this year, while the lira has plunged 90% in seven years — from 3.8 to 35.3 to the dollar. According to the Reuters poll's median, the central bank was expected to ease rates to about 28.5% by the end of 2025, with forecasts ranging between 25% and 33%. The bank expects inflation to fall to 21% by end-2025. To determine its easing path the bank is closely monitoring monthly inflation, which has been higher than expected in recent months including 2.24% in November due mostly to food prices. The 30% administered rise in the minimum wage, to a net monthly 22,104 Turkish lira ($627), will exert some upward pressure on prices in coming months. But the level fell well short of the 70% requested by the workers' union. The government said it was set to maintain fiscal discipline and continue the inflation fight. The central bank earlier announced that it had reduced the number of scheduled policy meetings next year to eight from 12 in 2024.betfred terms and conditions 。

Turkiye begins cutting rates after inflation-fighting drive

Kessler Topaz Meltzer & Check, LLP - Class Action Announcement For Kyverna Therapeutics, Inc. Investors: A Securities Fraud Class Action Lawsuit Was Filed Against Kyverna Therapeutics, Inc.Lately, when I find myself feeling a little too calm about things, I’ve taken to reading the Reddit subreddit r/singularity to help swing my equilibrium back to its natural state of intense panic. This is a place where activity has flourished in recent months, as community members feverishly discuss the day’s ever-increasing developments in artificial intelligence and casually argue about the date they expect computers to officially exceed all human control. “AGI by the end of 2025” predicted a top ranking post on the subreddit this week, referencing the stage of singularity when “artificial general intelligence” – the point at which computers can perform any intellectual task that a human can – is reached. The excitement was caused by OpenAI’s announcement that its o3 system can now reason through maths, science and computer programming problems, which are three things I definitely can’t do. We had the chance to give computers less control, and instead we gave them more. Credit: iStock It got me thinking: we should have just let the Y2K bug win, hey? There we were, exactly 25 years ago, gifted with a date glitch that would’ve sent us warmly back to the 1900s, when life was simple and butter was churned in the backyard. But instead we panicked, worried that nuclear plants would melt down, planes would fall out of the sky, ATMs would erase all our savings, and like Bill Pullman in Independence Day we chose to fight. Now, 25 years on and with robot overlords breathing down our necks, it feels like a fork-in-the-road moment where we Robert Frosted the wrong way. We had the chance to give computers less control, and instead we gave them more. Dummy move! Perhaps because I’d just turned legal drinking age, or perhaps because I was watching Buffy religiously instead of following the news, I don’t remember feeling too concerned about the Y2K bug. What did I care if computers thought it was 1900 instead of 2000? Life across those 100 years wasn’t that different. In 1999, I still walked everywhere; I still did school exams in pencil; I still developed 35mm film negatives for my day job like Thomas Edison in his laboratory. Computers might’ve been around, but they weren’t such a part of our lives as they are now. I’d go whole days without touching one sometimes, except to play Grim Fandango . We were so close, as this archival shot from the film Time Bomb Y2K shows. Not to get all John Lennon, but imagine there were no computers. I wouldn’t miss them. I’d be sitting by a river bank right now, writing this column in salmon blood with my index finger. We’d all be so close to nature we could taste it, like the kid from Into the Wild . Maybe we’d die eating berries, but we’d live eating berries, too. If computers had died in 1999, we wouldn’t have social media either, the worst experiment in humankind since lobotomies. Instead we’d just have polite conversation with whoever was in our vicinity and/or crushing loneliness, both preferable options.