Daily Bulletin

Good morning. Ahead of the Fed meeting to conclude this evening, global equity markets are displaying a positive tone, while the rally in precious metals continues. Due to sticky inflation and strong growth data, no change is expected in the Fed’s policy rate corridor of 3.50%–3.75%. However, following three consecutive meetings in which the Fed delivered 25 basis point rate cuts, a similar decision today—potentially influenced by political considerations—remains within the realm of possibility. Such an outcome could raise questions regarding the Fed’s independence and fuel concerns over non-rational policy implementation in the U.S. Turning to domestic markets, although Borsa Istanbul tested the 13,250 level yesterday, the index closed around 13,100. The BIST 100 Index declined by 0.53% compared to the previous close, with KLRHO, DSTKF, SAHOL, PASEU, and CCOLA providing the highest positive contributions, while ASELS, YKBNK, THYAO, BIMAS, and GARAN exerted the most negative impact. Stocks attracting consistent fund inflows over the past week include AKBNK, SAHOL, SASA, HALKB, and TRMET. From a technical perspective, the 13,250/13,300 and 13,600/13,800 levels stand out as resistance zones, while 12,900/13,000 and 12,600/12,700 levels are monitored as key supports. On today’s agenda, the Fed’s interest rate decision to be announced at 22:00 (TSI) will be closely followed. Lastly, Turkey’s 5-year CDS premiums start the day at 213 basis points.