All Newsletters

Good morning. U.S. President Trump is expected to announce his nominee for the Federal Reserve Chair today, with former Fed official Kevin Warsh emerging as a leading candidate. Given Warsh’s relatively hawkish stance, leaning toward tighter monetary policies, profit-taking is being observed in precious metals. On the equity side, U.S. futures are negative, European futures are positive, and Asian markets are mixed...
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* TURKSTAT will release December foreign trade figures @ 10:00 local time. Preliminary December foreign trade data released by the Ministry of Trade point to a further widening in the trade deficit. According to the advance figures, exports rose by 12.8% y/y to USD26.4bn, while imports increased by 11.2% y/y to USD35.8bn. As a result, the trade deficit widened to USD9.4bn in December from USD8.0bn in November,...
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Good morning. As expected, the Fed kept the policy rate range unchanged at 3.50%–3.75%. In its statements, the Fed noted that the weakness in the labor market has stabilized, growth remains ongoing, and inflationary stickiness persists. Given that both the decision and the communication were broadly in line with market expectations, we can say that there was no meaningful reaction in equity markets. In precious...
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* December Employment figures will be released @ 10:00 local time. The seasonally adjusted unemployment rate rose slightly from 8.5% to 8.6% in December. Meanwhile, the rate of composite measure of labor underutilization – consisting of time-related underemployment, potential labor force and unemployment – declined from 29.7% to 29.1%. Looking into the composition of the underutilization measure, the combined rate...
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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...
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*The CBT Governor Fatih Karahan met with representatives of the business community and civil society in Gaziantep as part of the “Monetary Policy and Macroeconomic Outlook” meetings. Karahan emphasized that timely and high-quality information gathered through direct engagement with the real sector feeds directly into monetary policy decision-making, with expectations and recommendations also shared with relevant...
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Good morning. Although global risk appetite started the week on a weak note, it recovered during yesterday’s session and remains positive this morning. U.S. and European futures, as well as Asian equity markets, are trading higher today. In Borsa Istanbul, the record-breaking momentum continues. The BIST 100 Index closed yesterday up 1.42% at a new all-time high in TRY terms (13,177). In USD terms, the index also...
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* The Treasury raised TL143.6bn through yesterday’s direct sales of a 1-year gold-denominated bond and a 1-year gold-denominated lease certificate. As a result, it has completed its January domestic borrowing program, raising TL479.6bn in total — slightly below the initial target of TL487.7bn. The Treasury’s next three-month domestic borrowing strategy (Feb – Apr 2026) will be announced on January 30 at 17:30 pm...
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