Page 8 - TURKRptJul22

Note that more than $2 trillion has already been printed. It presently resides on the Fed’s balance sheet under the Treasury General Account (TGA) and the Reverse Repo (RRP) account. When the Fed zeroes its net money printing volume, this money will continue flowing into the system.
Tightening via both monetary and fiscal policies will mark out the upcoming period. How long it can possibly last will be under observation.
30-year mortgage rates in the US rose to 5.70% as of June 30, the highest level seen since 2008. Another 2007?
November 8: Midterm elections in the US. Democrats are expected to lose their majority in the Congress.
The US is getting ready for a more powerful populist president (not Trump but someone else) in 2024.
Social tensions and wars are globally laying ahead.
● Erdogan’s monetary policy remains totally out of control.
On July 4, official CPI inflation for June was released at 78.6% y/y, the highest figure recorded since the 80.4% posted in September 1998.
At 79%, Turkey stays in sixth place in the global inflation league.
Turkey’s official producer price (PPI) inflation, meanwhile, entered three-digit territory for the first time since March 1995, when it posted 144.3% y/y.
May: 132%, June: 138%.
The ENAG research group inflation figure came in at 176% y/y for
June.
The FAO food price index declined for the second consecutive month from 158.5 in April to 157.4 points in May, up 23% y/y (Record high: 159.7 in March). The cereal price index was up 2% m/m and 56% y/y in May.
8 TURKEY Country Report July 2022 www.intellinews.com