Page 12 - bne IntelliNews Turkey Outlook 2024

The yield on 10-year US Treasury papers tested the 5.0% level in October before declining below the 4.0% level in December.
The USD index (DXY) tested the 107-level in October before retreating to the 101s in December.
Thirty-year mortgage rates in the US tested the 8% level in October before falling to below the 7% level in December.
The US yield curve, meanwhile, remains inverted over expectations of a recession. The Fed governors see 1.4% GDP growth in 2024. A GDP growth figure of 4.9% y/y was released for Q3 following 2.2% for Q1 and 2.1% for Q2.
On November 5, the US is due to hold presidential elections. European Central Bank (ECB)
The European Central Bank (ECB) was late to respond to booming inflation as it awaited the end of France’s elections.
The authority took its deposit facility rate from minus 0.50% in July 2022 to 4% in September 2023.
As the ECB was late with its move, the EUR/USD saw the 0.95s in September 2022. The pair has again been testing the 1.10-level since April 2023.
Inflation in the Euro Area saw a record high of 10.7% y/y in October 2022 before gradually declining to 2.4% in November 2023.
The ECB will also employ rate cuts during 2024.
12 Turkey Outlook 2024 www.intellinews.com