Turkey’s central bank cuts benchmark repo rate to 36.00%, in line with expectations

The signal here is less about the size of the move than about direction: Turkey's central bank is easing again, and doing so in line with expectations suggests the decision was well telegraphed to the market rather than a surprise. For anyone holding Turkish lira exposure or watching EM rate paths, the pace of further cuts becomes the variable that matters, since the item gives no prior rate or increment to gauge how fast the easing cycle is running. Whether the central bank keeps matching expectations, or starts front-running them, is the open question.