On Friday morning, theTurkish liraplunged by over 20% against the U.S. dollar, into record low territory, extending the currency’s spiraling decline of the past several years. The fall of the lira has accelerated dramatically in 2018, but Friday’s one-day collapse far eclipsed any previous...
October, the vice-chairman (who, bear in mind, ran the IMF during the Asian Financial Crisis in 1997, the Russian default in 1998, and the related collapse of Long Term Capital Management) essentially said that clear communication is the FOMC’s only responsibility to the rest of the world...
The collapse of the Turkish Lira and a deepening financial crisis in Argentina has also hit the outlook for emerging market FX, which had previously been so rosy under the RoW thesis. "A more hawkish US rate hike outlook coupled with higher oil prices have...