Good morning everyone. Let's make a brief summary after the TCMB interest rate decision. I've seen a few correct and incorrect comments.

Incorrect Comments

❌ #TCMB has completely switched to easing, will interest rates fall rapidly from now on?

Incorrect because the decision text continues to convey a tight stance message; it was stated that steps will be taken carefully and based on data.

❌ Inflation has become scrap, the interest rate cut was made just in time?

Incorrect. Inflation started to decline in June, but in July, 'seasonal temporary increases' are on the agenda. The main trend of inflation is horizontal [according to TUIK], but caution is needed.

❌ The markets applauded this decision. #Bist could hit a record?

Partially incorrect. Although the initial reaction was positive, the cautious tone in the text led to profit realization in the market. After the decision, there was excessive buying, and the market began to behave more cautiously.

✅ Correct Comments

✔️ The TCMB's July decision is a shift towards #interest rate cuts but controlled and cautious.

✔️ The downward trend in inflation is not strong; the outlook is horizontal, with temporary upward risks.

Future steps will be evaluated on a meeting basis; data and text frameworks will be considered each time. Some believe the last sentence, while others find it unrealistic. We will all see together.