Russian ban on Turkish Turkeys could spell peril for the bond markets
Sanctions may spur inflation
When Vladimir Putin banned Turkish tourism and food imports in retaliation for a downed Russian warplane, he probably didn’t plan to upset Russia’s rallying bond market.
The punitive measures threaten to exacerbate inflation already at four times the central bank’s target by making groceries more expensive. That could prompt policy makers to delay promised rate cuts for the third time in a row when they meet on December 11.
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