XOM - Wall Street Breakfast: Erdonomics

Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Stitcher and Spotify. ErdonomicsEmerging markets are on watch after Turkish President Recep Tayyip Erdogan sacked another central bank governor a few days after a larger-than-expected interest rate hike. It's the fourth time Turkey's premier has fired the head of the country's central bank since taking office in 2014, adding to the drama for both local and foreign investors. The lira responded by tumbling as much as 17% against the dollar, while the BIST 100 plunged nearly 10%, highlighting how money managers can never be too at ease with monetary policy in Ankara.Backdrop: Turkey's interest rate currently stands at 19%, which has attracted foreign investors to park their cash in the currency. The lira was at one point the best-performing emerging market currency of 2021, having recovered almost a fifth

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Wall Street Breakfast: Erdonomics