Erdogan's 20-Year Grip on Power Comes to an End

We expect the Bank of Korea to pause at 3.5% again, as inflation has started to moderate amid still high growth concerns. In New Zealand, we expect the RB&Z to deliver a 25-base-point rate hike, taking its cash rate to 5.5%. The key data releases for New Zealand have been notably softer - Q4GDP and Q1 CPI,. materially weaker than both what was expected for theRB&Z. And two-year inflation expectations have also fallen. But against all this, the budget in New Zealand announced this past week will deliver fresh spending. We think it's notable too that the New Zealand Treasury has revised up its GDP projections and is