FT News Briefing Turkey’s Central Bank of Erdogan
Oct 22, 2021
The U.S. Federal Reserve has implemented a trading ban for its officials, raising concerns about ethical practices. Meanwhile, Trump is venturing into media through a SPAC, navigating a challenging financial landscape. In Turkey, President Erdogan's central bank has surprised many by slashing interest rates, further aggravating inflation and currency issues. Lastly, Hindenburg Research is casting a spotlight on Tether with a $1 million bounty for insider information, revealing the intricacies of the stablecoin market.
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Fed Bans Individual Trades
- The Fed banned policymakers and senior staff from buying individual shares and other investments.
- This move aims to protect the Fed's credibility and address concerns about potential conflicts of interest.
Trump's Social Media SPAC
- Donald Trump launched a new social media company through a SPAC merger to monetize his following and raise capital.
- This move allows him to bypass the stricter regulations of a traditional IPO.
Erdogan's Economic Views
- Turkish President Erdogan blames high inflation on lobbies and believes higher interest rates cause inflation.
- This view contradicts mainstream economics and has led to the Turkish Central Bank being called "the central bank of Erdogan".