Important Economic and Financial Developments of Last Week
Federal Reserve Chairman Warsh's messages, the manufacturing industry financing package, and CBRT's repo auctions stood out on last week's economic agenda.
Last week, statements at the Jackson Hole meetings, new industrial financing packages, CBRT's repo steps, and discussions on sanctions and tariffs in international markets dominated the economic and financial world.
Jackson Hole and Messages from the Fed
US Federal Reserve Chairman Kevin Warsh emphasized that inflation was not slowing at a convincing pace and stated that they would take decisive steps in monetary policy until price stability is achieved. Warsh noted that the two percent target cannot be stretched.
Financing Support for the Manufacturing Industry
Minister of Industry and Technology Mehmet Fatih Kacır announced that the new 250 billion lira financing package for the manufacturing industry will open for applications as of September 1. Prepared for SMEs and large-scale enterprises, the package offers credit opportunities with a grace period of up to 6 months and a maturity of up to 36 months.
Oil Market and the Strait of Hormuz
Oil prices declined on Thursday amid expectations that talks between Iran and Oman could pave the way for the reopening of the Strait of Hormuz.
US Sanctions Against Iran
US Treasury Secretary Scott Bessent announced the launch of an unprecedented new sanctions campaign aimed at completely isolating Iran from the global economy. Bessent stated that they aim to sever Tehran's economic lifelines until it is left isolated.
Repo Auction Step from CBRT
The Central Bank of the Republic of Turkey decided to resume one-week repo auctions, which had been suspended on March 1, 2026, within the scope of Turkish lira liquidity management.
Tariff Threat to Canada from Trump
US President Donald Trump argued that Canada was acting unfairly in trade by imposing high tariffs on American farmers and agricultural products, leading to a $60 billion deficit between the two countries.