U.S. Fed rate hikes spell trouble for Türkiye, emerging markets: expert

STORY: U.S. Fed rate hikes spell trouble for Türkiye, emerging markets: expert DATELINE: Sept. 28, 2022 LENGTH: 00:03:23 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of people on the streets 2. various of an exchange office 3. various of Turkish Central Bank 4. SOUNDBITE (English): YALCIN KARATEPE, Economy and finance professor at Ankara University STORYLINE: A Turkish expert has said that aggressive rate hikes by the U.S. Federal Reserve have a drastic effect on emerging markets, particularly import-reliant Türkiye floundering with a weak currency and runaway inflation. On Sep. 22, the Fed decided on a third consecutive three-quarter-point rate hike, as it continues to ramp up its fight against the country's surging inflation. Most countries have raised interest rates to fight the economic impact of the Fed's rate hikes in order to protect their currencies and prevent the outflow of foreign funds. But Türkiye did just the opposite. It has lowered its policy rate by 700 basis points since