TRY: We expect the CBRT to keep the policy rate at 17.00% and reiterate in its forward guidance that the door to further tightening remains open (“monetary tightening will be delivered if needed”), though a hike cannot be ruled out at this meeting (TRY OIS: +53bps; BBG consensus: no change). Since last month’s meeting, inflation expectations for the next 12m & 24m have decelerated and TRY has strengthened ~7.5% on a REER basis and ~6% on a NEER basis.