•Turkish Central Bank raised its policy rate to 45%, signaling monetary tightening is over—for now.

•The rate decision came at a time when governor Gaye Erkan came under severe fire for nepotism.

•The allegations may have some truth to them, but the leaks are likely to be the job of Erdogan’s advisors who wish to go back to low interest rate days.

•While Erdogan defended his central bank chief, she may still be fired after March elections.

•Is Erdogan going back to “interest rates are evil” days? Is Mehmet Simsek’s job in jeopardy, too?

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