Dow futures spike 150 pts after Turkish central bank raises interest rates

CNBCJanuary 28, 2014 The Turkish central bank raised its overnight lending rate to 12% from 7.75% and the overnight borrowing rate to 8% from 3.5% in a surprisingly strong move to defend the country’s embattled currency. The lira immediately strengthened to 2.2 to the dollar from 2.253 after the decision. The rate hike was much sharper than expected; eight economists polled by the Wall Street Journal had expected an increase of three percentage points at the most. Dow futures spiked 150

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