NATO Summit and Fed Minutes: Temporary Uncertainty Rises in Markets

The NATO summit held in Turkey was closely monitored by global markets, while developments in US-Iran relations and the Federal Reserve's minutes following monetary adjustments created unconventional uncertainty. Announcements regarding the S-400 defense systems remained on the agenda in local markets, and MSCI's warning on Turkish equities heightened investor risk perception.

■Fed minutes emphasized uncertainty around inflation targets.

■MSCI issued a 'risk increase' warning for Turkish securities.

■S-400 related statements, coupled with harsh criticism from the EU, sparked concerns in markets.

■Tensions between the US and Iran caused short-term fluctuations in energy prices.

Markets responded swiftly to this situation, with commercial credit tightening continuing as an ongoing trend, particularly in the SME segment. The impact of central bank policies remains limited to short-term liquidity increases. I observe that geopolitical risks in Turkey have significantly raised external borrowing costs, directly pressuring the banking sector. In the long run, the rising macro-external dependency ratio could become a critical barrier to stability.