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One interest rate hike won't stop emerging market pain


Emerging markets beware: In this climate, even a major interest rate hike can fail to impress worried investors.
The Turkish central bank stepped up Thursday after months of inaction and increased interest rates to 24% from 17.75%. The move produced an immediate reaction from the embattled Turkish lira, which strengthened as much as 5% against the US dollar.
But the lira, which has lost over 35% of its value so f ...

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