Ankara raised its year-end inflation forecast to 28.4 percent from 16 in the medium-term program. [1] Turkish Minute filed the revision. [1] A forecast is not a CPI print. Print 28.4. Do not print a new TurkStat table.

Brent in the nineties is a different page. Leave a named August CPI recast to the edition that owns a named recast. Print the raise. Print not a shock.

Print 28.4. Monday is not an Ankara CPI shock. Sixteen to 28.4 is a program number, not today's index. Print 28.4 as Monday's named forecast hold. A medium-term program is still not a new CPI book. Print the raise as still not a print. Print 28.4 as still the named MTP. Honest programs print; successful ones wait. Monday prints honesty.

Doubling an inflation forecast in one program revision is an admission dressed as planning. Sixteen to twenty-eight reads as capitulation. Monday prints the program's honesty, not its success.

Printed honesty outlasts successful spin; Monday prints. Spin waits for better numbers. Capitulation reads clearly.

Year-end targets moved because 16 percent had become theater. The medium-term program now says 28.4. Monday files a forecast, not an index.

Ankara now prints 28.4 percent as the year-end inflation line after lifting 16. Turkish Minute filed that raise as a forecast, not a TurkStat CPI. Nineties crude is another page. A program number is not today's index.
Nineties crude is another page. A program number is not today's index. Turkish Minute filed a forecast, not a CPI.

Nineties crude is another page. A program number is not today's index. Monday's Turkey file is a forecast, not a CPI.

-- HENDRIK VAN DER BERG, Brussels