The measures have been a long time coming. There is still a lot of potential incentive for domestic capital flight. This should not just be a one-off rate hike.
More Quotes from James Malcolm:
No doubt about it, (the number) was a disappointment, well below what we, or I think anybody else, expected, ... We'll probably be trimming our forecast for the second-quarter GDP now.James Malcolm
It's just buying time and trying to smooth over any sudden shock associated with moving away from the dollar peg.
James Malcolm
The economy remains extremely sensitive to external demand. Even if we have a pickup in external demand, it's going to be quiet for some time until those backups are cleared.
James Malcolm
The weaker the economy is, it makes it more difficult to push ahead with reforms, ... Clearing up the bad loan problem and reducing the deficit are deflationary.
James Malcolm
The house view is dollaryen should be higher on carry trades.
James Malcolm
Ultimately he's likely to be forced to compromise more, ... there hasn't been very much in the way of backing down.
James Malcolm
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