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Lira Bulls Count on Carry-Trade FOMO to Bring Investors Back Bloomberg 4 days ago (Bloomberg) Spiking U.S. Treasury yields just forced the Turkish currency into the sharpest retreat in emerging markets. With a pivotal interest-rate meeting approaching, lira bulls say that’s a reason for optimism. The lira is down more than 8% since mid February and money managers like Paul Greer at Fidelity International are sitting tight for Central Bank Governor Naci Agbal to raise rates and stem the decline, boosting the appeal of one the highest-yielding currencies in the developing world. “As long as the Turkish lira offers a healthy positive ex-ante real policy rate, investors will be attracted by the large nominal carry on offer,” said Greer, who has an overweight stance on the lira. Assuming rates are raised in line with expectations and there’s orderly price action in U.S. Treasuries and emerging markets, “we expect some money to come back into the lira again at current

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