Turkish stocks dive and key interest rate hits 1,200%

Turkish stocks plummeted on Wednesday as the country’s struggles to defend its currency ahead of a key election on Sunday sent a key interest rate to an all-time high.

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Likely Fed nominee Stephen Moore thinks rates should be cut by half a percentage pointTraders work on the floor of the New York Stock Exchange as the Federal Reserve Board Chairman Jerome Powell holds a news conference on December 19, 2018 in New York City.