kids (and parents) are impressed with our efforts when the kids are old enough to remember. Extravagance at this age seems like you're peaking too early and is a bit wasted!!! It doesn't feel like this week has reached its peak yet. This week has been, and still is, all about (arguably) the three most powerful women in the world. Yellen was certainly on the hawkish side on Wednesday and now we have a big Mrs May speech on Brexit today ahead of Mrs Merkel's re-election vote on Sunday. EMERGING MARKETS DEBT STRATEGY - Turkey Trip Notes: In search of non-decelerating growth rate of stimulus (Drausio Giacomelli & Team] Turkey Trip Notes: In search of non-decelerating growth rate of stimulus We spent two days earlier in the week in Ankara and Istanbul. meeting with the Central Bank of Turkey (CBT), the Ministers in charge of economy management, politicians, local banks, economists, political analysts, and international organizations. We returned with three key take-aways: Sustaining a competitive economic (5%) and employment growth rate is the top priority for authorities: CBT now defines its 'forward guidance' as 'tight for longer'; and Targeted macro backdrop and the underlying policy mix, with less focus on quality of growth hint that the authorities are already in the election mood. We believe the authorities are wary of consequences of overly stimulating economy via fiscal and credit impulse given adverse side effects in terms of upward pressure on bond yields due to excessive roll-over rates, overly leveraged banking system in TRY terms as well as high and sticky inflation. Such demand boost, by nature, is also not sustainable for long. This is why probably policymakers are inclined to shift to a decelerating (or non-accelerating) rate of impulse creation in the coming period. Finding the optimal path for stimulus is however a tricky task. High-interest-rate environment in Turkey is likely to stay with us for some time due to structural and cycl