Turkish Delight at Rate Surprise

By Anonymous

The Turkish central bank’s rebuke to the country’s autocratic president sent the beleaguered lira soaring

It wasn’t the mother of all central-bank surprises, but still spectacular.

The Turkish lira has been battered, in no small part due to its increasingly autocratic President Recep Tayyip Erdoğan. A country normally has a painful but effective step to shore up its currency: raise interest rates.

Turkey is anything but normal, though. Mr. Erdoğan...