the U.S. central bank

The U.S. dollar rose sharply against the Turkish Lira late on Sept. 20 after the Federal Reserve unveiled plans to wind down its crisis-era stimulus and hinted at another interest rate hike before the end of the year.

The U.S. dollar-Turkish Lira index hit 3.52 following the Fed's decision, while it closed the day at 3.47. 
The index rebounded to 3.51 early on Sept. 21. 

The euro held its gains on Aug. 28 as traders bet that the European Central Bank would start to wind down its crisis-era stimulus program, while lower expectations for further tightening in the United States weighed on the dollar.

U.S. producer prices unexpectedly fell in July, recording their biggest drop in nearly a year and pointing to a further moderation in inflation that could delay a Federal Reserve interest rate increase.

The Federal Reserve kept interest rates unchanged on July 26 and said it expected to start winding down its massive holdings of bonds "relatively soon" in a sign of confidence in the U.S. economy.

The Federal Reserve kept interest rates unchanged on July 26 and said it expected to start winding down its massive holdings of bonds "relatively soon" in a sign of confidence in the U.S. economy.

U.S. Federal Reserve Chair Janet Yellen said on June 27 that she does not believe that there will be another financial crisis for at least as long as she lives, thanks largely to reforms of the banking system since the 2007-09 crash.

"Would I say there will never, ever be another financial crisis?" Yellen said at a question-and-answer event in London.

The Federal Reserve left interest rates unchanged on April 27, but kept the door open to a hike in June while showing little sign it was in a hurry to tighten monetary policy amid an apparent slowdown in the U.S. economy. 

Interesting days have begun for Turkey and the like "emerging countries." The central countries have loosened their monetary policies and money is again pouring into emerging countries? This creates the effect of a hot wind?   

"Markets huge slap in the face to lobby of fear" wrote the headline of pro-Justice and Development Party (AKP) daily Sabah last March 18. Dollar sinks, stock market [at] all-time high; we shall not give in to terror and chaos callers." It was less than a week after the deadly Ankara bombings, a day after the German embassy's warning about a possible terror attack in Istanbul.

Last year was regarded as a new milestone after the 2008-2009 crisis. The expansionary monetary policy adopted to overcome the crisis was to end with the U.S. Central Bank, the Fed, hiking rates, supposedly ushering in a new era.