What if Turkey, Hungary and Nigeria all deliver emergency rate hikes within weeks of each other?
Several EM central banks (Turkey, Hungary, Nigeria) deliver emergency rate hikes within weeks to defend currencies, signaling acute regional FX stress.
Every number ships with its receipt — the odds, the range, the precedents, and a public grade at Reality Check. The statistical machinery that produces it is proprietary.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (electric blue) over time vs the market's (Polymarket, amber), from the past toward the 0–6 months horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. Loading the probability audit trail…
What it would mean
If this plays out, it is a risk-off shock. Several EM central banks (Turkey, Hungary, Nigeria) deliver emergency rate hikes within weeks to defend currencies, signaling acute regional FX stress. The trigger decomposes into signed root‑shocks — EM currencies ▼ · Inflation surprise ▲ · Real yields ▲ · Risk appetite ▼ — which propagate through our causal graph to the markets below.