Expand chart
Data: Investing.com; Chart: Axios Visuals

Turkey’s new central bank governor has cut the country's interest rates by 7.5 percentage points in the past 2 months and the Turks are behaving as if the country is headed for another bout of strong inflation.

The intrigue: The uncertainty in the country is growing such that supermarkets can't keep lids on their items.

  • Lids are becoming so hard to find that people are literally stealing them off the shelves, Bloomberg's Taylan Bilgic reports. In fact, they are becoming a "black market item," according to supermarket workers in Istanbul's working-class Gungoren neighborhood.

What's happening: "As Turks hunker down for the winter, a time of higher food prices, they've traditionally turned to home canning to stretch the summer harvest, cooking vegetables and fruit and pickling them to stock up for the colder months," Bilgic writes.

  • "An unprecedented shortage of lids, used to keep a tight seal in place, is giving a glimpse of the urgency that many Turks feel about the task this year."

What they're saying: "People think prices will surge in the winter, so they take precautions," Ibrahim Bilici, the owner of a dollar store, told Bilgic.

  • "I've been doing this job for almost 30 years. I've never seen anything like this."
  • Still seared in people's minds are memories of a spike in the cost of fresh fruit and vegetables, whose annual price increases peaked at almost 73% in April.

Go deeper: Turkey faces an economic crossroads after Istanbul elections

Go deeper

Dion Rabouin, author of Markets
7 mins ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.

Kendall Baker, author of Sports
11 mins ago - Sports

A look inside sports owners' political donations

Data: ESPN/FiveThirtyEight; Chart: Axios Visuals

Sports team owners in the four largest North American leagues (NFL, NBA, MLB, NHL) have donated over $46 million in federal elections since 2015, according to research conducted by ESPN and FiveThirtyEight.

By the numbers: Over the past three elections, $35.7 million of that money (77.4%) has gone to Republican campaigns and super PACs, compared to $10.4 million (22.6%) to Democrats.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.