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A screenshot of Turkish finance and treasury minister's Instagram page.

Turkey's minister of finance and treasury, who is also President Erdoğan's son-in-law, announced in an Instagram post that he is stepping down from both roles to spend more time with his family.

Why it matters: Read that sentence again.

The big picture: Erdoğan also fired his handpicked central bank chief over the weekend amid a currency crisis that has seen inflation skyrocket and the value of the lira sink by 30% against the dollar so far this year.

  • The lira strengthened in response to news about the Cabinet reshuffling.

Background: Neither former Finance and Treasury Minister Berat Albayrak nor former central bank Governor Murat Uysal ever held serious credibility in the eyes of U.S. asset managers.

  • Albayrak presided over a closed-door meeting with investors at the 2019 IMF-World Bank meetings that multiple sources who attended told me was the worst they've ever had with a high-ranking government official. One even described the meeting as "an absolute shit show."
  • Uysal was seen as an extension of Erdoğan, and his replacement, former Finance Minister Naci Agbal, has no experience in monetary policy but is at least "regarded as a market-friendly technocrat," Brown Brothers Harriman global head of currency strategy Win Thin said in a note to clients.

Go deeper: Turkish lira's crash shows the value of central bank confidence

Go deeper

Erdoğan finally congratulates Biden on election win

Photo: Adem Altan/AFP via Getty Images

Turkish President Recep Tayyip Erdoğan congratulated President-elect Joe Biden on Tuesday for his projected victory in the 2020 election.

Why it matters: Erdoğan was one of the major leaders who had yet to congratulate Biden, in addition to Chinese President Xi Jinping, Russian President Vladimir Putin, Mexican President Andrés Manuel López Obrador and Brazilian President Jair Bolsonaro.

Dion Rabouin, author of Markets
Nov 9, 2020 - Economy & Business

Another central bank easing cycle begins

Illustration: Aïda Amer/Axios

Central banks already have started priming their collective money printers and in the coming months are poised to crank them up to 11, buying up more bonds and delivering more liquidity to markets.

Why it matters: The recent rally in equities now has more backing from central banks.

24 mins ago - Health

U.S. exceeds 100,000 COVID-related hospitalizations for the first time

People wait outside the Emergency room of the Garfield Medical Center in Monterey Park, California on Dec 1. Photo: Frederic J. Brown/Getty Images

More than 100,200 Americans were hospitalized as of Wednesday due to the coronavirus for the first time since the outbreak began in early 2020, per the COVID Tracking Project.

The big picture: The milestone comes as health officials anticipated cases to surge due to holiday travel and gatherings. The impact of the holiday remains notable, as many states across the country are only reporting partial data.