Few analysts predicted the 500-bp rate hike to 50% introduced on March 21 by the Central Bank of the Republic of Turkey (CBRT), but there was a handful of observers who were quite convinced it had to be done. Deutsche Bank correctly forecast the move and Goldman Sachs Group expected a smaller hike, but all others surveyed by Bloomberg saw no change. Veteran Turkey watcher and economist Timothy Ash, however, was right on the money, arguing in a note before the rate decision was announced that 500bp would be delivered because “in the end the policy rate [at 45% versus official annual inflation o…