The central bank of Turkey raised a key interest rate to defend the Turkish lira. The lira rallied back to levels not seen since Tuesday lunchtime. A rate rise to slow domestic credit growth and correct the current account may help the lira. A rate rise to try to attract capital inflows is less likely to succeed.
The Italian president has asked the lawyer Conte to form a government, based on a coalition of the two "anti-parties" of Italy. Conte made reference to Italy's role in Europe early on, in an attempt to appease market concerns. Names of ministers and policy priorities may still cause asset price moves.
US President Trump has ordered an investigation into auto imports into the US, with a view to taxing any American audacious enough to want to buy a foreign car. The pattern of US policy seems to be threaten, tweet, retreat. A trade war (policies causing export volumes to grow more slowly than real GDP) seems unlikely.
The US Federal Reserve meeting minutes suggest that US rates will rise soon, and rise steadily thereafter. Tolerance of inflation a little above 2% was hinted at. That does not imply tolerance of inflation much above 2%.