A central bank's words have power. Three of them ("whatever it takes") calmed the euro area's debt panic in 2012.
Another few (the Federal Reserve mulling a "step down in our pace of purchases") started the taper tantrum that upset emerging markets in 2013.
What is left unsaid can also be powerful. After its interest-rate meeting on April 25th,
Turkey's central bank failed to repeat eight words that had been included in each of its seven previous statements:
"if needed, further monetary tightening will be delivered".
The omission cast doubt on its commitment to fight inflation, which was almost 20% in the year to March.
In response, the lira fell by more than 1% against the dollar. It has fallen by 11% this year.
The mishap was an uncomfortable reminder of last summer's currency turmoil, when the central bank
(browbeaten by Recep Tayyip Erdogan, Turkey's president) failed to raise interest rates swiftly enough to prevent a collapse in the currency.
But the parallels should not obscure what has changed in the interim. Turkey's economy is better balanced now than it was then.
In September the central bank reasserted itself, increasing interest rates to 24%, where they have stayed since.
The combination of tighter money and a cheaper currency curbed import spending and encouraged exports.
As a result, Turkey's current-account deficit has narrowed far more swiftly than even the government had envisaged.
Although its import bill is hardly the only claim on its foreign earnings (its banks and firms must also service heavy external debts),
the lira was relatively stable from December to February.
Local elections in March were supposed to bring a similar stability to politics,
concluding a maddening cycle in which Turks marched to the polls seven times in five years.
Instead, the weeks before and since have done the opposite, unsettling both Turkey's politics and the markets.
Mr Erdogan's party, which lost in most of the country's big cities, has so far refused to accept its narrow defeat in the Istanbul mayoral contest.
Citing alleged irregularities, it has asked for a new vote.