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10Y OFZ Hovers Around 7.50, Weekly CPI & US Data Eyed

RUSSIA
  • Local & USD rates trade slightly firmer around the open in the lead-up to US CPI and the FOMC minutes.
  • This follows on from a broadly mixed to weaker day with the OFZ curve bear steepening 2-3bp in 7-15Y yields.
  • Weekly CPI will also be monitored closely for more upside risks to inflation, which have continued to develop above CBR forecasts and have been keeping OFZs on the back foot since the start of August.
  • 10Y yields remain pegged above 7.50 after running into resistance at 7.70 – but the current uptrend still remains intact.

MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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