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Bear Flattening Pressure Eases in OFZs As Hiking Expectations Stabilise

RUSSIA
  • Local & USD rates open slightly firmer this morning, having closed Friday's session on the front foot.
  • W/w bear flattening momentum petered out in front end rates with hiking expectations stabilizing around the +125bp zone on a 3-6m horizon.
  • W/w the OFZ curve closed bull flatter with 15-30Y yields falling 5-6bp on week, while the front end remained mostly stable.
  • Preliminary GDP data will be eyed and is expected to decline to 4-4-1.5% Y/Y - reflecting the moderation in Q3 on pent up demand in Q2.
  • OFZ Curve w/w


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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