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Bear Flattening Pressures Hold in OFZs w/w, Despite Lower Core CPI Print

RUSSIA
  • OFZs resume their weakening trend this morning with yields +5-6bp higher across the curve.
  • Yields diverged the broad risk-on trend following US CPI, rising +2-5bp in yesterday’s session despite the decline in core CPI figures.
  • The largest decline was seen in the services sector, where prices fell to 0.26% m/m from 0.81% m/m prior, but may also be reflective of noise coming from the extended holiday period.
  • W/w the OFZ curve trades +42-60bp higher in 1-5Y tenors, with bear flattening pressures returning in the new year as uncertainty over inflation returns.
  • 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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