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CBR Expected to Hold Rates at 7.5% Later Today

RUSSIA
  • The Russian central bank is expected to keep its key policy rate unchanged at 7.5% today (1130BST/1330 local time) as inflationary risks remain skewed to the upside despite CPI remaining below the CBR’s 4% target on the back of a notable drop in March on base effects. CBR Governor Elvira Nabiullina will hold a press conference following the decision at 1300BST/1500 local time.
  • CPI data is also on the docket, with prices in May expected to edge slightly higher to 2.46% (Prior: 2.31%).
  • China is putting pressure on the EU behind closed doors to scrap proposed trade restrictions on Chinese companies the bloc says are enabling Russia’s war machine in Ukraine, Bloomberg report according to people familiar with the matter.
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