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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessCBR Presser Ends – Some Key Comments From Nabiullina:
Rate Decision:
- "The decision is based on a significant review of macroeconomic forecasts... The notable policy step we have taken is needed in order to bring inflation in line with the target."* "Deposit and loan rates were not as quick to react to the policy rate adjustment as the OFZ bonds, today's decision is aimed at speeding up this process."
- "The neutral (policy rate) range remains at 5-6% given inflation close to 4%... It is premature to say whether this rate hike is going to be the last one in the policy tightening cycle."
Inflation:
- "The first signs of inflationary pressure weakening appeared in the first half of July but this is not yet sufficient to talk about sustainable inflation slowdown."
- "We must not put up with elevated inflationary expectations so that they do not anchor on this high level."
- Outlook Revision:
- "According to our forecasts, the OPEC+ oil output increase will add 0.1 percentage point to GDP growth in 2021 and 0.2-0.3 percentage point in 2022."
- "A good (grain) harvest may provide for more significant food price decline."
Risks:
- "There are signs of overheating in the unsecured loan market. Taking into account data for the last few months, we will decide on additional measures to cool down this segment."
- "Geopolitical risks are also something to which we continue to pay attention."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.