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Front-End Yields Rise Following Hawkish CBR Statement

RUSSIA
  • CBR forward guidance towards another potential hike in the pipeline has seen 2-3Y yields rise ~15bp following the announcement in anticipation of another step higher to tame overshooting inflation. 2-3Y yields stand +24-25bp higher today.
  • The next meeting is due in March and markets will be monitoring Feb inflation dynamics closely for sighs of the positive impact of base effects filtering through.
  • Hawkish guidance allows the CBR optionality in assessing the path of inflation amid ongoing tensions with Ukraine and may see an additional +25-50bp in hikes coming through at the next meeting, so long as inflation does not show a marked acceleration higher.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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