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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.
RUSSIA
- Local & USD rates trade slightly weaker around the open, following on from Friday's post-CBR sell-off with the bank delivering a +75bp hike vs a split consensus for +25-50bp.
- Here, inflation remains a persistent risk with the CBR sounding gravely concerned about the now higher year end trajectory for CPI (7.4-7.9% y/y).
- W/w the OFZ curve stands +33-40bp bear flatter in 2-5Y yields – in line with the larger than expected hike with pressure likely to persist as markets anticipate the tightening bias to continue into the December meeting.
- 3x6 FRA-Mosprime spreads no stand at +126bp, with markets seeming overtly pessimistic about the Bank's ability to accurately telegraph runaway CPI pressures.
OFZ Curve Change w/w
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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