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OFZs Dial In On Auctions, Weekly CPI For Signs of December Moderation

RUSSIA
  • Local & USD rates trade little changed around the open, having continued to slide in yesterday’s session.
  • Yields rose +3-5bp across the curve with 7-15Y yields most offered on the day. 10Y yields remain pegged between 8.50 & 8.61, awaiting more decisive directional triggers.
  • Weekly CPI will be watched closely today for further signs of a moderation in CPI in December, paving the way for a peak in inflation that has been keeping OFZs on the backfoot alongside higher geopolitical risk premia.
  • Today’s FOMC will be the key price action driver, followed by the CBR on Friday, where markets are expecting a 100bp hike.

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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