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OFZs Open Weaker After Extended Holiday Closure, Markets Anticipate Hawkish CBR in Feb

RUSSIA
  • OFZs open +4-5bp higher across the curve this morning, playing catch-up after the extended new year break.
  • USD bonds also kick off +1.7-5.7bp higher, with last week’s bear steepening bias holding. Final Dec CPI data will be closely monitored after preliminary estimates came in above expectations for 8.26% at 8.39% - adding uncertainty over a near-term moderation in price pressures in line with forecasts.
  • Core CPI is expected to rise to 9.05% y/y with weekly CPI prints broadening across the basket. More favourable base effects are expected in Feb, with markets still pricing in +68bp of hikes in 3x6 FRA-Mosprime spreads.
  • 3x6 FRA-Mosprime Spread


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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