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OFZs Sustain Bear Flattening Momentum, CPI Expected to Rise to 8% Y/y

RUSSIA
  • Local & USD rates trade mixed to a fraction firmer at the open, having closed Friday's session mostly on the backfoot.
  • OFZs slipped into the red, with the curve closing +2bp higher across the breadth for a notable w/w decline.
  • 1-3Y yields rose +30-37bp, while 15-30Y yields lifted +6-13bp for a continuation of the recent bear flattening trend that accelerated at the start of October in line with runaway inflation pressures.
  • Y/y CPI will be on focus this week, expected to rise to 8.00% in October with 3x6 FRA-Mosprime spreads currently pricing in +110.5bp in hikes over a 3-6m horizon.
  • OFZ curve change w/w


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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