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OFZs Tread Water Ahead of Final FOMC, CBR Meetings for 2021

RUSSIA
  • Local & USD rates kick off slight softer this morning, having closed Friday’s session mostly mixed.
  • This week’s focus will be on the FOMC and CBR meetings, with the former eyeing a faster taper timeline and possibly more hawkish dot plot distribution, while the latter is expected to continue hiking in the +75-100bp range with proinflationary drivers still firm in November, but showing tentative signs of easing in December.
  • 10Y yields remain pegged above 8.50, albeit with RSI momentum diverging slightly from rising price action – key Sup/Res stands at 8.34 & 8.61 respectively.
  • Russia’s 5Y CDS stands at 105, just above 100 support after a moderation in geopolitical tensions.

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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