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Rates Continue to Sell-Off Following FOMC, Higher PPI

RUSSIA
  • Local & USD rates slip into the red this morning, having ended yesterday's session broadly mixed in the lead-up to the FOMC meeting.
  • The OFZ curve has remained under pressure this week – retaining its bear flattening bias as weekly CPI & PPI data pointed to a lack of moderation in price dynamics, which may lead to a more protracted CBR hiking cycle.
  • Pressure on front end yields may persist today as markets digest a more hawkish FOMC meeting in terms of taper timelines and the dot plot distribution.

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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