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Rates Mixed After Outperforming EM Peers Amid Rising UST Yields

RUSSIA
  • Local rates flat to 1bp lower at the open, following a bear steepener in line with EM peers in yesterday's session.
  • USD curve outperformed, but remains unch this morning.
  • 10Y local trading just below 6.00 handle, and may pull back lower in line with tentative EM inflows.
  • Focus today on inflation as an upside spike in food inflation (expected to ease by 2H22) erodes real yields/carry.
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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