Russia’s central bank (CBR) raised its policy rate by another 50bp, to 5.50%, at today’s meeting and the accompanying communications delivered a much more hawkish tone about inflation risks and the need to raise interest rates further. With inflation set to remain stuck firmly above the CBR’s target for a while, we think that a total of 75bp of rate hikes, to 6.25%, will be delivered at the next two meetings.
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