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Russia’s easing cycle has much further to run

Russian central bank governor Elvira Nabiullina gave little away at today’s post-meeting press conference about the future path for interest rates, but her overall tone suggests that there’s scope for significant further easing. We remain confident in our forecast that the policy rate will be lowered from 7.25% now to 6.00% by year-end, which is lower than the markets are pricing in.

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