Higher rates for longer in Russia.
Reuters reports today (22 July):
“The Russian central bank is set to hike its key interest rate by 200 basis points to 18% at the July 26 board meeting...
...All 28 analysts agreed that the rate hike was inevitable, with three-quarters of the polled analysts predicting an aggressive 200 basis points hike. Only four analysts saw the possibility of a 100 basis points rise.
“There are no alternatives to the rate hike at the July 26 meeting,” said Oleg Kuzmin from Renaissance.
In the previous Reuters poll on July 2, 10 out of 16 analysts saw the 200 basis points hike...
...In the run-up to the July 26 meeting, the regulator’s rhetoric has hardened, with its governor, Elvira Nabiullina, flagging that the board will focus on the size of a rate increase, not on the need for it.
The central bank said earlier that tight monetary policy is needed for a significantly longer period than was previously foreseen to contain inflation in a more sustainable way.”
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https://www.twz.com/news-features/ukraine-situation-report-large-two-pronged-drone-attack-struck-russian-refinery-airbase
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https://www.twz.com/land/trumps-nebulous-iron-dome-pledge-actually-reflects-very-real-homeland-threats