Only the timeline and pace at which we can cut rates will depend on…
Only the timeline and pace at which we can cut rates will depend on how the situation develops. Additionally, Nabiyullina stated that secondary effects from the fuel market situation may influence the Central Bank of Russia's decision on the key rate.
Consensus
- There is space for reducing the key rate in July according to Nabiyullina
- The timing and pace of any rate cut will depend on economic developments
- Secondary effects from fuel market instability may influence the decision
Points of divergence
- Nabiyullina stated that businesspeople are concerned about borrowing rates, not the key rate itself, which depends on inflation levels. — vedomosti
- The Central Bank is monitoring fuel market instability but considers it a temporary phenomenon. — vm
- Nabiyullina said that the key rate reduction was more modest than expected (25 b.p. instead of 50 b.p.) due to inflation risks from both fuel and fiscal policy factors. — kommersant
- The Central Bank's previous meeting reduced the rate by only 25 basis points, contrary to market expectations of a larger cut (50 b.p.), citing inflationary pressures. — interfax
Coverage (5 sources)
- Naibiulina sees room for a key rate cut in July — Ведомости
- Naibiulina Allows for Key Rate Cut in July — Вечерняя Москва
- Naibiulina sees room for cutting the key rate — Коммерсантъ
- Naбиуллина states that room for cutting the key rate exists now — Интерфакс
- Central Bank Head Says There Is Room for Rate Cuts in July — Вести