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Bank of Russia Says ‘Fear’ of Fed Surprise Keeps Markets on Edge

The Russian central bank said a “fear of some surprise” by the Federal Reserve is leading to jitters about the first U.S. interest-rate increase in almost a decade.

“The reaction by markets should theoretically be rather calm,” Bank of Russia First Deputy Governor Ksenia Yudaeva told reporters in Moscow on Tuesday during a presentation of the regulator’s Financial Stability Report. “But there is some probability still that, for whatever reasons, the market will start to get nervous and be quite volatile.”