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`Most Orthodox' Banker Seeks More Clues Than Bonds and Cucumbers

  • Bond-rate gap near 11-month wide shows market ready for cuts
  • Nabiullina's strict adherence to CPI target means longer wait
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The most orthodox central banker in developing Europe is dismissing signals from everything from the bond market to the price of cucumbers that it’s time to cut interest rates.

Russian central bank governor Elvira Nabiullina will keep benchmark borrowing costs at 11 percent on Friday, where they’ve been since July 31, according to the median estimate of 26 economists surveyed by Bloomberg. Even though inflation has slowed to a two-year low, she wants to see more evidence prices have stabilized before restarting an easing cycle to relieve an economy in its second year of recession, according to Capital Economics in London.