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Not Even Putin Knows Where Russian Rates Are Going Next

Inflation rising, interest rates on hold for now

President Vladimir Putin called a pair of interest rate hikes last year “one-time” and “short-term,” but that won’t keep the Bank of Russia from tightening, according to Bloomberg Economics. The central bank’s independence is fully intact, and it has earned its credibility with financial markets. Only the data will decide whether another hike is need -- BE expects one as soon as March.