CBR signals rate cuts still on the cards, despite ruble sell-off

The sell-off in the ruble caused the Russian central bank (CBR) to pause its easing cycle today, but the dovish tone of the accompanying statement supports our view that rates are likely to be lowered further over the rest of 2018. The market’s response to this month’s currency sell-off – it removed almost all expectations for monetary easing over the coming year – seems like an over-reaction.

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