... peaks earlier in the year. The Bank of Russia noted in its accompanying statement that inflation expectations among the population are decreasing and consumer demand remains subdued, creating room for cheaper credit. The regulator also improved the inflation forecast for the end of 2025 and allowed for the possibility of further rate cuts if current trends persist. Markets reacted ambiguously to the CBR's bold decision. Bonds saw an influx of buyers: OFZ yields fell on expectations of cheaper funding, increasing ...

The US ISM Services Index exceeded expectations in April: activity, new orders, and employment improved, but a spike in prices highlights persistent inflation risks. How will the markets react, and what will the Fed do? ISM Services PMI Beats Forecast; S&P 500 Rises as Fed Remains Cautious The US non-manufacturing sector showed an unexpected uptick in April, as the latest ISM Services PMI came in stronger than anticipated. The index, which measures business activity in the American services ...

... and bond yields stabilized. It appears investors believe that the Fed is close to concluding its rate hike cycle, as long as inflation doesn't present any surprises. Shortly after, at 17:00 MSK, a regional business activity indicator was released – ... ... Previous months showed negative index readings (around –9 points in June), indicating a contraction in activity. The consensus forecast for July anticipated a slight rise in the index, but still within negative territory (closer to –5). The actual value ...

... Without accounting for inflation, many calculations would be overly optimistic: savings plans might not ensure the desired living standards, and enterprise profits could fall short of expectations. Any serious budget or financial plan must include an inflation forecast to avoid such errors. Capital growth is directly linked to whether incomes exceed price growth rates. Therefore, prudent financial planning always involves monitoring inflation levels and utilizing protective measures to maintain the real value ...

... signals the state of the US economy. European Central Bank Press Conference (16:45 MSK) The ECB President will present forecasts and clarify the monetary policy course, affecting bond markets and the euro. Eurozone: ECB Economic Forecasts (17:45 MSK) ECB forecasts are important for assessing economic growth and inflation prospects. US: Natural Gas Inventory Data (18:30 MSK) The EIA report will provide information on gas inventory status, important for the energy market. Key Thursday Reports (US and Russia) Pre-market: Ciena Corp (CIEN): report at 15:00 MSK....