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Nabiullina Held at 14%, European Consumer Raised Expectation to 3.1: Peg Stays at 3.7500
Moscow locked in rates but concerned about expectations; ECB survey shows one-year inflation expectation rose from 3.0 to 3.1. Gulf pegs did not budge — the story is in the neighborhood.
Friday evening was a day when two central banks constructed the same sentence in different languages: inflation expectations are stubborn, policy is on hold, markets are doing their own math.
In Moscow, Elvira Nabiullina came to the microphone following the board decision and confirmed the key rate was held at 14% annually. Her sentence was technical but her signature clear: "High inflation expectations are a source of concern for the Russian Central Bank." She said that the public, accustomed…