Macroeconomics
The key rate, inflation, GDP and the rouble: how decisions at the Bank of Russia reach your portfolio.
5 articles
The fiscal rule: why the state sets part of its revenue asideA mechanism that separates budget spending from the current commodity price — and moves the exchange rate along the way.2 min
GDP: what the number says and what it does notThe value of everything produced in a period — the figure quoted most often and understood least.2 min
Inflation: how it is measured and why it differs from yoursThe consumer price index measures a basket with average weights. Your basket is not average.
Central bank guidance: why the wording matters more than the decisionA Bank of Russia press release contains a pointer to the future, and that is what the market trades — not the changed number.2 min
The key rate: how a Bank of Russia decision reaches your portfolioOne percentage figure on one instrument most people have never heard of sets deposit yields, the cost of credit and the price of bonds.2 min