Fixed Income Market Weekly: We expect that the results of the U.S. FOMC meeting will not be particularly encouraging for the debt market

GKO-OFZ market

Record high liquidity will support solid demand for ruble-denominated
bonds, although increases in OFZ prices will remain limited due to active
additional placements by the Finance Ministry and the CBR.

Eurobond market

We expect that the results of the U.S. FOMC meeting will not be
particularly encouraging for the debt market. Fed rates are expected to
be increased by 25 bpts, alongside general commentary about stable
growth in the U.S. economy. Even if the results do end up meeting our
expectations, it will not trigger any sharp growth in U.S. Treasuries, as
most investors have already closed long positions.