通胀压力缓解 俄罗斯央行近三年来首次降息

Group 1 - The Central Bank of Russia has lowered the benchmark interest rate for the first time in three years, reducing it by 100 basis points to 20% due to slowing inflation and signs of economic distress under high borrowing costs [1][4] - The decision to cut rates comes amid a backdrop of declining inflation pressures, with the central bank noting that the effects of tight monetary policy on demand are becoming evident as inflation decreases [1][4] - Economic Minister Maxim Reshetnikov has publicly called for rate cuts to stimulate growth, indicating that some sectors are cooling too quickly, reflecting growing concerns about economic downturn risks [4] Group 2 - The annualized inflation rate has decreased from 7% in March to 6.2% in April, with estimates suggesting it may have returned to the 4% target level by May [4] - Despite the recent decline in inflation, economists warn that the central bank may view this as a fragile balance, with expectations of alternating between maintaining rates and cautious rate cuts in the second half of the year [4] - The central bank's future rate decisions will depend on the speed and sustainability of inflation and expectations decline, indicating that tight monetary policy may remain in place for an extended period [7]