Budget expenditures are slowly decreasing to 14.5% year-on-year.

Thus, the Central Bank's key rate has little chance of rising.

Norilsk Nickel has slightly improved its financial results.

The possibility of payments to shareholders is approaching 10 rubles per share per year.

The stock market is experiencing this fact too stormy.

The M2 monetary aggregate remains at 13%.

The volume of cash is actively growing, the liquidity of banks is falling.

The US budget expenditures are now quite modest, and the problems with inflation will not be too acute.

This is about how the market's opinion changes depending on the time and the key rate when estimating the price of OFZ 26252.

Previously, the market estimated the price as the yield to maturity.

But now it is estimated as a coupon cash flow.

Risks are being reassessed.

Budget expenditures remain at the  high average level.

Inflation and the Central Bank's key rate will follow suit.

The M2 monetary aggregate is approaching the average of 14%.

Figure 1.

Cash has aggressive growth.

 Figure 2.

Weekly inflation returns to the previous level.

ECB is briskly reducing reserve assets, and this strengthens the euro.

Weekly inflation does not shift from the average of 7-8%.