The M2 monetary aggregate is slowly declining, but remains at 13 percent.

Figure1

Money is being converted into cash and short-term assets - liabilities and loans are under pressure.

The percentage of interest income in M2 is decreasing.

Figure2.

This can stimulate the flow of money into currency and stock speculation.

Gazprom has improved its free cash flow from operating activity but it remains negative.

Figure1.

​​​​Overall performance has also improved, but dividend payout potential remains at 10-12 rubles.

Figure2.

Lukoil has reached a free cash flow figure of 600 rubles per share.

It's a good result, but it's hard to sell right now.

Mobile Telesystems has sharply reduced its free cash flow.

Whether this is an incident or a new pattern, we will only find out in the future.

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.