Russia's Central Bank revises 2026 inflation forecast to 6-7% due to fuel price spikes and supply shocks, cuts GDP growth forecast to 0.0-1.0%
The Bank of Russia may pause its key rate-cutting cycle at its upcoming meeting, influenced by recent domestic fuel market events impacting inflation dynamics and rising inflation expectations, according to experts.
Russia's Ministry of Economic Development increases 2026 inflation forecast to 5.2% from 4%, while keeping 2027-2029 forecast at 4%.
Bank of Japan held its policy rate at 0.75% in a split 6-3 vote, revising inflation forecasts upward to 2.8% due to Iran war supply-side risks while cutting its 2026 growth forecast to 0.5%. The central bank warned that rising crude oil prices from the Middle East crisis would crimp corporate profits and real household incomes. Japan narrowly avoided a technical recession in Q4 2025, with 0.3% QoQ and 1.3% YoY growth. The 10-year bond yield hit 2.496% on April 13, the highest since 1997.
