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Review of latest central bank decisions. One-and-half actions, three surprises

The recent meetings of leading central banks produced one-and-half actions and three surprises. The contrast of hawkish Fed Reserve and soft wording from the ECB led to EUR weakening. The signal of tighter US monetary policy also added to the ongoing downward pressure on emerging market currencies. Arguably, the Bank of Russia surprised the most by announcing a pause to its rate cuts. For the real estate market, fresh rouble volatility provides an additional stimulus for keeping operations in roubles, while serving as a negative factor for investment activity. Higher than expected future interest rates will curtail new construction.

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