The growth of bond yields in parallel with the growth of inflation and inflationary expectations became a discussed topic in the second half of last week. Both in Russia and in the world. Even at the end of Thursday, I spoke in favor of the continuation of these trends (https://t.me/probonds/5165), but today I had doubts. The disappointment of the investment community catches up with the debt market quickly and unequivocally. And that’s a good sign. Bonds, in particular OFZ, fell 6, 3, 1 months ago, and each time it was believed that they could be bought. But over the past Thursday-Friday, the market consensus has reversed its polarity. Caution and apathy entered the market. And this is the classic support for quotes. Whether the bond market, first of all, the Russian one, will turn towards lower yields is an open question. However, it is quite ready for stabilization.
The illustration shows the dynamics of the OFZ yield curve for January 11 and February 26, 2021 (https://t.me/bitkogan/11093)