🇷🇺 Russia announced that they will cover their 2025 budget deficit not through the issuance of debt via government bonds, but via the National Reserve Fund - funded by natural resource surpluses

🇷🇺 Russia announced that they will cover their 2025 budget deficit not through the issuance of debt via government bonds, but via the National Reserve Fund - funded by natural resource surpluses

👉 Good news for the Ruble, of course

👉 Bond yields went down - 10Y is down ≈-3%