Bank of Russia sees current policy tightness sufficient to resume disinflation

The Bank of Russia's discussion summary indicates that most participants believe current monetary policy tightness is adequate to bring inflation back to target under the baseline scenario. This suggests a potential pause or end to the tightening cycle, though the central bank has not yet signaled a specific rate path. The statement is a dovish tilt from a central bank that has been hiking aggressively, which could pressure the ruble and support local bonds.