Evgeny Goryunov, Head of Monetary Policy Department at the Gaidar Institute, said in a comment to Izvestia that the US Federal Reserve's cut in its base interest rate will not have a direct impact on the Russian economy. “The decision on the rate itself is unlikely to have any impact on the Russian economy and financial markets. But it should be borne in mind that the Fed's decision is always based on the current state of the US economy and has a significant impact on global markets,” the expert noted.
Evgeny Goryunov emphasized that the reasons for the Fed's rate cut, such as rising unemployment and declining investment and consumption in the US, point to signs of a slowdown in aggregate demand in the US. "This means that global prices are likely to continue following the downward trend that began in the second half of 2024. In this situation, we should not expect the ruble to strengthen or foreign exchange earnings from exports to grow, which gives the Bank of Russia an additional argument in favor of pausing its policy easing cycle," he explained.