The OFZ market remained under heavy pressure yesterday, though liquidity visibly evaporated. At the end of the day, the longest benchmarks lost 0.7-1.0pp, price-wise: specifically, RFLB 28 ended at a yield of 10.8%. On the belly, bonds slipped 0.4-0.4pp and the front end declined 0.2pp, in price terms. Hence, the curve moved up 15bp in the long end and 20bp in the belly. Overall, volatility in the market was fuelled by the re-adjustment of expectations regarding the next CBR’s monetary policy meeting, which is due on 30 April.