Ahead of the CBR’s Board of Directors meeting, price action on the market was muted. The long end opened 0.1pp lower, while the belly and the front end traded flat. After the rate decision, the market felt some pressure, with quotes slipping 0.1-0.2pp across the curve, but mid-term bonds soon regained ground, ending the session 0.1pp higher. Meanwhile, the long end underperformed, losing 0.1pp during the day. Hence, the curve remained nearly unchanged, with the belly hump moving slightly below 11.8% and the long end continuing to trade at 11.4%.