Russia has taken centre stage with a falling currency and the CBR hiking rates to 17%. If the rate hikes are only temporary to calm the currency markets, then the most negative scenario could be avoided. In other markets, our Christmas price index suggests that this year Christmas has become more expensive in Japan and Spain, but cheaper in Greece and the UK.
About the authors
Economist Insights is written by Joshua McCallum and Gianluca Moretti. Joshua has been working at Global Asset Management with the title of Senior Fixed Income Economist since 2005. Prior to this, he worked at the UK Treasury as a macroeconomist. Gianluca joined Global Asset Management in 2010. Prior to this he worked at the Italian central bank.
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