FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Taiwan Central Bank Likely to Keep Interest Rates Unchanged Through 2027 
Kevin Warsh Faces Early Fed Test as Inflation Risks Challenge Rate-Cut Expectations 
BOJ Rate Hike Expectations Rise as Weak Yen and Strong U.S. Jobs Data Increase Pressure 
Jerome Powell Warns Against Politicizing the Federal Reserve, Defends Democratic Institutions 
BOJ Raises Interest Rates to 1% as Inflation Pressures Persist 
Goldman Sachs Sees Fed Holding Interest Rates Steady Until 2027 
Elevated inflation risks and a vulnerable ruble could force the CBR to stay on the sidelines at March 18th meet. The ruble has gained quite a bit since weakening to a record low of USD/RUB 85.9675 on January 21, and is currently trading at 70.7908 levels.
However, the currency is expected to resume depreciation in the near term on lower oil prices because of the global supply glut. The external debt repayments (with banks and companies due to repay over USD 70bn until the year-end) as well as the normalisation of the Fed policy also pose considerable risks.
There is also a small chance that the CBR might lower its key rate by up to 100bps in H2 2016 to support the weak economy. From a fundamental point of view, domestic demand could benefit from resumption in rate cuts.
