In recent months, indicators of monetary tightness have fluctuated, with real interest rates declining across most financial market segments. This shift signifies a change in the expectations of market participants, who are anticipating an early easing of monetary policy.
With inflation expectations of both households and businesses falling, there is a suggestion of increased monetary tightness. In February, the slowdown in lending activity continued in both the corporate and retail segments. The money supply remained supported by fiscal operations.
Further insights can be found in the Bank of Russia’s information and analytical commentary titled "Monetary Conditions and Monetary Policy Transmission Mechanism."