Russia raised less money than targeted at a debt auction as demand for one series of bonds offered fell to the lowest level since April, the latest sign investors are scaling back bets for interest-rate cuts.. The nation sold 9.82 billion rubles ($172 million) of local debt, known as OFZs, after tendering 15 billion rubles of notes maturing in five and 13 years. While bids exceeded the amount offered, investors’ yield demands were higher than the government was willing to pay following a four-week rally in sovereign bonds. Those gains came to an end this week as investors speculated the impact of potential interest-rate cuts is already factored into prices. The Bank of Russia will make its next decision on borrowing costs on July 31 and Kapital Asset Management expects policy makers will hold off on changing them amid concern inflation isn’t falling fast enough to justify lower interest […]