Russian bonds fell, sending yields higher for a second day, after a drop in the ruble this week raised the prospect that the Bank of Russia will struggle to justify resuming interest-rate cuts to support the economy. Yields on the government’s local-currency bonds climbed three basis points to 10.16 percent by 11:52 a.m. in Moscow. The ruble was little changed after slumping 3.9 percent in the previous two days. Forward-rate agreements showed wagers for interest rates to fall by 55 basis points in three months, down from 70 basis points at the end of last week. The ruble’s depreciation this week, which happened as oil fell and currency demand from exporters to pay taxes waned, may make it harder for Bank of Russia policy makers to justify restarting interest-rate cuts when they meet on Friday. Economists surveyed by Bloomberg are evenly split on their outlook for the decision, with […]