Russian government bonds retreated for a third day as oil’s renewed drop weighed on the ruble, spurring speculation the central bank will delay a return to a rate-cut cycle to avoid stoking inflation. Yields on the government’s five-year securities rose seven basis points to a week high of 10.48 percent. The rate has risen 24 basis points since the Bank of Russia on Jan. 29 removed a reference to resuming an easing cycle, saying instead it would consider hoisting borrowing costs if inflationary pressures worsen. The ruble fell 1.5 percent to 78.498 per dollar by 12:12 p.m. in Moscow. “A more hawkish stance on interest rates” has combined with weakening oil prices to hurt appetite for local debt, said Olga Sterina, an analyst at UralSib Capital in Moscow, who recommends investors buy Russian inflation-linked notes to protect against a possible acceleration in price growth. “It’s clear now that the […]