Putin's Rate-Cut Signal Tests Nabiullina's Independence

Russia's central bank governor returns to public view on June 19 after nearly two weeks absent—including a missed meeting with Putin. The timing matters: while Nabiullina was on sick leave, Putin publicly backed key rate cuts, breaking the usual coordinated messaging on monetary policy. Her press conference will reveal whether she aligns with the Kremlin's preference or maintains the Bank's hawkish inflation stance.