The expert called the consequences of the rate cut for the stock market and bonds

The decision to reduce the key rate to 17% will have a positive effect on demand for stocks, but the restrained effect will remain. Yulia Khandoshko, CEO of the European broker Mind Money (ex "Cerih"), told Izvestia on September 12.

"Although this is a positive signal for the stock market, it is rather restrained: cheaper money, of course, will support demand for stocks, but the scale of the effect will be smaller than with a more drastic mitigation. Companies with a high debt burden receive the greatest benefit from the Central Bank's decision, primarily developers, metallurgists, logistics companies and part of the retail sector," the expert said.

At the same time, Khandoshko added, the effect of the rate cut is rather neutral for oil and gas companies and exporters of raw materials.

In addition, the expert stressed that at a rate of 17%, bonds continue to be attractive to investors, especially fixed issues with high yields. With a gradual decline, they will be a priority, while floating coupon bonds will lose their appeal.

"Thus, the 17% rate leaves room for investments in both stocks and bonds. The former will grow selectively, mainly in over—leveraged sectors, while the latter will retain the status of a protective instrument. At the same time, much will depend on the rhetoric of the Central Bank," Khandoshko concluded.

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On the same day, the Central Bank of the Russian Federation lowered its key rate to 17% per annum. According to the regulator's forecast, in 2025, taking into account the current monetary policy, annual inflation will decrease to 6.0-7.0%, and in 2026 it will return to the target level of 4.0%. In the future, inflation is expected to remain at the target level.

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