**Trader consensus heavily favors no change at the Bank of Russia’s October 23 meeting, with the key rate expected to remain at 14%.** Persistent inflationary pressures, including September’s 6.35% annual rate and rising household expectations at 14.2%, have reinforced the case for caution after the September pause. Most analysts surveyed by Russian media and the central bank project the rate staying at 14% through year-end, citing pro-inflationary risks and the need for sustained evidence of easing price pressures. Recent comments from Deputy Governor Alexei Zabotkin linked further easing to fiscal conditions, while the new three-year budget parameters align with prior forecasts but do not override near-term inflation concerns. This aligns with the market’s 90% pricing on no change versus limited odds on a modest cut.