Olga Belenkaya

Olga Belenkaya

Head of the Department of Macroeconomic Analysis of FG Finam. The leading Russian investment and financial group serving more than 450,000 clients. The company was founded in 1994 in Moscow, and now its regional network has more than 80 offices. FG Finam consists of an investment company, a management company, a bank, an information and analytical agency, as well as a licensed forex dealer and the largest exchange education training center in the Russian Federation.

The split in the Fed's assessment of the situation is now greater than usual
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The split in the Fed's assessment of the situation is now greater than usual
At its meeting on October 28-29, the Fed cut interest rates by 25 basis points for the second time this year, to 3.75-4.0%. The decision was in line with market expectations
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The US labor market report contains several unpleasant surprises
Human Resources
The US labor market report contains several unpleasant surprises
The BLS report published in June exceeded market expectations in terms of key indicators
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Russian economy – results of the first quarter of 2025
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Russian economy – results of the first quarter of 2025
Rosstat reports indicate that economic growth is slowing down. This is facilitated by the situation in the global economy, the tight monetary policy of the Bank of Russia and other measures it is taking to cool lending
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China's economic growth this year may reach 4-4.5%
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China's economic growth this year may reach 4-4.5%
The beginning of the year was relatively good for the Chinese economy – in the first quarter of 2025, GDP growth remained at the level of the fourth quarter of 2024 and amounted to 5.4% (YoY)
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Economic activity in Russia continued to grow, but "distortions" in the industry dynamics remain
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Economic activity in Russia continued to grow, but "distortions" in the industry dynamics remain
According to the Ministry of Economic Development, with the exception of the seasonal factor, GDP grew in September (+0.3% SA) compared to +0.4% SA in August, and in annual terms, GDP growth in September is estimated at 5.2% YoY, as it was a month earlier.
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There is hope for a "soft landing" in the US
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There is hope for a "soft landing" in the US
The first GDP estimate for 3Q23 published by the US Bureau of Economic Analysis showed an acceleration in economic growth to 4.9% SAAR after 2.1% in 2Q23.
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Unexpected stability of the US labor market may add to the Fed's rigidity
Human Resources
Unexpected stability of the US labor market may add to the Fed's rigidity
The published BLS report for September showed several factors confirming the continuing tension in the labor market.
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US inflation in September is slightly higher than market expectations
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US inflation in September is slightly higher than market expectations
The published BLS report showed that inflation in the US in September in annual terms remained at the level of the previous month (3.7% YoY), slightly above the consensus forecast (3.6%).
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US labor market in August 2023 – "overheating" weakens
Human Resources
US labor market in August 2023 – "overheating" weakens
The published BLS report for August showed several factors confirming the easing of tension in the labor market, which the Fed is stubbornly seeking.
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The trends of "overheating" in the Russian economy intensified in July 2023
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The trends of "overheating" in the Russian economy intensified in July 2023
According to the Ministry of Economic Development, with the exception of the seasonal factor in July, GDP accelerated growth to (+0.5% SA) compared to +0.1% SA in June
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