**Headline:** Central Bank Lowers Rate to 14.5% — Is This the End of Tight Policy or a Pause Before the Next Turn? **Fact 1:** On April 24, 2026, the Bank of Russia lowered the key rate for the eighth consecutive time — to 14.5% per annum, cutting by 50 basis points. This is the longest easing cycle since 2020. **Fact 2:** The dynamics of domestic demand have approached the possibilities of expanding supply — this is how the Central Bank explained the decision. Inflation is slowing but remains above the target. **Fact 3:** The forecast for the average rate in 2026 has been narrowed to 14–14.5%, hinting that the cycle's bottom is near. Further reduction is not guaranteed. **My forecast:** The Central Bank has taken a pause to boost the economy ahead of possible new shocks — the US-China trade war, tensions in the Middle East, a flight to gold. 14.5% is not a gift to borrowers but insurance in case imports become more expensive due to geopolitics. The Central Bank's next move is likely to be upward, not downward. Want to see such scenarios in 47 seconds, not after analysts' lunch? ASI Biont analyzes macro data instantly. 1500 tokens to start — no SMS or registration, just go to asibiont.com.