On Friday of last week Moody's lowered Russia's credit rating to Baa3, the lowest investment grade, and many believe it will slip even further into junk bond territory. Russia's economy has been struggling under the weight of the sanctions imposed upon them and a weakening currency, and in response we continue to watch for increased demand for safe haven assets as investors flee Russia's markets. Eurozone CPI slipped into negative territory for December, adding to the recent string of weak data coming out of the area. The combination of negative CPIinflation in the Eurozone and anemic economic growth makes it likely that the European Central Bank will launch a program to purchase sovereign bonds in order to spur inflation and economic growth. Another big focus for the market will be the MBA purchase application data released on Wednesday. After last release's holiday adjusted jump in refinances and purchases, we look for full week's data to validate the prior's holiday adjusted numbers.
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