Three Recent Bell Parades You May Have Missed This material (information) is produced and distributed by the Bell foreign agent or relates to the activities of the Bell foreign agent. 18+ 1. Military expenditures and budget deficit The government included record military expenditures in the 2027 budget — 17.1 trillion rubles, 41% more than what was budgeted for 2026. The budget deficit in 2026 will be 3.2% of GDP, or 7.3 trillion rubles, which is twice the 1.6% of GDP stipulated in the budget law. If when planning the budget for 2026, the government at least hoped that it would be able to reduce military expenses, now no one is creating illusions for 2027. It is likely that this figure will only increase - during the war, the Russian government never continued spending under the program. 2. Public debt service costs in 2020 it spent 3.4% of the federal budget. The project for 2027 already has 9.4%. The Russian authorities are getting more and more into debt. And although the level of debt is small compared to developed economies, this service at double-digit rates requires spending the same as spending on education, health, environment and culture together. 3. S&P 500 Earnings Growth Forecasts by Period The yield on the 10-year note hit a nearly 20-year high in September, while the yield on the 30-year note topped 5.5%. But the stock market remains near historic highs. The stock market has so far ignored the threat of high interest rates, because company profits are growing faster than the cost of borrowed funds. But this structure is only sustainable as long as earnings continue to rise and the Fed does not need to tighten policy. All three charts were posted on different mailing lists. To avoid picking them up piece by piece, there is the bell. Unlimited: One subscription to all bell products. It includes: Newsletters: daily analysis of the Russian and world economy and politics, with the block "What do I get from this? ” below the main stories.

Three Recent Bell Parades You May Have Missed This material (information) is produced and distributed by the Bell foreign agent or relates to the activities of the Bell foreign agent. 18+ 1. Military expenditures and budget deficit The government included record military expenditures in the 2027 budget — 17.1 trillion rubles, 41% more than what was budgeted for 2026. The budget deficit in 2026 will be 3.2% of GDP, or 7.3 trillion rubles, which is twice the 1.6% of GDP stipulated in the budget law. If when planning the budget for 2026, the government at least hoped that it would be able to reduce military expenses, now no one is creating illusions for 2027. It is likely that this figure will only increase - during the war, the Russian government never continued spending under the program. 2. Public debt service costs in 2020 it spent 3.4% of the federal budget. The project for 2027 already has 9.4%. The Russian authorities are getting more and more into debt. And although the level of debt is small compared to developed economies, this service at double-digit rates requires spending the same as spending on education, health, environment and culture together. 3. S&P 500 Earnings Growth Forecasts by Period The yield on the 10-year note hit a nearly 20-year high in September, while the yield on the 30-year note topped 5.5%. But the stock market remains near historic highs. The stock market has so far ignored the threat of high interest rates, because company profits are growing faster than the cost of borrowed funds. But this structure is only sustainable as long as earnings continue to rise and the Fed does not need to tighten policy. All three charts were posted on different mailing lists. To avoid picking them up piece by piece, there is the bell. Unlimited: One subscription to all bell products. It includes: Newsletters: daily analysis of the Russian and world economy and politics, with the block "What do I get from this? ” below the main stories.