Markets, capital, and the discipline of patient investing.
RFC Capital Research publishes the independent analysis of Ruslan Averin — an investor focused on public markets, sovereign and corporate fixed income, cross-border real estate, and capital allocation across emerging and frontier markets.
No institutional mandate, no house view to defend — a working record of how one investor thinks about risk, value, and the markets most analysts avoid.
Kyiv Rent Falls to UAH 18,000 in September 2026 as Uzhhorod and Lviv Jump 33%
Kyiv rent September 2026: one-room median UAH 18,000, down 2.7% on the month, while Uzhhorod and Lviv rise 33% in dollars. Yields, taxes and єОселя math.
MarketsNBU on 17 September: the 16% Question and the Five Markets It Touches
NBU key rate decision on 17 September 2026: 15.5% or 16%, and the impact on hryvnia deposits, OVDP yields, єОселя and the hryvnia at 44.63.
MarketsUkraine's 2027 Budget Gap of $32.6 Billion Dwarfs Finland's 34th Package
Ukraine's 2027 budget needs $52.6 billion from abroad with only $20 billion sourced; Finland's €290 million package, frozen EU assets and NBU rate in focus.
MarketsThe AI Pacing Debate Met a 5% Treasury: Why Chips Fell and Meta Rose
AI slowdown debate, chip stocks and $800 billion of hyperscaler capex: why bond yields and Oracle's financing, not essays, drove the September sell-off.
MarketsTreasuries at 5.04%: The Risk-Free Rate Has Caught Up With the S&P 500
10-year Treasury yield hit 5.04% on 15 September 2026, highest since July 2007. Equity earnings yield is 5.2%, leaving almost no risk premium.
MarketsGold at $4,285 Before the Fed: Real Yields at 2.63% Explain the 23% Drawdown
Gold at $4,285 before the Fed's first hike since 2023: real yields at 2.63%, 23% below the January record, ETF holdings at 4,189 tonnes, and the key levels.