Russian Central Bank Head Elvira Nabiullina has been missing from public view since May 28, skipping three major events—including the June 4 St. Petersburg International Economic Forum ("Russian Davos"), and a critical interest rate meeting with Putin on June 9th. The Kremlin claims she is on "sick leave." Her bio is still on the Russian Central Bank website as its head. She has been clashing with Putin over wartime inflation and military recruitment spending. She is resisting intense pressure to cut rates and effectively print money to fund war spending and massive soldier bonuses to meet recruitment goals (because casualties are soaring in the Ukrainian war). She has been the head of the Russian Central Bank since 2013. Over this period, she has maintained a track record of fighting inflation, even raising rates to 20% (à la Volcker) in 2022 (the start of the Ukraine War) to rein it in. ---- So, what happened to her? Two possibilities? 1. Given Putin's desire to run hyperinflationary policies to meet recruitment bonuses and war spending, and her policies of tight money to control inflation, she's just protesting (for now) by staying out of the public eye and away from her office. 2. "For Now" is over, and she has "accidentally" fallen out of a window. ---- She is very famous in Central Banking circles for a unique "Forward Guidance" in policy (that is, signaling what is coming next) by the type of Brooch she wears. Supposedly, ECB head Christine Lagarde has adopted something similar to the scarves she wears.