Singapore MAS Monetary Policy: Fixed Income View
· MAS has announced a shift from “zero” to “appreciation bias” on the slope of the S$NEER policy band.
· This should provide some cushion, but not stop the upward pressure on domestic rates, in our view.
· We maintain a mildly bearish view on SGS, expecting 15-20bps upside on yields in the next 3-6 months.
Winson Phoon, ACA
(65) 6231 5831
Se Tho Mun Yi
(603) 2074 7606
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