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UST yields declined WoW, with the 2Y falling 9bps to 3.71%, the 10Y down 7bps to 3.83%, and the 30Y easing 3bps to 4.87%, bringing yields back to levels last seen prior to the onset of the Middle East conflict.
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SGS yields also drifted lower over the week. 2Y down 2bps WoW, the 5Y declining 3bps, and the 10Y easing by 2bps, with movements more muted than the previous week.
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Looking ahead, we expect UST yield to remain range-bound in the near term, as rate-cut expectations remain on hold amid a still-resilient labour market. Domestically, SGS yields are likely to stay range-bound. Recent MAS bill auctions point to still-healthy demand at the front-end, which should continue to anchor short-term rates.
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