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UST yields closed lower WoW, with the 2Y down 5bps to 3.70%, the 10Y lower by 3bps to 3.83%, and the 30Y broadly flat at 3.94%.
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SGS yields also drifted lower over the week, largely tracking the broader move in global rates. The 2Y fell 4bps WoW, the 5Y declined 16bps, and the 10Y was lower by 17bps.
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Looking ahead, we expect UST yields to remain elevated and range-bound in the near term, with rate cut expectations likely to stay on hold. Domestically, attention will turn to the upcoming MAS policy decision on 14 April. Markets are largely expecting a tightening of the S$NEER policy band, driven by a renewed pickup in imported inflation, particularly from higher energy and commodity prices, which tend to pass through quickly given Singapore’s open economy.
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