SINGAPORE, July 28 — Economists in Singapore largely expect interest rates here to plateau soon even though the United States central bank has just raised its benchmark lending...
SINGAPORE, July 28 — Economists in Singapore largely expect interest rates here to plateau soon even though the United States central bank has just raised its benchmark lending rate to the highest level since 2001 after a pause in its anti-inflation campaign last month.
Over recent months, some non-fixed mortgage rates here have climbed to their highest level in years. While borrowers have been squeezed, savers have enjoyed the upside of higher interest rates, as deposit rates increased. UOB senior economist Alvin Liew in a note last month said Powell had stated that the Fed was “stretching out to a more moderate pace of hiking”.
Economists have previously told TODAY that interest rates in Singapore roughly track those set by the US central bank. “Simply put, higher US rates, higher Singapore rates. Lower US rates, lower Singapore rates,” he said.Powell on Wednesday said that the “process of getting inflation back down to 2 per cent has a long way to go”.
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