Some Memories

Singapore ranks at 8th

Benchmark 10-year Treasury yields hit their highest since 2011 on Monday and a key part of the yield curve inverted for the first time since April as investors braced for the prospect that Fed attempts to stem soaring inflation would dent the economy. The yield on benchmark 10-year Treasury notes rose to 3.3466 per cent compared with its US close of 3.371 per cent on Monday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 3.3804 per cent compared with a US close of 3.281 per cent. https://www.channelnewsasia.com/business/asian-stocks-slide-fed-hike-fears-tip-wall-street-bear-market-2744971

Free RapidKL rides for a month in conjunction with Putrajaya MRT launch By January next year, Phase two of the Putrajaya MRT completed and trains will pass through the entire route from Kwasa Damansara to Putrajaya, marking the end of the line. https://www.thestar.com.my/news/nation/2022/06/16/free-rapidkl-rides-for-a-month-in-conjunction-with-putrajaya-mrt-launch

Fed Chair Jerome Powell said it was "essential" to lower inflation, and policymakers "have both the tools we need and the resolve it will take to restore price stability on behalf of American families." He stressed that the goal is to achieve that without derailing the US economy, but acknowledged there is always a risk of going too far. The Fed's policy-setting Federal Open Market Committee raised the benchmark borrowing rate to a range of 1.5 to 1.75 per cent, up from zero at the start of the year. It was the first 75-basis-point increase since November 1994. Powell told reporters the move was "an unusually large one," but he does not expect "moves of this size to be common."

The real danger comes when business and consumer confidence start taking a hit, economists added. CIMB Private Banking economist Song Seng Wun said even though prices of goods and services have been rising, pent-up demand and "revenge spending" have so far helped to sustain consumer demand. But if prices continue rising - fuelled by the war in Eastern Europe or further supply chain snarls due to lockdowns in China - to the point where people feel that living costs have outpaced wage growth, they may become more cautious and pull back on spending. Likewise, businesses have been able to pass on rising costs to consumers and keep on hiring on the back of continued demand. But once the latter wanes, firms worried about the future may turn to cost-cutting measures, such as paring back investments, hiring or worse, layoffs. This spiral down in economic activities is "when things start to get serious", Mr Song said. "This is where we may see the start of slow...

The interest rate is raised by half percentage point (0.5%) on 5 May 2022. Increased of 0.25% in Mar. The next increase expected in Jun. US Fed makes biggest rate increase since 2000 to fight inflation - CNA To achieve that aim, he said "additional 50-basis point increases should be on the table at the next couple of meetings", however, a more aggressive three-quarter point hike is not under consideration. The Fed's goal is to engineer a "soft landing", reining in inflation while avoiding a contraction in economic activity, and Powell said that outcome is likely. https://www.channelnewsasia.com/business/us-federal-reserve-biggest-rate-increase-fight-inflation-2664736

"The wearing of masks outdoors is optional, but is still encouraged," he said during a press conference on Wednesday (Apr 27). The minister said that people are also encouraged to wear masks outdoors in crowded places such as at Ramadan bazaars, stadiums and night markets. Mr Khairy also announced that all testing protocols for travellers into the country - pre-departure and on-arrival tests - will be dropped for those who are fully vaccinated, those who have recovered from a COVID-19 infection six to 60 days before their date of departure, as well as travellers aged 12 and below. However, those who are not fully vaccinated against COVID-19 still must undergo these tests and observe a five-day mandatory quarantine, said Mr Khairy. He added that travel insurance will no longer be a prerequisite for foreigners to enter the country. https://www.channelnewsasia.com/asia/malaysia-lifts-outdoor-mask-mandate-drops-covid19-tests-fully-vaccinated-travellers-khairy-2...