BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
Fed Meeting Sparks Division as Markets Brace for Possible Rate Cut 
Oil Prices Slip in Asia as 2026 Supply Glut Fears and Russia-Ukraine Talks Weigh on Markets 
RBA Unlikely to Cut Interest Rates in 2026 as Inflation Pressures Persist, Says Westpac 
Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Dollar Struggles as Markets Eye Key Central Bank Decisions and Global Rate Outlooks 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
ECB Signals Steady Rates Ahead as Policymakers Warn of Inflation Risks 
Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices 
South Korea Warns Weak Won Could Push Inflation Higher in 2025 
Korea Zinc to Build $7.4 Billion Critical Minerals Refinery in Tennessee With U.S. Government Backing 
Economists remain divided on whether the Monetary Authority of Singapore (MAS) will ease monetary policy at its upcoming review or maintain current settings. A Reuters poll of 12 analysts revealed an even split: six predict MAS will loosen its currency-based policy, while the other half expect no change.
Singapore's inflation and robust 2024 economic growth at 4% have fueled speculation. MAS has held policy steady since a tightening in October 2022, the fifth consecutive adjustment then, citing broader growth concerns. The central bank last eased in March 2020 during the global COVID-19 downturn.
MAS manages policy via the Singapore dollar nominal effective exchange rate (S$NEER), adjusting its slope, midpoint, and band width. Maybank economist Chua Hak Bin expects a gentler appreciation in the slope due to a softer inflation outlook. Core and headline inflation, now below 2% from a 5.5% peak in early 2023, are forecasted to decline further in 2025.
Bank of America analysts predict no immediate changes but anticipate easing in April when global cost trends and Singapore’s budget impact become clearer. Standard Chartered economist Jonathan Koh and BMI’s Lee Yen Nee suggest MAS will likely hold policy steady to assess potential ripple effects from U.S. President Donald Trump’s second-term policies, which may influence inflation.
Globally, central banks favor cautious adjustments. While the Federal Reserve recently cut rates, it is expected to hold policy amid inflation concerns. Similarly, the European Central Bank has adopted a measured approach to further reductions.
As a trade-dependent economy, Singapore’s GDP forecast for 2025 stands at 1.0%-3.0%. MAS’s decision will signal its outlook amid global uncertainties.
