, as it steps on the pedal to combat surging inflation.
DBS chief economist Taimur Baig, who expects four more rate hikes from the Fed, said housing and investment – segments in the economy that are highly sensitive to interest rates – will weigh down on US growth through the course of next year. This, as a widening divergence between US and Asian interest rates will raise worries about capital outflows, said Mr Bernard Aw, economist for Asia Pacific at credit insurer Coface.First, tighter financial conditions that would affect credit conditions and dampen investment sentiments. Second, slower growth in the US translating into lower demand for Asian exports, Mr Aw said.
Meanwhile, food and fuel price pressures remain, implying further upside inflation risks for ASEAN economies and in turn, further pressure for Asian central banks to tighten monetary policy, said Ms Selena Ling, chief economist and head of treasury research and strategy at OCBC Bank. But rate hikes by the Fed will also translate into upward pressure on interest rates here, given how Singapore is an “”, experts have told CNA. This is set to raise the costs of all types of borrowing, from mortgages to credit cards and car loans.
Meanwhile, fixed-rate packages have also seen higher rates, with some banks having revised their rates by “more than three times” this year, said Mr Chia.
Already chicken up,eggs up ,coe up,petrol up ..don't say all bcos of Ukraine war ok ..
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