OCBC sees MAS holding S$NEER settings as June core inflation uptick keeps hawkish undertone - VT Markets
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OCBC sees MAS holding S$NEER settings as June core inflation uptick keeps hawkish undertone VT Markets
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Singapore - MAS seen holding policy steady on July 27 as inflation stays mild, Reuters poll shows
Singapore inflation surprises lower, but upside risks keep MAS on tightening watch
The desk interprets Singapore's recent inflation data as an indication that the Monetary Authority of Singapore (MAS) is likely to maintain a tightening bias despite July inflation figures coming in lower than anticipated. Per the full note from ing-think, even though CPI inflation increased to 2.2% YoY, it was below the expected 2.4%, suggesting that while there are persistent upside risks, the current inflation trajectory is not as strong as some market participants had anticipated. This backdrop reinforces the October MAS meeting as a key potential tightening event as global oil prices and utility costs remain elevated, keeping the pressure on the local economy to adjust. Furthermore, ongoing geopolitical tensions could exacerbate inflationary pressures, influencing central bank decisions in the near term.
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