Weekly recap: Interest rates continue to rise

By Beansprout • 07 Oct 2023 • 0 min read

Interest rates on fixed deposits and the SSB have gone up in October.

what happened in the markets 7 oct 2023

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At the start of every month, we would look out for the latest SSB and fixed deposit interest rates. 

We were pleased to see that the latest SSB offers a 10-year average interest rate of 3.32%, the highest so far this year. 

The best 6-month and 12-month fixed deposit rates have also been raised to 3.6%, closing the gap with Singapore T-bills. 

As US government bond yields continue to climb, we find out what this would mean for the upcoming 6-month T-bill auction on 12 October. 

With the higher interest rates, check out our Guide to investing in the T-bill and Guide to investing in the SSB to make your savings work harder. 

weekly stock market update 7 oct
Source: Bloomberg. Price as of market close on 6 Oct



What happened? 

US government bond yields rose further after US employment unexpectedly surged in September.

What does this mean?

The strong US labour market is driving investor expectations that the Federal Reserve may have to keep interest rates higher for longer. 

According to the CME Fedwatch tool, investors are now assigning an equal probability that the Fed will maintain or cut interest rates in June 2024. 

This means that the first Fed rate cut may happen later than current investor expectations. 

Why should I care? 

Oil prices fell with greater investor concerns that higher interest rates may lead to an economic slowdown. 

The Singapore stock market was also weak, driven by a sell-off in the REITs with worries that they may be impacted by higher borrowing costs.  

Check out our REIT ideas tool to compare REITs and find the best REIT for your portfolio. 



Disney’s shares hit multi-year low. Has it lost its magic?

The share price of Disney has hit a multi-year low over the long term profitability concerns. 

disney share price october 2023



Source: Bloomberg, CNBC, Financial Times, Business Times, Edge Singapore



Source: Bloomberg, SGX 



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