Weekly recap: T-bill yield and SSB interest rate decline

By Beansprout • 09 Dec 2023 • 0 min read

With the T-bill yield and SSB interest rate falling, the Fed's next meeting will be closely watched.

what happened in the markets 9 dec 2023
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Many were disappointed to see that the cut-off yield on the latest 6-month Singapore T-bill fell to 3.74%

The 10-year average interest rate on the latest Singapore Savings Bond (SSB) has also declined to 3.07%.

However, there’s still some reason to cheer if you are a saver.

Some banks have raised interest rates on their savings accounts, even as bond yields have been falling in recent weeks. 

The CPF interest rate for the Special and MediSave, as well as Retirement accounts will also be raised to 4.08% per annum in the first quarter of next year. 

Where will interest rates move next? We will be looking out closely for the upcoming Federal Reserve meeting to find out. 

weekly stock market update 9 dec
Source: Bloomberg. Price as of market close on 8 Dec 2023


What happened? 

The Federal Reserve will hold its final meeting of this year on 12-13 December, and investors watching out for indications of the Fed’s next interest rate move.  

What does this mean?

Since the last Fed meeting on 1 November, the US 10-year government bond yield has fallen sharply from close to 5% to 4.23% on 8 December.

Based on the CME Fedwatch Tool as of 9 December, investors are largely expecting that the Fed will keep interest rates unchanged in the upcoming meeting. 

In addition, investors are now largely expecting that the Fed Funds rate will be cut by 1.25% in 2024, with the first rate cut likely in March 2024.

Why should I care? 

US stocks continued to rise further, with the S&P reaching a new 52 week high and closing at the highest level since January 2022. 

This week, gold also reached a new record high of above US$2,100 per ounce. We find out how to choose the best gold ETF for our portfolios.  


SSB 10-year return falls to 3.07%. Still worth applying?

The latest Singapore Savings Bond (SSB) offers a 10-year average return of 3.07%. We find out if it is still worthwhile applying for SSBs.

ssb singapore savings bond tbill dec 2023



  • Genting Singapore’s share price reached a 6-month high after Singapore and China announced that they will establish a 30-day mutual visa exemption agreement. 
  • ComfortDelgro will raise flag-down fares by 50 cents for its regular taxis, as well as distance and time-based charges starting on 1 January 2024. The move is intended to help drivers defray higher operating costs due to rising fuel prices, high inflation and the upcoming GST hike. 
  • 17LIVE, a leading live-streaming platform in Japan and Taiwan, listed on the Singapore Exchange following a business combination by Singapore’s first special purpose acquisition company (SPAC), Vertex Technology Acquisition Corporation (VTAC)
  • NIO reported narrower than expected losses. However, the company gave a revenue forecast that was below market expectations.
  • Google’s parent Alphabet announced its latest artificial intelligence model called Gemini, which the company claims outperforms OpenAI’s GPT 3.5. 

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



  • Tuesday, 12 Dec: US Consumer Price Index data
  • Wednesday, 13 Dec: US Producer Price Index data, Federal Reserve meeting 

Source: Bloomberg, SGX 

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