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MNI MAS Preview - April 2024: On Hold As Growth & Inflation Holding Up

EXECUTIVE SUMMARY

  • The MAS is expected to keep all of its major policy parameters unchanged at tomorrow’s April policy meeting. This is the strong sell-side consensus and also our firm bias.
  • Growth and inflation pressures are holding up, which should reduce the need for the central bank to turn more dovish. Q1 growth, released at the same time as the policy outcome, is expected to show y/y momentum improving to 3%.
  • Market expectations appear to be in line with a steady hand at tomorrow's meeting, with SGD NEER elevated within the policy band, but not threatening the top end.
  • Full preview:
  • MAS Preview - April 2024.pdf



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