MAS holds rates steady, but we are not convinced the tightening cycle is over - ing think

The Monetary Authority of Singapore left policy unchanged today. While a lower 2026 inflation forecast and a more balanced assessment of inflation risks point to a less hawkish stance, strong growth and lingering upside inflation risks suggest the tightening cycle may not be over yet The Monetary Authority of Singapore (MAS) left its monetary policy settings unchanged today, surprising both us and the market, which had largely anticipated a modest tightening. MAS maintained the pace of appreciation of the SGD NEER policy band at our estimated 1.25%, with no adjustments to the width of the band or its centre. That said, the overall tone of the statement was less hawkish than expected. MAS lowered its 2026 core inflation forecast to 1.5-2.0%, from 1.