Iggy's Journal: US Treasury Yields Hit a 2007 High. Singapore's Own Bonds Just Followed.
28 September 2026, Morning

Yesterday's video asked why a US Treasury shock barely touched CPF and T-bills. This morning there's a more direct answer sitting in the data: Singapore Government Securities did move, just not through the channel most people check first.

The Numbers
Wall Street closed Friday's session with a genuine tech-led rally, Dow up 0.93 percent to 51,828.62, S&P 500 up 0.51 percent to 7,743.41, Nasdaq up 0.48 percent to 27,068.72, driven by gains in Microsoft, Qualcomm, and Dell as crude oil eased and Treasury yields pulled back slightly from their 2007-era peak. Brent fell 2.14 percent to $104.32 on signs of a possible compromise over Middle East maritime transit. USD/SGD sits at 1.2771. Back home, the actual transmission channel showed up in the SGS curve for the week: the 2-year yield rose 11 basis points to 1.93 percent, the 5-year climbed 5 basis points to 2.21 percent, the 10-year added 4 basis points to 2.47 percent, and 3-month SORA OIS repriced to 1.59 percent, all moving in response to global bond pressure and August's core inflation print of 2.2 percent. Separately, MAS is reviewing its stance on cross-border stablecoins under its Payment Services Act consultation, considering tokens co-issued by a domestic and international operator, and DWS expanded its Xtrackers ETF lineup on SGX to include direct, dual-currency access to the S&P 500, Nasdaq 100, and MSCI World.

My Personal Take
This is exactly the mechanism I was pointing at yesterday. CPF OA doesn't move with a foreign bond market and a T-bill you've already locked in doesn't either, but the SGS curve does, and now it has, across every maturity, in the same week the inflation print came in hot. That's the actual place to watch if you want to see global tightening reach Singapore in real numbers rather than through a headline about Washington. On the ETF front, the Xtrackers expansion is a genuinely useful addition for anyone who read last week's piece on ETF fees versus unit trusts, more low-cost, SGX-listed global index access is the kind of practical option that piece was arguing for. The MAS stablecoin consultation is still early-stage, a review, not a decision, so I'm watching it rather than reacting to it.

Today's podcast will cover Xtrackers since we are at it. Good to learn more.

Not financial advice. Iggy's Forensic Compliance Standards apply.