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Lower borrowing costs in Singapore likely if the US Fed cuts rates in 2024
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Fixed deposit rates are currently around 3.1 to 3.2 per cent after shooting past 4 per cent in early 2023.
PHOTO: ST FILE
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SINGAPORE – The United States Federal Reserve is expected to pivot towards interest rate cuts in 2024, a move that would bring relief to Singaporeans through lower mortgage rates, but also cut their returns on fixed deposits and Singapore Government bonds.
Interest rates here are largely driven by global market movements, especially in the US, where rates hit a 22-year high of between 5.25 per cent and 5.5 per cent in 2023.
