Despite the unwelcome return of Covid-19 to Singapore’s shores, things are looking up for the global economy as a whole. This recovery has naturally seen fears of inflation perking up, with US 10-Year Treasury yields sharply rising from near-zero levels last year to around 1.63% as of May 17. US markets are thus increasingly shifting into value plays to hedge against this reflation as talk of a “taper tantrum” is fearfully whispered among investors fearing an interest rate hike.

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