SINGAPORE (July 10): The US Federal Reserve’s rate hikes and announcement of plans to shrink its balance sheet have not led to a big selloff in bonds and other yield-oriented instruments, as some bearish market watchers were expecting. On the contrary, since the beginning of this year, yields on 10-year Singapore Government Securities have slid from 2.46% to 2.156% on the back of ample liquidity in the local market. There has also been a strong rally in real estate investment trusts, with the yield of the FTSE ST REIT Index falling from 6.3% to 5.9%.

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